3 amazing ASX growth shares to buy and hold forever

Growth shares can be powerful wealth builders when they are held for the long term.

The key is finding companies with large markets, improving business models, and the potential to become much bigger over time.

Not every growth share will deliver the goods for investors, but the best ones can reward those that are willing to be patient.

With that in mind, here are three ASX growth shares that could be worth buying and holding.

Catapult Sports Ltd (ASX: CAT)

The first ASX growth share to look at is sports technology company Catapult.

It provides performance technology used by sporting teams and athletes around the world. Its products help clubs track movement, workload, injury risk, training output, and match performance.

Professional sport is becoming more data-driven, and teams are under pressure to find small advantages wherever they can. While it makes money from selling wearable devices, the real value is in the data, software, and insights that help coaches and performance staff make better decisions.

If data keeps becoming more important in elite sport, Catapult could have a much larger role to play and be positioned for strong growth over the long-term.

Morgans is a fan and recently put a buy rating and $5.40 price target on its shares.

Temple & Webster Group Ltd (ASX: TPW)

Another ASX growth share that could be a top buy and hold option is online furniture and homewares retailer Temple & Webster.

The company has built a strong position in a category that has traditionally been dominated by physical stores.

Furniture shopping is not always easy. Products are bulky, ranges are fragmented, and customers want choice. Temple & Webster’s model gives shoppers access to a wide product range without the same store footprint required by traditional retailers.

This leaves it well-placed to benefit as online penetration continues to rise in the furniture and homewares market.

Bell Potter is positive on the company’s long-term outlook. It recently put a buy rating and $7.00 price target on its shares.

Zip Co Ltd (ASX: ZIP)

A third ASX growth share to consider as a buy and hold investment is Zip.

The buy now pay later company has been through a major reset in recent years. It has refocused its operations, improved its cost base, and concentrated on markets where it believes it can generate stronger returns.

Its US business remains an important part of the growth story, particularly if consumer demand and merchant adoption continue improving.

Importantly, Zip is no longer just a story about rapid user growth. If it can keep delivering profitable growth, the market may start viewing it very differently.

Ord Minnett already does. The broker is bullish and recently put a buy rating and $4.00 price target on its shares.

The post 3 amazing ASX growth shares to buy and hold forever appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Temple & Webster Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Catapult Sports and Temple & Webster Group. The Motley Fool Australia has positions in and has recommended Catapult Sports. The Motley Fool Australia has recommended Temple & Webster Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.