Garmin Ltd. (GRMN - Free Report) seems not to be content enough when it comes to making advances in the booming wearable market on the back of the expanding smartwatch portfolio.
Garmin’s unit, Garmin International Inc. recently introduced a new fitness GPS smartwatch — the Forerunner 745 — for runners and triathletes.
Priced at $499.99, the new smartwatch is an upgraded version of Forerunner 735XT, with many enhanced smartwatch features and a great battery life.
Some of these features include fitness tracking data like VO2 max levels, which measure oxygen and the energy levels of a person. In addition, the smartwatch measures running metrics like cadence and stride length, provides biking data, and tracks distance, stroke as well as pace while swimming.
Moreover, the smartwatch offers health-metric measurement features like on-wrist pulse oximeter and the Body Battery energy monitor. It also tracks the menstrual cycles of the user.
Also, the device has select preloaded music streaming services, allowing the user to download up to 500 songs. In addition, it can receive text messages, social media notifications and emails.
The latest effort will enable Garmin to fend off competition from players like Fitbit (FIT - Free Report) , Apple (AAPL - Free Report) and Alphabet (GOOGL - Free Report) , among others, which are all making advancements in health monitoring using wearables.
This will help the company in gaining momentum among runners.
Garmin Poised to Gain From Smart Wearable Market
Per a report from ResearchandMarkets, the global wearable healthcare devices market is expected to reach $46.6 billion by 2025 from $18.4 billion in 2020.
The market is expected to witness a CAGR of 20.5% between 2020 and 2025. The growing adoption of mobile platforms and AI and 5G, and awareness for home healthcare are expected to boost this market’s growth.
Garmin is poised to gain in this space, courtesy of its Watch family. The company’s Fenix smartwatches are especially designed for outdoor adventurers and athletes. These watches are capable of providing valuable statistics for outdoor activities, thereby increasing the adoption rate of Garmin’s new multisport watches.
Last year, the company rolled out smartwatches that expanded its share in the fitness segment. The company unveiled 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 provide abnormal heartrate alerts.
With these new releases, Garmin is poised to benefit from strong growth in the smartwatch segment.
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.
The latest launch will help it expand its market share in the fitness market, which focuses on developing technologies and innovations to enhance users’ outdoor experiences.
With rising concerns surrounding healthcare and fitness, as well as increasing chronic diseases, such product launches will help fortify Garmin’s competitive position, and expand the customer base. The company’s new fitness GPS smartwatch should continue to drive sales all through this year.
Currently, Garmin carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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