Garmin Strengthens MARQ Family, Bolsters Smartwatch Portfolio
In a bid to bolster adventure watch portfolio further, Garmin Ltd. GRMN has added the advanced features and stylish bands to its MARQ collection of high-performance watches, with the unveiling of the Performance Edition MARQ.
The company added silicon rubber straps to the watches. Further, it integrated new Heart Rate Monitor (HRM) and tempe sensor bundle options into MARQ Athlete and MARQ Adventurer watches, respectively.
With HRM Pro chest strap, athletes can extract more of their workout data using MARQ Athlete. Further, the QuickFit mechanism-based 46mm carbon-coated titanium bezel with the new high-performance silicone rubber strap of the watch makes it trendy and is likely to aid the company’s momentum among athletes.
The Performance Edition of MARQ Adventurer, which comes with a 46mm titanium bezel and ember orange high-performance silicone rubber strap, helps voyagers to access the real-time ambient temperature data during an adventure using the tempe sensor.
Further, MARQ Aviator and MARQ Driver, with a black and a plasma-red high-performance silicone rubber strap, respectively, are precise, attractive and noteworthy.
We note that the latest move expands the company’s MARQ family of watches. Further, it makes Garmin well-poised to gain momentum across athletes, explorers, aviators and drivers on the back of the Performance Edition MARQ watches.
Consequently, the watches are expected to drive top-line growth of the company’s Outdoor segment in the near term.
Garmin Ltd. Revenue (TTM)
Smartwatch Portfolio Strength: Key Catalyst
The introduction of Performance Edition MARQ watches bodes well for the company’s growing efforts toward strengthening its smartwatch portfolio.
Apart from the latest launch, it recently unveiled an advanced GPS smartwatch namely Forerunner 745, which is well-equipped to provide detailed training data and on-device workouts to runners and triathletes.
Further, Garmin added a new product to the range of MARQ series watches called MARQ Golfer, which is designed for golfers to offer advanced golfing and multisport capabilities.
Also, the company unveiled a marine GPS smartwatch namely quatix 6X Solar. Notably, the new watch offers solar charging along with specialized boating, fishing, cruising and sailing capabilities.
Additionally, itstrengthened the portfolio of solar-edition smartwatches by expanding its solar charging technology to Instinct, fenix 6 and 6S and tactix Delta adventure watches.
We believe all these endeavors are expected to aid the performance of the Outdoor, Fitness and Sports segments of the company.
Intensifying Wearable Battle
The company’s smartwatch endeavors hold promise in the growing wearable market.
A Mordor Intelligence report indicates that the worldwide wearable space is expected to reach $614.3 million by 2025, seeing a CAGR of 19.1% over 2020-2025.
Additionally, Gartner’s data shows that user spending on wearable devices will globally increase 22% year over year to $63 billion in 2021.
Given this upbeat scenario, not only Garmin but also playerslike Apple AAPL, Fitbit FIT, Amazon AMZN and Alphabet’s Google are leaving no stone unturned to strengthen their footprints in this booming market.
These companies are making concerted efforts toward the advancement of features on their respective smartwatches and fitness trackers. Hence, the competition in the wearable space is intensifying.
Nevertheless, Garmin’s strengthening smartwatch portfolio will help it penetrate the global wearable market rapidly.
Currently, the company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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