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Garmin GRMN seems not to be content enough when it comes to making advances in the booming fitness tracker market on the back of its expanding smartwatch portfolio.
The latest launch of GRMN’s GPS smartwatch Venu 2 Plus backs this fact.
The watch contains robust health, wellness and fitness features like heart rate monitoring, stress tracking, energy monitoring and Pulse Ox1, offering 24/7 health monitoring.
Further, Garmin provides sleep score with insights from Firstbeat Analytics. GRMN also performs women health monitoring by tracking menstrual cycle and pregnancy efficiently.
The watch is compatible with various workout options and supports the recently introduced GPS sports apps, such as walking, running, HIIT, cycling, pool swimming, Pilates, yoga, indoor climbing, hiking, advanced strength training with muscle map graphics and more.
In addition to these fitness features, Venu 2 Plus allows users to receive calls. Moreover, Garmin enables them to ask questions, send texts and control compatible smart home devices with their voice commands via voice assistants. Venu 2 Plus is compatible with Siri, Google Assistant and Bixby.
The latest move bodes well for Garmin’s strengthening efforts toward expanding its smartwatch portfolio.
Apart from Venu 2 Plus, GRMN recently launched vívomove Sport hybrid smartwatch, comprising advanced health, fitness and connectivity features with real ticking watch hands.
Fitness Tracker Market Holds Promise
Fitness trackers and wearables are steadily becoming mainstream in the multi-trillion healthcare industry as these became the most convenient options to monitor personal health with accuracy, track fitness and perform the post-operative care of patients.
Moreover, continuous innovation in technologies like AI, ML and the IoT that largely back these automated devices, provides health information with high precision.
Additionally, the adoption rate of these devices is increasing rapidly owing to an elevated level of interest in health and wellness monitoring due to the rising health concerns induced by COVID-19.
A report from Fortune Business Insights shows that the global market for fitness trackers is likely to hit $91.98 billion by 2027, witnessing a CAGR of 15.2%.
We believe, Garmin is well-poised to capitalize on this growth opportunity on the back of its strengthening smartwatch family.
The latest move is likely to intensify competition for other incumbents like Apple AAPL, Amazon AMZN and Alphabet GOOGL, which are also leaving no stone unturned to expand their footprint in the booming fitness tracker space.
Apple, currently dominating the wearable space on the back of its expanding Watch family, is constantly making efforts to sustain its supremacy. The strong adoption of Apple Watch on the back of useful and advanced features like Cycle Tracking, the Noise app and Activity Trends, remain a major positive.
Amazon is riding on the growing momentum across its Amazon Halo and Amazon Halo Band, the fitness tracking service and wearable, respectively. Recently, AMZN introduced Halo View, Halo Nutrition and Halo Fitness to expand its personal-health monitoring menu.
Alphabet’s Google is firing on all cylinders in the wearables and fitness tracker market on the back of its noteworthy acquisition of Fitbit. Expanding the Fitbit family with major updates on Wear OS poises Google well to capitalize on surging demand for fitness trackers.
Nevertheless, Garmin’s expanding product portfolio for the fitness business, built with both internal development efforts and acquisitions, makes it a potential player in the wearable space.
Currently, Garmin carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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