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Garmin's (GRMN) Tacx NEO Bike Plus to Boost Fitness Segment
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Garmin (GRMN - Free Report) expanded its fitness offerings with the all-in-one indoor smart bike, Tacx NEO Bike Plus.
The smart bike offers accurate power, speed and cadence metrics. It can be seamlessly customized according to a user’s requirements.
Athletes can pair the smart bike with the Tacx Training app to follow structured workouts and participate in pro rides. It can also be linked to the Garmin Edge cycling computer to track training performances.
With Tacx NEO Bike Plus, Garmin aims to provide cyclists and athletes with a realistic outdoor riding experience.
This, in turn, is expected to boost the adoption rate of the Tacx NEO smart bike among cyclists and athletes.
Apart from the recent launch, Garmin unveiled Edge Explore 2 and Edge Explore 2 Power Mount Bundle GPS cycling computers featuring improved battery life and high-contrast maps of popular roads and high-traffic areas so that cyclists can opt for a less congested and safer route.
GRMN also released the Edge 1040 Solar last month, featuring solar-charging capability and multi-band GNSS technology for cyclists to ride confidently on challenging roads.
Additionally, Garmin introduced the Varia RCT715 rearview radar, featuring a camera and tail light. The device aims to provide cyclists with enhanced visibility of approaching vehicles during a ride.
We note that the consistent introduction of cycling offerings continues to help Garmin gain momentum among cyclists. This, in turn, will help GRMN improve the fitness segment’s performance, which has been witnessing a downturn since the start of this year.
The segment generated sales of $279.9 million in third-quarter 2022, accounting for 24.5% of total sales, decreasing 18% year over year.
Shares of GRMN have been down 33.7% in the year-to-date period compared with the Computer and Technology sector’s decline of 30.9%.
Efforts to Boost Prospects
Garmin’s constant efforts to introduce innovative sports and fitness solutions are helping it expand its presence in the booming fitness equipment and home fitness markets.
The above-mentioned markets are witnessing significant growth in recent times owing to rising fitness awareness and the resultant demand swell for fitness devices.
Per the Global Market Insights report, the fitness equipment market is likely to witness a CAGR of more than 4% during the 2023-2032 forecast period.
According to an Acumen Research and Consulting report, the home fitness market is expected to reach $17.3 billion by 2030, seeing a CAGR of 4.9% from 2022 to 2030.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Agilent Technologies (A - Free Report) , Asure Software (ASUR - Free Report) and AMETEK (AME - Free Report) . While Asure Software sports a Zacks Rank #1 (Strong Buy), Agilent Technologies and AMETEK carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Agilent Technologies has lost 7.8% in the year-to-date period. The long-term earnings growth rate for A is currently projected at 10%.
Asure Software has lost 10.9% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 14%.
AMETEK has lost 5.7% in the year-to-date period. The long-term earnings growth rate for AME is currently projected at 9.7%.
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Garmin's (GRMN) Tacx NEO Bike Plus to Boost Fitness Segment
Garmin (GRMN - Free Report) expanded its fitness offerings with the all-in-one indoor smart bike, Tacx NEO Bike Plus.
The smart bike offers accurate power, speed and cadence metrics. It can be seamlessly customized according to a user’s requirements.
Athletes can pair the smart bike with the Tacx Training app to follow structured workouts and participate in pro rides. It can also be linked to the Garmin Edge cycling computer to track training performances.
With Tacx NEO Bike Plus, Garmin aims to provide cyclists and athletes with a realistic outdoor riding experience.
This, in turn, is expected to boost the adoption rate of the Tacx NEO smart bike among cyclists and athletes.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Offerings for Cyclists
Apart from the recent launch, Garmin unveiled Edge Explore 2 and Edge Explore 2 Power Mount Bundle GPS cycling computers featuring improved battery life and high-contrast maps of popular roads and high-traffic areas so that cyclists can opt for a less congested and safer route.
GRMN also released the Edge 1040 Solar last month, featuring solar-charging capability and multi-band GNSS technology for cyclists to ride confidently on challenging roads.
Additionally, Garmin introduced the Varia RCT715 rearview radar, featuring a camera and tail light. The device aims to provide cyclists with enhanced visibility of approaching vehicles during a ride.
We note that the consistent introduction of cycling offerings continues to help Garmin gain momentum among cyclists. This, in turn, will help GRMN improve the fitness segment’s performance, which has been witnessing a downturn since the start of this year.
The segment generated sales of $279.9 million in third-quarter 2022, accounting for 24.5% of total sales, decreasing 18% year over year.
Shares of GRMN have been down 33.7% in the year-to-date period compared with the Computer and Technology sector’s decline of 30.9%.
Efforts to Boost Prospects
Garmin’s constant efforts to introduce innovative sports and fitness solutions are helping it expand its presence in the booming fitness equipment and home fitness markets.
The above-mentioned markets are witnessing significant growth in recent times owing to rising fitness awareness and the resultant demand swell for fitness devices.
Per the Global Market Insights report, the fitness equipment market is likely to witness a CAGR of more than 4% during the 2023-2032 forecast period.
According to an Acumen Research and Consulting report, the home fitness market is expected to reach $17.3 billion by 2030, seeing a CAGR of 4.9% from 2022 to 2030.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Agilent Technologies (A - Free Report) , Asure Software (ASUR - Free Report) and AMETEK (AME - Free Report) . While Asure Software sports a Zacks Rank #1 (Strong Buy), Agilent Technologies and AMETEK carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Agilent Technologies has lost 7.8% in the year-to-date period. The long-term earnings growth rate for A is currently projected at 10%.
Asure Software has lost 10.9% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 14%.
AMETEK has lost 5.7% in the year-to-date period. The long-term earnings growth rate for AME is currently projected at 9.7%.