Swiss smart wearable device maker Garmin on Wednesday said it expects India to be among its top three markets in Asia over the next five years, driven by trends in post-Covid health activity in the country.
Garmin, which announced the appointment of Yesudas Pillai as the new country head for its India operations, is seeing double-digit growth in the country and expects the momentum to continue.
It is expanding its retail sales network with plans to add 7 more brand stores by the end of 2023. Presently the company has only three stores in India.
After the pandemic, people are now more health conscious and there has been a sharp increase in activity trends, which resonates well with Garmin’s product line, said Sky Chen, regional director for Garmin South-East Asia and India told PTI.
“For Garmin, we see India becoming one of the top three markets in the Asia region over the next 5 years,” he added.
Currently, India ranks fifth in terms of revenue with China, Japan and Thailand being the top markets in the region.
Over the past two years, consumer awareness of fitness and wellness devices has been increasing in India and Garmin is bringing its cutting edge technology and premium smartwatches to the Indian market, Mr. Chen said.
He added that the company is “bullish” on the premium segment of smartwatches priced above $300 (approximately ₹25,000) and plans to expand its offerings with an aim to become the leader in the segment.
“We have seen an increase in preference for the mid-upper class” [$300 and above] Smartwatch in India in the last few years. Given this trend, we are bullish on the premium segment and plan to expand our offerings,” Mr. Chen said.
In terms of growth, he said the company continued to grow in the high double digits in the Indian market.
Citing data obtained from its app Garmin Connect, he said that Garmin had posted 32% year-on-year growth by the third quarter of 2022. Its Venu range from the wellness segment has also registered 65% YoY growth till Q3 2022.
Mr Pillai said that although the end of the pandemic is near, the trends for the wearables industry, especially smartwatches, will continue to grow and the momentum is expected to continue.
Garmin will expand its retail presence by opening 7 brand stores by the end of 2023, bringing the total number to 10. These stores will also double as service collection points.
When asked about competitive pricing by rivals in the mass market (under ₹5,000), Mr. Pillai said, “Garmin is a niche brand for niche people” and will focus on reliability and accuracy.
If the Indian market sees continued demand and growth, Garmin may also consider local manufacturing of its wearables, Mr. Chen said.
Mr. Pillai also said that Garmin can see the potential for manufacturing in India.
“We understand the potential of ‘Make in India’. We are also well aware of the production linked incentives,” he said, adding, “We are currently working on expanding and taking Garmin to every channel that is available in India. Along with the idea of ’Make in India’ as a brand, we are completely open to that idea.”
According to the latest market data released by International Data Corporation (IDC), India’s wearables market recorded a shipment of 38 million units in the first half of 2022, growing at 65.8% year-on-year.