Garmin expects to continue its growth journey in India, led by its strong product line and brand value
New Delhi: Swiss smart wearable devices maker Garmin is aiming for a double-digit growth from its India business, which is a key focus market where it is investing, said an official from AMIT International Group (AIG), which has distribution rights for the country.
The brand, which also makes marine devices used by ships, boats, and outdoor handhold devices, is also expecting growth from this segment.
Analyst firms such as IDC said the Indian smart wearable market would decline 10 per cent in Q2 year-on-year to 29.5 million units.
However, Garmin is unfazed by this and expects to continue its growth journey here, led by its strong product line and brand value, said AMIT GPS & Navigation General Manager, India Deepak Raina.
“India is one of the markets where we want to focus and want to invest, because of the growing middle class here, which is one of the biggest in the world,” Raina told PTI.
After the pandemic, people have become more health conscious and activity trends are on the rise “which reflects in our business results also,” he said adding that the brand is “trying to get a double-digit growth” from the Indian market.
Moreover, AIG is also working with financing companies, to sell its products through attractive finance schemes to its customers, where they can pay in instalments as it chases its growth target.
On Wednesday, Gramin Fenix 8 series smart watches with starting price of Rs 86,990, were launched in the Indian market.
AIG, which also has distribution rights for Garmin for markets as the UAE, Saudi Arabia, Bangladesh, Nepal, Bhutan, said the decline in the domestic market is because of the several brands which are selling below-quality smart watches.
“This degrowth sentiment is coming from watches, which claim to be smart watches and not being able to fulfil the expectations and is spoiling the mood of the customer,” he said adding “we take this as an opportunity.”
India is the second-largest wearable market after China.
AIG, which has 4 exclusive Garmin brand stores in India, has plans to expand its retail sales network. Though Raina did not share the number, he said several stores are in the pipeline.
“These shops would help elevate the Garmin experience to its customers to the next level, on which we are already working. Besides, we have 200 dealers in the country with whom we are working.
Moreover, “soon, we are going to be available on the key portals as well. We have received lot of queries for online sales. So we are going to give those customers an option to purchase through the biggest websites (e-commerce) which we have in India,” he said.
Garmin operates in a niche segment of smart watches and fitness bands.
“Technology will come with a price tag,” said Raina adding you can not expect authentic data from a low cost smart watch.
Garmin is trying to engage more people on the health front through a separate division Garmin Health, where it is promoting healthy living for the people.
Garmin is known for its premium range of smart watches for trekkers, athletes, mountaineers, runners, cyclists and adventurous enthusiasts. It operates in segments as – fitness, outdoor, aviation, marine, and automotive OEM.
