Garmin (GRMN – Free Report) 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 company recently added new color options to its small and fashionable smartwatch series called Lily, which is a testament to the same.
Notably, the company unveiled a cream gold bezel with a dust rose case and silicone band version in Lily’s sport edition. Further, it rolled out a cream gold bezel with a gray case and an Italian leather band version in Lily’s classic edition. Both editions come with a 34mm watch case and a bright touchscreen display.
Lily smartwatches feature 24/7 wrist-based heart rate, Pulse Ox1, Body Battery energy monitoring, advanced sleep monitoring, stress tracking, and menstrual cycle and pregnancy tracking. Also, these are designed to track step counting, calories burned, intensity minutes, outdoor runs, walks and bike rides.
The smartwatches are comprised of sports apps for yoga, Pilates and cardio, to name a few.
The new color option, along with all these features, is expected to boost the adoption rate of the Lily smartwatch in the days ahead.
Growth Prospects
Fitness trackers and smartwatches are steadily becoming mainstream in the multi-trillion healthcare industry as they have become the most convenient options to monitor personal health with accuracy, track fitness and perform the post-operative care of patients.
Continuous innovation in technologies like AI, ML and IoT largely back these automated devices to provide health information with high precision.
Additionally, the adoption rate of these devices is increasing rapidly due to increasing interest in health and wellness monitoring due to rising health concerns induced by COVID-19.
Per a Mordor Intelligence report, the global market for fitness trackers is likely to see a CAGR of 15.7% between 2022 and 2027.
According to a report from Straits Research, the wearable fitness tracker market is expected to hit $192 billion by 2030, witnessing a CAGR of 17.5% between 2022 and 2030.
Per a Grand View Research report, the global smartwatch market is anticipated to grow seeing a CAGR of 8.2% during the 2022-2030 period.
Strengthening Smartwatch Offerings
We believe Garmin is well-poised to capitalize on the above-mentioned growth opportunities on the back of its strengthening smartwatch family.
Apart from the latest move, the company recently added an AMOLED display feature to its Forerunner 265 and Forerunner 965 GPS running watch series.
Both Forerunner 265 and 965 smartwatches enable users to access health features and smart notifications seamlessly on the back of the responsive touchscreen displays. Further, these watches offer other innovative features to athletes, such as a morning report, a race widget, personalized daily suggested workouts, a training readiness score, running power and running dynamics, and heart rate variability.
The company rolled out a hybrid smartwatch, namely the vívomove Trend, which enables users to keep track of health and fitness data through all-day stress tracking, sleep score, blood oxygen saturation level monitoring with Pulse Ox and Body Battery energy monitoring.
We believe that Garmin’s deepening focus on the promising fitness tracker and smartwatch markets, along with its expanding offerings in both of these markets, are expected to aid it in gaining investors’ optimism in the days ahead.
Notably, GRMN has lost 17.7% over a year compared with the industry’s decline of 21.3%.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Arista Networks (ANET – Free Report) , Salesforce (CRM – Free Report) and Analog Devices (ADI – Free Report) . While Arista Networks sports a Zacks Rank #1 (Strong Buy), Analog Devices and Salesforce carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks shares have gained 23.7% in the past year. The long-term earnings growth rate for ANET is projected at 14.17%.
Salesforce shares have lost 13.5% in the past year. CRM’s long-term earnings growth rate is projected at 16.75%.
Analog Devices shares have gained 13.1% in the past year. The long-term earnings growth rate for ADI is projected at 12.25%.
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