July 22, 2024

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India to be among top 3 markets in Asia for Garmin in 5 years; to add 7 brand stores by 2023

In the following five years, it is anticipated that India will rank among the top three markets for Swiss smart wearable device manufacturer Garmin thanks to the country’s post-Covid health activity trends.

Garmin, which announced the hiring of Yeshudas Pillai as the new national head for its operations in India, has been tracking the country’s double-digit growth and believes the pattern will continue.

It intends to expand its network of retail sales outlets by seven more brand stores by the end of 2023. The business only has three shops operating in India at the moment.

According to Sky Chen, regional director for Garmin South-East Asia and India, after the pandemic, people have become much more health-conscious, and there has been a rapid rise in activity trends, which fits nicely with Garmin’s product range.

India is currently placed fifth in the world in terms of revenue, with China, Japan, and Thailand being its three largest regional markets.

According to him, the firm is “bullish” on the luxury segment of smartwatches that cost more than $300 (about $25,000) and intends to increase its product lineup to take the lead in the market.

He said that the business continues to expand in the Indian market at a high double-digit rate.

He said that Garmin had experienced a 32% year-over-year rise up until the third quarter of 2022 by using data from its app, Garmin Connect. Up until Q3 2022, the Venu series from the wellness sector has likewise reported a 65% YoY growth.

Although the end of the pandemic is in sight, Mr Pillai stated that the impetus for the wearable industry, particularly smart watches, would continue to increase.

By the end of 2023, Garmin will add seven more brand stores, bringing the total to 10, and these stores will serve as service pickup locations.

If the company observes continued demand and market expansion in the Indian market, it may also take into account producing its wearables locally, Mr Wang stated.

According to the most recent market data from International Data Corporation, 38 million wearables were shipped in India during the first half of 2022, an increase of 65.8% compared to the same period last year (IDC).