Garmin Seeks Double-Digit Growth in India's Wearable Market

Garmin is targeting double-digit growth in India's smart wearable sector, despite market declines. The company, focusing on its premium products and brand appeal, sees rising health awareness post-pandemic as a growth driver. Strategy includes expanding retail presence and offering financial schemes.

Garmin, a Swiss smart wearable devices manufacturer, is optimistic about achieving double-digit growth in its Indian operations, identifying the country as a pivotal market for investment. The focus comes amid analysts' forecasts of a shrinking Indian smart wearable market, projecting a 10% dip in Q2.

Despite these predictions, Garmin is pressing ahead, leveraging its strong product lineup and established brand. Deepak Raina, AMIT GPS & Navigation General Manager for India, highlighted the strategic importance of India's burgeoning middle class in the company's growth plans. "India remains a focal market for us due to its expanding middle class," Raina stated.

Further strategies include collaboration with financial firms to offer installment-based purchase schemes and expanding retail stores to enhance the customer experience. This expansion aims to counteract the effect of low-quality competitors and satisfy rising health consciousness among consumers.

(With inputs from agencies.)