Garmin Ltd. GRMN has rolled out an all-terrain GPS motorcycle navigator, zumo XT, in a bid to strengthen its navigation offerings.
We note that the latest product is a 5.5-inch display-touchscreen device, which is glove friendly and designed with built-in convenience. It offers safety features like rider alerts in case of potential hazards, critical location sharing and Bluetooth hands-free calling.
In case of an untoward incident, the navigator is well equipped to provide automatic incident notifications to family and friends.
The company is striving to provide a complete navigation solution on the back of its new product, which is rain-resistant and versatile in any weather conditions and rough terrain.
All these are expected to aid zumo XT to gain traction across motorcycle riders. This, in turn, is likely to bolster its adoption rate.
Moreover, this product, which will be made available for sale this month, will expand the company’s product portfolio that has been driving customer momentum for several years. The trend is expected to continue in the near term.
Advanced features of zumo XT make the company well-poised to capitalize on the growing demand for GPS motorcycle navigators.
The new device can be paired with the rider’s phone with the help of Garmin Drive app. This will allow the rider to import the tried-and-true GPX files wirelessly.
Further, zumo XT on the entertainment side, supports streaming of music tracks on motorcyclists’ smartphones.
We believe this new innovative device will help Garmin to penetrate rapidly into the booming global motorcycle navigation system market.
Garmin has been making every effort 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 courtesy of several newly added technologies that are gradually expanding and enabling the company to enter new categories.
Notably, the latest move bodes well for the company’s continuous focus toward strengthening its auto segment, which contributed 15% to total revenues in 2019.
Moreover, its expanding new GPS navigation and wireless devices portfolio will continue to drive performance in the automotive end-market.
Consequently, it will aid the company in catering to the increasing requirement of the portable navigation devices in automobiles, motorcycles and trucks.
Zacks Rank & Other Key Picks
Garmin currently flaunts a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the broader technology sector are Microchip Technology Incorporated MCHP, Qorvo, Inc. QRVO and Applied Materials, Inc. AMAT, each sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Microchip Technology, Qorvo and Applied Materials is currently pegged at 13.28%, 11.78% and 9.94%, respectively.
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