Garmin Ltd. GRMN 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.
Garmin’s unit, Garmin International Inc. recently introduced its next-generation marine GPS smartwatch series, quatix 6, in a bid to expand the wearables watch portfolio.
The latest addition to the company’s expanding product line is especially designed for marine-related activities.
This move will help it further expand its share in the wearables market, and fend off competition from players like Fitbit FIT, Apple AAPL and Alphabet GOOGL, among others.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Brief Overview of the New Offering
The GPS Smartwatch is especially desined for marine lovers. It looks attractive and has impressive features. Available in two versions, quatix 6 and quatix 6 Titanium, the latter is constructed with sapphire crystal lens and is extremely durable.
Its features include specialized boating, fishing, cruising and sailing capabilities. In addition, it is compatible with Garmin chartplotters and other marine electronics to offer autopilot control, data streaming, sail race assistance, among others. The device is preloaded with activity profiles like paddle boarding, golf, hiking, rowing, skiing, kayaking and many more.
In addition, the built-in Fusion-Link Lite app allows the user to control an onboard entertainment system. All the watches have a solid battery life of up to 14 days in smartwatch mode, 24 hours in GPS mode and 60 hours in Ultra Trac battery saver mode.
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.
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 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 marine market, which focuses on developing technologies and innovations to enhance users’ experiences.
The company’s new GPS smartwatch should drive marine sales all through the year.
In the last reported quarter, Garmin generated sales of $115.8 million from this segment, which increased 22% on a year-over-year basis. The company witnessed growing demand for chartplotters, advanced sonars and the revolutionary new Force trolling motor during the quarter, which in turn drove the segment’s top line.
Currently, Garmin 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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