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.
Kindly refer to the appended below “Garmin Fourth Quarter and Fiscal Year 2021 Results” press release for more details.