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Garmin GRMN seems not to be satisfied enough when it comes to making headway in the burgeoning fitness tracker market with its expanding portfolio of smartwatches.
The latest launch of the Venu 2 Plus GPS smartwatch from GRMN confirms this fact.
The watch contains robust health, wellness and fitness features such as heart rate monitoring, stress tracking, energy monitoring and Pulse Ox1, providing 24 hour health monitoring. 24 and 7 days a week.
Additionally, Garmin provides a sleep score with information from Firstbeat Analytics. GRMN also monitors women’s health by effectively tracking the menstrual cycle and pregnancy.
The watch is compatible with various workout options and supports newly introduced GPS sports apps, such as walking, running, HIIT, cycling, pool swimming, Pilates, yoga, rock climbing. gym, hiking, advanced strength training with muscle map charts and more.
In addition to these fitness features, Venu 2 Plus allows users to receive calls. Additionally, Garmin lets them ask questions, send text messages, and control smart home devices that support their voice commands through voice assistants. Venu 2 Plus is compatible with Siri, Google Assistant and Bixby.
The latest move bodes well for Garmin’s strengthening efforts to expand its smartwatch portfolio.
Along with Venu 2 Plus, GRMN recently launched the vÃvomove Sport hybrid smartwatch, featuring advanced health, fitness and connectivity features with real watch hands.
The fitness tracking market keeps its promises
Fitness trackers and wearable devices are becoming more and more common in the multi-billion dollar healthcare industry as they have become the most convenient options for accurately monitoring personal health, tracking fitness, and performing exercises. postoperative care of patients.
Additionally, continuous innovation in technologies such as AI, ML, and IoT, which largely support these automated devices, deliver health information with high accuracy.
Additionally, the adoption rate of these devices is increasing rapidly due to a high level of interest in monitoring health and wellness due to the growing health concerns induced by COVID-19.
A report from Fortune Business Insights shows that the global fitness tracker market is expected to reach $ 91.98 billion by 2027, with a CAGR of 15.2%.
We believe Garmin is well positioned to capitalize on this growth opportunity by strengthening its family of connected watches.
The latest decision is likely to intensify competition for other incumbents such as Apple AAPL, Amazon AMZN and Alphabet GOOGL, which is also doing everything it can to expand its presence in the booming fitness tracker space.
Apple, which currently dominates the wearable space at the back of its expanding watch family, is constantly making efforts to maintain its supremacy. The strong adoption of the Apple Watch through useful and advanced features like Cycle Tracking, the Noise app, and Activity Trends remains a big plus.
Amazon is riding the growing momentum of its Amazon Halo and Amazon Halo Band, fitness tracking and wearable service, respectively. Recently, AMZN introduced Halo View, Halo Nutrition, and Halo Fitness to expand their menu of personal health monitoring.
Alphabet’s Google is pulling full steam ahead in the wearable and fitness tracker market following its notable acquisition of Fitbit. Expanding the Fitbit family with major updates to Wear OS allows Google to capitalize on the growing demand for fitness trackers.
Nonetheless, Garmin’s expanding product portfolio for the fitness industry, built with both internal development efforts and acquisitions, makes it a potential player in the wearable space.
Currently, Garmin wears a Zacks Rank # 3 (Hold). You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.
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