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Garmin (GRMN) Boosts Marine Offerings With Navionics Vision+
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Garmin (GRMN - Free Report) has been continuously putting in efforts to strengthen its portfolio of marine offerings.
This is evident from the recent advancement in its premium marine mapping solution – Garmin Navionics Vision+.
The company boosted the cartography solution with an improved high-resolution relief shading coverage, which blends color and shadow to provide a clearer perspective of what is beneath the surface.
The increased image quality and updated color palette make it easier for boaters, anglers, and divers to discern bottom structure details, navigation channels and fishing areas.
Garmin has made relief shading accessible across more than 40,000 lakes, including coastal and inland waters in the United States, Canada, Europe, Africa, Australia and New Zealand.
Garmin Navionics Vision+ also offers daily map updates and robust routing technology.
The latest move will likely aid Garmin in delivering an enhanced chartplotter experience to boaters, anglers and divers.
The new Garmin Navionics Vision+ is likely to help the company expand its footprint in the booming chartplotter market as well as in the overall marine electronics market.
Reportedly, the global marine chartplotter market is expected to hit $1.1 billion by 2028 at a CAGR of 6.8% between 2022 and 2028.
Per a report from Future market insights, the global marine electronics market is expected to reach $7.5 billion by 2029, expanding at a CAGR of 5.3% from 2022 to 2029.
According to a report from Verified Market Research, the marine electronics market is expected to reach a valuation of $7.18 billion by 2030, by registering a CAGR of 4.3% between 2023 and 2030.
We believe Garmin’s growing prospects in the promising marine market will likely help it win investors’ confidence in the days ahead.
Notably, GRMN has lost 2.9% in the year-to-date period against the sector’s rise of 17.6%.
Strengthening Marine Segment
Apart from Garmin Navionics Vision+ enhancement, the company announced the availability of the Apollo WB675 Marine Hideaway Stereo, an update to the Fusion-branded Apollo Series. It is designed to maximize valuable dash space while providing a world-class audio entertainment experience and the flexibility to enjoy premium sound from four independent audio zones.
Additionally, the company announced upgrades to Fusion Entertainment EL Series 6.5-inch Marine Speakers, which are designed to provide a high-quality audio experience at an entry-level price.
We believe that Garmin’s deepening focus on expanding marine offerings will aid its marine segment in the days ahead.
In the fourth quarter of 2022, the segment generated revenues of $210.6 million (16.1% of total revenues), up 7% year over year.
We believe that the company’s strengthening marine offerings will likely continue driving its customer momentum, which, in turn, will benefit its financial performance.
For 2023, Garmin expects revenues of $5 billion, reflecting growth of 3% from 2022. The Zacks Consensus Estimate for the same is pegged at $5 billion.
Image: Bigstock
Garmin (GRMN) Boosts Marine Offerings With Navionics Vision+
Garmin (GRMN - Free Report) has been continuously putting in efforts to strengthen its portfolio of marine offerings.
This is evident from the recent advancement in its premium marine mapping solution – Garmin Navionics Vision+.
The company boosted the cartography solution with an improved high-resolution relief shading coverage, which blends color and shadow to provide a clearer perspective of what is beneath the surface.
The increased image quality and updated color palette make it easier for boaters, anglers, and divers to discern bottom structure details, navigation channels and fishing areas.
Garmin has made relief shading accessible across more than 40,000 lakes, including coastal and inland waters in the United States, Canada, Europe, Africa, Australia and New Zealand.
Garmin Navionics Vision+ also offers daily map updates and robust routing technology.
The latest move will likely aid Garmin in delivering an enhanced chartplotter experience to boaters, anglers and divers.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Move to Boost Prospects
The new Garmin Navionics Vision+ is likely to help the company expand its footprint in the booming chartplotter market as well as in the overall marine electronics market.
Reportedly, the global marine chartplotter market is expected to hit $1.1 billion by 2028 at a CAGR of 6.8% between 2022 and 2028.
Per a report from Future market insights, the global marine electronics market is expected to reach $7.5 billion by 2029, expanding at a CAGR of 5.3% from 2022 to 2029.
According to a report from Verified Market Research, the marine electronics market is expected to reach a valuation of $7.18 billion by 2030, by registering a CAGR of 4.3% between 2023 and 2030.
We believe Garmin’s growing prospects in the promising marine market will likely help it win investors’ confidence in the days ahead.
Notably, GRMN has lost 2.9% in the year-to-date period against the sector’s rise of 17.6%.
Strengthening Marine Segment
Apart from Garmin Navionics Vision+ enhancement, the company announced the availability of the Apollo WB675 Marine Hideaway Stereo, an update to the Fusion-branded Apollo Series. It is designed to maximize valuable dash space while providing a world-class audio entertainment experience and the flexibility to enjoy premium sound from four independent audio zones.
Additionally, the company announced upgrades to Fusion Entertainment EL Series 6.5-inch Marine Speakers, which are designed to provide a high-quality audio experience at an entry-level price.
We believe that Garmin’s deepening focus on expanding marine offerings will aid its marine segment in the days ahead.
In the fourth quarter of 2022, the segment generated revenues of $210.6 million (16.1% of total revenues), up 7% year over year.
We believe that the company’s strengthening marine offerings will likely continue driving its customer momentum, which, in turn, will benefit its financial performance.
For 2023, Garmin expects revenues of $5 billion, reflecting growth of 3% from 2022. The Zacks Consensus Estimate for the same is pegged at $5 billion.
Zacks Rank and Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Arista Networks (ANET - Free Report) , Salesforce (CRM - Free Report) and Analog Devices (ADI - Free Report) . While Arista Networks and Salesforce sport a Zacks Rank #1 (Strong Buy), Analog Devices carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks has gained 33% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 14.17%.
Salesforce has gained 43.5% in the year-to-date period. CRM’s long-term earnings growth rate is currently projected at 16.75%.
Analog Devices has gained 14.2% in the year-to-date period. The long-term earnings growth rate for ADI is currently projected at 10.5%.