Garmin (GRMN - Free Report) recently launched a new GPS navigator, RV 890, specifically for the RV and camping lifestyle.
This device has an eight-inch display that can be changed from landscape to portrait mode per the driver’s convenience. It also features the new Garmin voice assistant, further facilitating overall interaction.
The new RV navigator is equipped with easy-to-read HD touchscreens and several mounting options. Some of these include a powered magnetic mount with heavy-duty suction cup, screw-down mount and ball adapter with an AMPS plate that is compatible with third-party hardware, including RAM mounting systems.
Garmin strives to deliver enhanced navigation experience to travelers. The above-mentioned advanced features are likely to aid the adoption rate of the new GPS navigator.
The latest move is expected to increase its share in the consumer auto market on the back of new products and upgrades to the existing ones.
Garmin Ltd. Price and Consensus
GPS Navigator Portfolio Expands
We believe the strengthening GPS navigator portfolio positions Garmin well to expand presence in the booming GPS tracking device market, which is riding on increasing commercial vehicle fleet.
Per a report from Zion Market Research, the global GPS tracking device market is expected to witness a CAGR of 11.8% over a period of 2019-2025 and achieve $4.6 billion by 2025.
The latest move bodes well for the company’s growing efforts toward expanding the GPS navigator portfolio.
Apart from the latest launch, it recently unveiled a new series of oversized dezl of truck navigators — dezl OTR700/800/1000 GPS navigators. In addition, the company launched an all-terrain GPS motorcycle navigator, zumo XT, in a bid to strengthen navigation offerings. In case of an untoward incident, the navigator is well equipped to provide automatic incident notifications to family and friends of the rider.
Its robust portable navigation devices for all road vehicles, including automobiles, motorcycles and trucks, remain noteworthy.
Worldwide provider of navigation, communications and information devices, Garmin has been making efforts to increase its share in all markets served backed by new products and upgrades to the existing ones. It is experiencing notable success in all segments owing to many newly added technologies that are gradually expanding and enabling the company to enter new categories.
The latest product will help it expand its share in the consumer automotive division, thereby contributing to the auto segment’s top-line growth in the near term.
In the last reported quarter, Garmin generated sales of $105.8 million from this segment, which decreased 17% on a year-over-year basis. The decline was primarily due to shrinking of the personal navigation device market and lower year-over-year OEM sales.
Zacks Rank & Key Picks
Garmin currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Wayfair Inc. (W - Free Report) , eBay (EBAY - Free Report) and Inphi Corporation (IPHI - Free Report) . While Wayfair sports a Zacks Rank #1 (Strong Buy), both eBay and Inphi carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Wayfair, eBay, and Inphi is currently projected at 23%, 12.4% and 37.7%, respectively.
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