Garmin Records a Double-Digit Revenue Growth in India, Backed by Its Popular Range of Smartwatches in the Fitness and Wellness Segment
Garmin recorded consolidated revenue of $4.98 billion in 2021, a 19% increase over the prior year globally
New Delhi, 11 April’22: Garmin India, a unit of Garmin Ltd. (NASDAQ: GRMN) recorded a double-digit revenue growth backed by its popular range in the fitness and wellness segment, in the calendar year 2021. Garmin recorded consolidated revenue of $4.98 billion in 2021, a 19% increase over the prior year (2020) globally.
Speaking on the announcement, Mr. Ali Rizvi, Director, Garmin India, said, “Fitness & Wellness are one of the most popular segments of Garmin in India. As people are becoming more health-conscious, especially after the impact of COVID-19, the Garmin VENU smartwatch series grew by 124% in 2021 compared to 2020 as per Garmin Connect Data in India. Wherein India’s GPS adult watch category recorded a growth of 131% in units in 2021 as per IDC Worldwide Quarterly Wearable Device Tracker, 2021 Q4. Also, since the outdoor cycling trend is growing in India, Garmin’s EDGE series has become popular among cyclists and grew by 86% in 2021 as per Garmin Connect Data.”
Garmin smartwatches are equipped with an array of advanced wellness features such as Body Battery Energy Monitor, Pulse Ox3, Pregnancy, Menstrual Cycle Tracking, Respiration Tracking, Fitness Age, etc which helps users to monitor their fitness regime and encourage them to live a healthy lifestyle. Additionally, the Garmin smartwatches also come with cutting-edge technology such as Power Sapphire™ Solar Lens, Longer Battery Life, AMOLED Display, Multiband GPS, and Advanced Built-In Outdoor and Indoor Sports Mode, etc that provide customers an amazing smartwatch experience.
The Garmin Edge Series comes with multiple cycling features and gears the cyclists can count on. It provides the users with advanced cycling dynamics like VO2 Max, Recovery Time, Training Load, Training Load Focus, and in-depth cycling data that help cyclists in quality training. The cycling accessories embedded in the Edge series measure key performance metrics of the users and provide them detailed insight including the nutrition that needs to eat. The rider-to-rider messaging feature lets the user stay in contact with other cyclists in the group. The edge series also allows the users to respond to missed phone calls or texts with prewritten messages with the help of smartphones (Android).
Beginning the year on a high note, the company already launched four new models, including Venu2Plus, Fenix 7 Series, Epix, and Instinct 2, in the first quarter (January- March 2022). Given the continuous growth in demand, the company intends to set a new benchmark for the year 2022.
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About Garmin: Garmin International Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan, and the United Kingdom. Garmin, Instinct, and Trackback are registered trademarks, and Garmin Connect, Garmin Explore, and UltraTrac trademarks of Garmin Ltd. or its subsidiaries. Wi-Fi is a registered trademark of the Wi-Fi Alliance.
Garmin, the leading brand of smart wearable devices, has never ceased to make breakthroughs and innovations in the market since its establishment. With in-depth scientific and technological expertise in research and development, Garmin’s dominance spans land, sea, and air with outstanding achievements. Since the first Forerunner watch was released in 2003, Garmin has since expanded into other markets on land, such as triathlons, mountaineering, golf, etc., establishing the highest market share in all outdoor segments.
Expanding from its footprint on the land, Garmin has ranked first in the field of marine recreation since 2017. Besides other milestones, Garmin Autoland has been awarded the 2020 Robert J. Collier Trophy, which is the benchmark of aerospace achievement. Smartwatches such as the D2 and fēnix series have been selected for U.S. military use for their accuracy and reliability. For more information, visit garmin.co.in
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