Garmin Ltd. (GRMN - Free Report) seems not to be content enough when it comes to making advances in the booming wearable market on the back of the expanding smartwatch portfolio.
The company’s unit, Garmin International Inc. recently added a new product to the range of MARQ series watches - MARQ Golfer.
Notably, the new watch — designed for golfers — offers advanced golfing and multisport capabilities.
It looks attractive and has impressive features that include PlaysLike Distance, Hazard View and a Virtual Caddie to analyze critical factors like wind speed, course layout, golfer’s speed, among others. Built with 46-millimeter titanium case and ceramic bezel, this watch is preloaded with 41,000 golf courses.
In addition to the above, it features sunlight-readable display with GPS and premium smartwatch functions, built-in music storage, Garmin Pay, smart notifications, daily activity tracking, along with wrist-based heart rate and a wrist-based pulse ox4 sensor.
Priced at $1,850, it has a solid battery life of up to 12 days in smartwatch mode to 28 hours in GPS Mode and up to 48 hours in Ultra Tracmode.
Given all these features, the new device is capable of providing valuable statistics for users, thereby increasing the adoption rate of Garmin’s new products.
All these will help the company in gaining momentum among golfers.
Garmin Ltd. Price and Consensus
Wearable & Smartwatch Space Holds Promise
Garmin’s focus on expanding the wearable watch portfolio remains a major positive.
Apart from the latest launch, the company unveiled a range of tool watches, the MARQ series — including MARQ Aviator, MARQ Driver, MARQ Captain, MARQ Expedition and MARQ Athlete — that is designed for various categories namely aviation, automotive, marine, outdoor and sports markets.
These watches will better serve people interested in flying, racing, sailing, exploring and sports performance.
We believe Garmin’s strengthening wearable offerings will help it penetrate the global wearable market.
Per Allied Market Research, the global smartwatch market is likely to witness a CAGR of 16.2% between 2018 and 2025, and is anticipated to reach $31.1 billion by 2025.
Per Statista, smartwatch shipments across the world are expected to reach 89.1 million units by 2022 from 43.5 million units in 2018.
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 its markets and enabling the company to enter new categories.
The latest product will help it expand market share in the outdoor market, which focuses on developing technologies and innovations to enhance users’ experiences.
The company’s new smartwatch should continue driving sales all through the year.
Zacks Rank & Stocks to Consider
Currently, Garmin 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 and eBay sport a Zacks Rank #1 (Strong Buy), Inphi carries 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 for Wayfair, eBay, and Inphi is currently projected at 23%, 12.4% and 37.7%, respectively.
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