[Click e-Stock] "VC Set to Target U.S. Golf Market 30 Times Larger Than Korea with Proprietary APL Technology"

There is an analysis that VC will secure a new growth engine by entering the U.S. golf infrastructure market in earnest, based on its self-developed APL (Auto Pin Location) technology. As the No. 1 player in the domestic golf rangefinder and personal launch monitor market, the company is expected to achieve a performance turnaround by expanding its overseas ODM business.

On June 18, Choi Jaeho, a researcher at Briars Insight, stated in a report that VC has entered a second phase of growth focused on its entry into the U.S. market and the expansion of overseas ODM volume.

Founded in 2005, VC has developed and sold golf-related IT products such as golf rangefinders and launch monitors. Currently, the company holds the No. 1 market share in golf rangefinders and personal launch monitors in Korea and demonstrates technological competitiveness by allocating about 50% of its workforce to research and development.

As some competitors who entered the market during the COVID-19-driven golf industry boom are now downsizing or exiting, VC's leading position is expected to be further strengthened. The company’s self-developed APL technology and the expansion of its overseas ODM business are cited as key pillars for future growth.

The APL technology is a solution that accurately identifies golf course pin locations, which can change several times a day. Its distinctive feature is its compatibility not only with golf course operation systems but also with various services such as cart control, course management, and diagnostics.

Based on this technology, VC has secured a dominant position in the domestic golf course market. As of the first quarter of this year, the company exclusively supplies and operates its solution at 327 golf courses in Korea, and it has achieved a 100% adoption rate at newly opened courses.

In particular, entry into the U.S. market is being highlighted as a key driver of future performance growth. The company is currently conducting proof-of-concept testing at golf courses in the Los Angeles area and plans to launch full-scale sales and services starting in the second half of 2026 in partnership with the largest golf management company in North America.

The U.S. golf course market is considered a large-scale market where VC can secure new growth opportunities. As of 2025, there are approximately 16,000 golf courses in the U.S.—about 30 times the roughly 500 courses in Korea. Furthermore, price levels in the U.S. market are understood to be more than three times higher than in Korea.

VC aims to have its solution adopted by 300 golf courses in the U.S. between 2026 and 2027, with a goal of achieving at least a 20% market penetration rate within three years. If this target is met, the company is expected to secure annual revenue exceeding 40 billion won.

Expansion of the overseas ODM business is also cited as a key growth driver leading to improved performance. According to the National Golf Foundation (NGF), the number of on-course golfers in the U.S. is projected to reach 29.1 million in 2025, marking eight consecutive years of growth. The increase in the golf population is linked to rising demand for golf tech products, which is translating into expanded ODM orders for VC.

Currently, VC’s new ODM supply for the U.S. market is forecast at 9 billion won in 2026 and 15 billion won in 2027, with deliveries already underway. The company is expected to turn a profit starting in the second quarter of this year.

Researcher Choi Jaeho explained, “VC’s export ratio increased from 27.6% in 2020 to 48.2% in 2025, and from this year, more than half of total sales are expected to come from exports. The valuation discount factor caused by the slowdown in the domestic golf industry will gradually be resolved.”

VC’s performance in 2026 is projected to show revenue of 58.2 billion won, a 24.2% increase from the previous year, and an operating profit of 3.5 billion won, turning to profitability. For 2027, operating profit is expected to expand to over 8 billion won.

This content was produced with the assistance of AI translation services.