Garmin Ltd.’s GRMN unit, Garmin International Inc. recently introduced a GPS smartwatch — Garmin Swim 2 — for swimmers in a bid to expand in the fitness segment.
Ideal for all swim levels, the smartwatch can be used to monitor heart rate while swimming in the pool or open water like lakes, oceans and rivers. In addition, Garmin Swim 2 tracks distance, pace, stroke count, stroke type and swolf score to help measure swimming efficiency.
Moreover, Garmin Swim 2 tracks steps and monitors sleep quality, among others. Hence, the smartwatch caters to health care requirements of the users. Priced at $249.99, the Garmin Swim 2 has a solid battery life of seven days and is available in slate or whitestone.
This move will help it to further expand its share in the fitness wearables market. In addition, the latest effort will enable Garmin to fend off competition from players like Fitbit FIT, Apple AAPL and Alphabet GOOGL, among others.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Garmin Poised to Gain FromSmart Wearable Market
Per a report from ResearchandMarkets, the global smart wearable market is expected to witness a CAGR of 19.38% between 2019 and 2024. Notably, smartwatches make up the most crucial segment of the market.
Garmin is poised to gain in this space, courtesy of its Watch family. Recently, the company rolled out vivoactive 4 and 4S GPS smartwatches, which feature advanced sleep tracking, respiration tracking, Body Battery energy monitoring, women cycle tracking, stress tracking with relax reminders, as well as hydration tracking. These watches also provide abnormal heartrate alerts.
Additionally, the company introduced vivomove 3/3S, vivomove Style and vivomove Luxe, which are well-equipped with health wellness features. Further, the company introduced a GPS smartwatch — named Venu — with AMOLED screen that provides valuable health insights and is capable of 24/7 health monitoring.
Worldwide provider of navigation, communications and information devices, Garmin has been making efforts to increase its share in all the markets served by the company, backed by new products and upgrades to the existing ones. It is experiencing notable success in all segments because of many newly added technologies that are gradually expanding and enabling the company to enter new categories.
As healthcare has been touted as the next most happening growth frontier for technology stocks, most of the tech companies are trying to strengthen their healthcare footprint on the back of AI, ML, AR/VR and data analytics initiatives.
The latest product focused on personal health monitoring will help Garmin to expand its market share in the fitness space.
Currently, Garmin carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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