Garmin (GRMN - Free Report) is making concerted efforts to bolster its aviation business unit on the back of its robust technically advanced flight solutions and products.
The latest launch of a GPS-enabled smartwatch namely D2 Air is a testament to the aforesaid fact.
D2 Air, which comes with an all-day connection, offers an in-flight navigator, with a three-axis compass, a horizontal situation indicator and an altimeter that makes it ideal for pilots and aviation enthusiasts. This smartwatch is designed to provide enhanced situational awareness.
Along with it, the new watch provides access to multiple time zones, including Zulu time, METAR and TAF aviation weather reports, and information like runway lengths, runway orientation, airport frequencies and traffic pattern altitudes for every airport.
Also, pilots can access flight plan information from D2 Air, which leverages the Garmin Pilot flight plan transfer solution.
We believe the latest move is likely to drive the company’s top line, which has been gaining from the strengthening aviation business, which remains one of its major growth drivers on the back of its growing momentum among OEM and after-market customers.
More on D2 Air, Smartwatch Portfolio Strength
The introduction of D2 Air expands the D2 aviator watch series of Garmin. Moreover, it bodes well for the company’s growing efforts toward strengthening its smartwatch portfolio.
D2 Air users will be able to avail several health and wellness features such as respiration tracking, stress tracking, advanced sleep monitoring and hydration tracking. Furthermore, this smartwatch comprises of Pulse Ox that tracks blood oxygen saturation levels and Body Battery that aids in energy monitoring.
Moreover, the watch comes with various sports and lifestyle apps like pool swimming, golf, walking, running and cycling.
Additionally, D2 Air is equipped with smart features. Users can make contactless payments in integration with Garmin Pay. Further, they can enjoy phone-free music on the heels of integration with Spotify, Amazon Music and Deezer. Also, the watch notifies users aboutincoming calls, text messages and calendar reminders.
Apart from the latest launch, Garmin recently expanded the MARQ family of watches by introducing Performance Edition MARQ watches.
The company also unveiled an advanced GPS smartwatch namely Forerunner 745, which is well-equipped to provide detailed training data, and on-device workouts to runners and triathletes.
Further, Garmin added a product to the range of MARQ series watches called MARQ Golfer, which is designed for golfers to offer advanced golfing and multisport capabilities.
Also, the company unveiled a marine GPS smartwatch namely quatix 6X Solar. Notably, the new watch offers solar charging along with specialized boating, fishing, cruising and sailing capabilities.
We believe that all these endeavors are expected to aid the performance of the Aviation, Outdoor, Fitness and Sports segments of the company.
Garmin’s smartwatchendeavorshold promise in the growing wearable market.
A Mordor Intelligence report indicates that the worldwide wearable space is expected to reach $614.3 million by 2025, seeing a CAGR of 19.1% between 2020 and 2025.
Additionally, Gartner’s data shows that user spending on wearable devices will globally increase 22% year over year to $63 billion in 2021.
Given this upbeat scenario, not only Garmin but also players like Apple, Fitbit (FIT - Free Report) , Amazon (AMZN - Free Report) and Alphabet’s (GOOGL - Free Report) Google are leaving no stone unturned to strengthen their footprints in this booming market.
Nevertheless, Garmin’s strengthening smartwatch portfolio will likely help it penetrate the global wearable market rapidly.
Currently, the company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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