Garmin (GRMN) Grows Wearable Portfolio With MARQ Watch Series
Garmin GRMN introduces a collection of second-generation MARQ watches. The MARQ series consists of MARQ Athlete, MARQ Adventurer, MARQ Golfer, MARQ Captain and MARQ Aviator.
The MARQ watches are developed with Grade-5 titanium, sapphire crystal, ceramic and jacquard-weave nylon to provide users with a premium luxury feeling.
The wearables feature a vibrant AMOLED touchscreen display and a battery life of up to 16 days. The watches offer useful health and wellness capabilities, and provide support for multi-band GNSS, multi-frequency GPS and Garmin SatIQ technology.
The MARQ collection is uniquely designed to serve users with different outdoor preferences. This is expected to boost the adoption rate of MARQ watches among athletes, golfers, pilots and adventurers.
With the introduction of the MARQ smartwatch series, Garmin expanded its portfolio of wearable offerings.
This is likely to aid GRMN in capitalizing on the prospects in the global wearable devices market, which is anticipated to hit $460.3 billion by 2029, seeing a CAGR of 18.8% during the 2022-2029 forecast period, per a Data Bridge Market Research report.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Growing Smartwatch Offerings
In addition to the latest smartwatch collection, last month, Garmin released the Black Panther watch, a special edition vívofit jr. 3, to provide children with an enhanced fitness tracking experience.
In August, Garmin unveiled the Enduro 2 multisport GPS smartwatch featuring LED flashlight, music, enhanced positioning precision and a battery life of up to 150 hours in GPS mode.
In June, Garmin introduced the Forerunner 955 Solar smartwatch, featuring solar charging, longer battery life, multi-satellite system tracking, and health and wellness tracking.
Garmin’s expanding smartwatch offerings are expected to continue helping it expand its presence in the booming smartwatch market.
According to a Facts & Factors report, the underlined global market is likely to reach $97.5 billion by 2028, witnessing a CAGR of 21.5% between 2022 and 2028.
Solidifying Outdoor Segment
The introduction of MARQ smartwatches bodes well for Garmin’s consistent efforts to strengthen the outdoor segment.
In addition to the latest move, last month, GRMN launched a communication-focused device named inReach Messenger for two-way texting, location sharing and SOS sending.
Garmin also released the Delta SE handheld and collar to enable users with simplified dog-training capabilities.
The consistent launch of outdoor offerings is expected to help Garmin gain momentum among outdoor enthusiasts. This, in turn, will boost the outdoor segment’s performance in the days ahead.
However, Garmin is currently suffering weak demand for advanced wearables and cycling products due to the normalization of demand post the pandemic-induced hike. This remains a downside.
Shares of GRMN have been down 42.4% in the year-to-date period, lagging the Computer and Technology sector’s decline of 36.8%.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #4 (Sell).
Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Agilent Technologies A, Aspen Technology AZPN and America Movil AMX, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Agilent Technologies has lost 21.3% in the year-to-date period. The long-term earnings growth rate for A is currently projected at 10%.
Aspen Technology has returned 62.4% in the year-to-date period. The long-term earnings growth rate for AZPN is currently projected at 18.2%.
America Movil has lost 20.9% in the year-to-date period. The long-term earnings growth rate for AMX is currently projected at 25.7%.
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