Apple might have sold highest number of smartwatches but it is still Garmin who can boast about being the King of the GPS market. The Q2 results showed impressive numbers that have even overturned the expectations of the Wall Street.
The quarterly report was made based on June and Garmin showed 6,500 crore INR revenue, which was even 8% higher than previous year’s. Market’s expectations were 6,200 crore INR, but Garmin has topped this value for the consecutive fourth time.
Quite interestingly, sales in all direction of marine, aviation, and fitness have gone up high but somehow the automotive segment witnessed a 19% drop in sales. The automotive segment was the primary source of income for the brand but their new lines have impressed a more population worldwide.
America topped the revenue charts acquiring 49% of the total sales worldwide followed by EMEA and APAC at 35% and 16% respectively.
Though this is overall good news for the brand, their range of activity trackers failed to impress just as much and followed the declining trend. This fall in numbers is compensated well by the rising sales numbers in other categories and most importantly sports-watches. The launch of Vivoactive3 Music and Fenix 5 Plus has certainly aided in the growth of the brand.
Garmin’s attempt in making a niche for themselves has paid off well as Garmin is still what we can say “King of the GPS market.”