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Garmin (GRMN) Unveils 3 Products, Forays Into Powersports Market
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Garmin’s (GRMN - Free Report) unit, Garmin International Inc., recently introduced new solutions for recreational off-roaders, marking its entry into the powersports consumer market.
Markedly, the company unveiled three core products, namely Tread powersport navigator, Garmin PowerSwitch digital switch box, which is used to control a vehicle’s 12-volt accessories and weatherproof BC 40 wireless camera with tube mount. The camera’s battery life can last for three months and allows riders to see around the vehicle.
To be more specific about the products, Tread powersport navigator includes a Group Ride Radio system, which helps to communicate with as many as 20 riders. Also, people in the group can track one another on the map display, helping them to stay together.
In addition, it can be paired with compatible Bluetooth-enabled helmets and headsets to allow users to text message when outside cell phone coverage. The touchscreen is glove-friendly and water-resistant.
The new products will help the company in gaining momentum among off-roaders.
Per a report from Market Research Future, the global powersports industry is highly lucrative and is expected to witness a CAGR of 5.65% between 2019 and 2025.
Per the research firm, an increase in the ATV experience zones, growing use in adventure tourism, the introduction of hybrid models, rising establishment of recreational clubs, increased vehicle efficiency and other innovative solutions are driving this market’s growth.
Also, per a report by Global Market Insights, Inc., the power sports market’s revenues are expected to surpass $50 billion by 2026, driven by an increase in off-road leisure and recreational activities.
With these new releases, Garmin is well poised to benefit from strong growth in the powersports market.
Bottom Line
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.
Garmin is now targeting consumers directly with its new powersports products. It is developing technologies and innovations to enhance users’ off-road experiences.
With rising demand for power sports vehicles due to off-road leisure and recreational activities, such product launches will help fortify Garmin’s competitive position, and expand its customer base.
Zacks Rank & Other Key Picks
Currently, Garmin sports a Zacks Rank #1 (Strong Buy). Some other top-ranked stocks in the broader computer and technology sector are KLA Corporation (KLAC - Free Report) , TE Connectivity Ltd. (TEL - Free Report) and Mettler-Toledo International, Inc. (MTD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can seethe complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rates for KLA, TE Connectivity and Mettler-Toledo are projected at 11.6%, 10.4%, and 13.8%, respectively.
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With super high data speed, it will make current cell phones obsolete and unlock the full potential of big data, cloud computing, and artificial intelligence. In the next few years this industry is predicted to create 22 million jobs and a stunning $12.3 trillion in revenue.
Today you have an historic chance to pursue almost unimaginable gains like Microsoft, Netflix, and Apple in their early phases. Zacks has released a Special Report that reveals our . . .
Image: Bigstock
Garmin (GRMN) Unveils 3 Products, Forays Into Powersports Market
Garmin’s (GRMN - Free Report) unit, Garmin International Inc., recently introduced new solutions for recreational off-roaders, marking its entry into the powersports consumer market.
Markedly, the company unveiled three core products, namely Tread powersport navigator, Garmin PowerSwitch digital switch box, which is used to control a vehicle’s 12-volt accessories and weatherproof BC 40 wireless camera with tube mount. The camera’s battery life can last for three months and allows riders to see around the vehicle.
To be more specific about the products, Tread powersport navigator includes a Group Ride Radio system, which helps to communicate with as many as 20 riders. Also, people in the group can track one another on the map display, helping them to stay together.
In addition, it can be paired with compatible Bluetooth-enabled helmets and headsets to allow users to text message when outside cell phone coverage. The touchscreen is glove-friendly and water-resistant.
The new products will help the company in gaining momentum among off-roaders.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Garmin Poised to Gain from Powersports Market
Per a report from Market Research Future, the global powersports industry is highly lucrative and is expected to witness a CAGR of 5.65% between 2019 and 2025.
Per the research firm, an increase in the ATV experience zones, growing use in adventure tourism, the introduction of hybrid models, rising establishment of recreational clubs, increased vehicle efficiency and other innovative solutions are driving this market’s growth.
Also, per a report by Global Market Insights, Inc., the power sports market’s revenues are expected to surpass $50 billion by 2026, driven by an increase in off-road leisure and recreational activities.
With these new releases, Garmin is well poised to benefit from strong growth in the powersports market.
Bottom Line
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.
Garmin is now targeting consumers directly with its new powersports products. It is developing technologies and innovations to enhance users’ off-road experiences.
With rising demand for power sports vehicles due to off-road leisure and recreational activities, such product launches will help fortify Garmin’s competitive position, and expand its customer base.
Zacks Rank & Other Key Picks
Currently, Garmin sports a Zacks Rank #1 (Strong Buy). Some other top-ranked stocks in the broader computer and technology sector are KLA Corporation (KLAC - Free Report) , TE Connectivity Ltd. (TEL - Free Report) and Mettler-Toledo International, Inc. (MTD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rates for KLA, TE Connectivity and Mettler-Toledo are projected at 11.6%, 10.4%, and 13.8%, respectively.
5G Revolution: 3 Stocks to Make Your Move
With super high data speed, it will make current cell phones obsolete and unlock the full potential of big data, cloud computing, and artificial intelligence. In the next few years this industry is predicted to create 22 million jobs and a stunning $12.3 trillion in revenue.
Today you have an historic chance to pursue almost unimaginable gains like Microsoft, Netflix, and Apple in their early phases. Zacks has released a Special Report that reveals our . . .
Smartest stock for 5G telecom
Safest investment in 5G hardware
Single best 5G buy of all!
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