Garmin is targeting double-digit growth in India, expanding into e-commerce platforms
Swiss wearable device maker Garmin is aiming for double-digit growth in its India business, a key investment market, said an executive at AMIT International Group (AIG), which has distribution rights in the country.
The brand, which also makes marine accessories for boats, boats, and portable outdoor equipment, also expects to grow from this segment. Analyst firms like IDC said the Indian wearables market would decline 10 percent in Q2 year-on-year to 29.5 million units.
However, Garmin is not worried about this and expects to continue its growth journey here, led by a strong product line and product value, said General Manager of AMIT GPS & Navigation, India Deepak Raina.
“India is one of the markets where we want to focus and we want to invest, because of the growing middle class here, which is one of the biggest markets in the world,” Raina told PTI.
After the pandemic, people are more health-conscious and work habits are increasing “which shows the results of our business again,” adding that the brand is “trying to grow in double digits” in the Indian market.
In addition, AIG also works with financing companies, selling its products through attractive financing plans for its customers, where it can pay gradually as it pursues its growth goal.
On Wednesday, the Gramin Fenix 8 smartwatch with a starting price of Rs 86,990, was launched in the Indian market.
AIG, which has rights to distribute Garmin in markets such as the UAE, Saudi Arabia, Bangladesh, Nepal, Bhutan, said the decline in the domestic market is due to several brands selling substandard smart watches.
“This perception of deterioration comes from watches, which are smart watches and can’t live up to expectations and it hurts the customer’s attitude,” 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 sales network. Although Raina did not share the number, he said more stores are on the way.
“These stores will help raise the Garmin experience for its customers to the next level, which we are already working on. Besides, we have 200 dealers in the country that we are working with.
In addition, “soon, we will be available on important websites as well. We have received many inquiries about online sales. So we will give those customers the opportunity to shop through the biggest websites (ie-commerce) we have in India,” he said.
Garmin operates in the niche segment of smart watches and fitness bands. “Technology will come with a price,” Raina said, adding that you can’t expect accurate data from a low-cost smartwatch.
Garmin is trying to involve more people in the field of health by using a different part of Garmin Health, where it promotes a healthy lifestyle for people.
Garmin is known for its premium line of smartwatches for runners, athletes, hikers, runners, cyclists and fitness enthusiasts. It operates in segments like – fitness, outdoor, aerospace, marine, and automotive OEM.
