Garmin saw enormous growth in the second quarter, firmly establishing its place in the wearables market.
The outdoor, vehicle, and fitness technology company’s revenues grew 53% year-over-year to $1.33 billion in the 13 weeks ending June 26, the company reported last week.
Sales were driven by its wearables, but Garmin also makes tech accessories for boats, planes, and automobiles such as GPS devices, chartplotters, and autopilot systems.
Garmin’s fitness and outdoor segments accounted for 55.5% of its Q2 revenue, with aviation, marine, and auto device sales making up the rest.
Based in Switzerland, Garmin has carved out a place in a market occupied by some of the largest companies in the world.
- Apple’s Q3 2021 sales in the home, wearables, and accessories category grew 36% year-over-year to $8.78 billion.
- In January, Google finalized a heavy investment in wearables with its $2.1 billion acquisition of Fitbit.
- Peloton is working on a wearable to complement its home fitness system.
Other upstarts in the market include Oura and Whoop, which have raised over $100 million and $200 million, respectively.
Garmin dialed up its revenue estimates for the year across all segments and now expects to bring in $4.9 billion in 2021.