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The growing popularity of golf, especially among business professionals, and the increasing number of golf courses around the globe represent some of the primary factors driving the golf rangefinder market. As the product aids unprofessional golfers and amateurs in scaling the distance and improving their shots, it is quickly gaining traction. Additionally, golf rangefinders also eliminate guesswork and are convenient to carry and use.

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The growth of the market can be attributed to the increasing demand for high-precision equipment in industrial processes and enhanced accuracy in sports activities with the use of rangefinders.

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The rangefinder market is projected to grow from an estimated USD 1.32 billion in 2017 to USD 3.57 billion by 2022, at a CAGR of 21.91% from 2017 to 2022. The factors expected to drive the market in the coming years are increased focus on the modernization of the defense equipment by various countries and rise in the demand for rangefinders for accuracy in sports activities.

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