Garmin grew 66% revenue in Vietnam market

Despite the pandemic challenge, Garmin Vietnam’s accumulated revenue in 2021 grew 66% year-on-year, thanks to the increasing demand for smart wearables that support health monitoring. In which, the health and lifestyle smartwatch segment (Wellness) and the running and cycling product segment (Fitness) achieved the highest growth in the third and fourth quarters of 2021.

Specifically, the revenue of the health and style smartwatch segment (Wellness) recorded the strongest growth rate, up to 172% in 2021. Notably, the Garmin Venu 2 product line with many health features new enhancement, meeting the needs of exercise at the gym and daily technology assistant features for users.

Sales of running and cycling products (Fitness) will grow 92% in 2021, double the same period last year. Under the impact of the pandemic, users are increasingly preferring to exercise indoors, such as the rate of indoor cardio training increased by 163% and indoor jogging increased by 262%. This helps Forerunner 245, with its specialized sports features and reasonable price, become the best-selling product line in the Fitness segment of Garmin Vietnam in 2021. At the same time, the company also launched a pedal exerciser. Tacx Neo 2T indoor bike with many optimized features, brings the most vivid and smooth experience to cycling lovers when they have to limit going out.

In 2021, Garmin Vietnam will also launch many new product lines in the Outdoor Sports segment such as: Descent diving computer and Approach smart golf watch, in order to develop a more complete ecosystem. product.

The percentage of new customers of Garmin Vietnam in 2021 will increase by up to 50% compared to the previous year. This breakthrough increase comes from the trend of switching from traditional analog analog watches to smart watches of domestic users, using both technology features to support modern life and monitoring health. health and exercise.

Hanoi and TP. Ho Chi Minh is the two cities where Garmin has developed the strongest point of sale and distribution channel. In 2021, Garmin has expanded the number of direct selling points to 300 nationwide, 03 times more than the number of points of sale since entering the Vietnamese market in 2020. Besides, Garmin also opened two brand stores. in Vietnam, providing a full line of products and professional customer care services.

Sharing about Garmin’s business development orientation in Vietnam in the near future, Ivan Lai – Garmin Regional Director said: “In 2022, Garmin will focus on developing high-end segment product lines, meeting the needs of customers. criteria on: sports support features, health monitoring and smart features to support users’ daily life.The economy is on the way to recovery and the interest in health – practicing sports increased after the pandemic, promising to bring positive business results for Garmin Vietnam in 2022.”

Garmin global revenue growth for 6 consecutive years

2021 marks Garmin’s sixth consecutive year of revenue growth globally. For fiscal year 2021, Garmin Corporation recorded an all-time record cumulative revenue of $4.98 billion, up 19% year-over-year. All five of Garmin’s key business segments posted strong double-digit revenue growth: Personal Fitness – Fitness (16%), Outdoor Sports – Outdoor (14%), Aviation – Aviation (14%). , Marine – Marine (33%) and Automotive – Auto (26%). Garmin Corporation also posted a 58% gross margin, 24.5% operating margin, and a record $1.22 billion in operating income – up 16% year-over-year.

For the fourth quarter of 2021 alone, Garmin worldwide recorded a revenue of $ 1.39 billion, an overall growth of 3% compared to the previous quarter. The Aviation, Marine and Automotive segments achieved the highest revenue growth at 13%, 14% and 21%, respectively. Closing this financial year, Garmin has achieved many achievements and imprints confirming its leading position in each field of activity. Following the strong growth momentum from 2021, Garmin will introduce a series of more exciting new products, ready to look forward to opportunities and challenges in 2022.

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