Garmin Statistics By Revenue, Segments, Country, Import and Export Details

Introduction

Garmin Statistics: Garmin International, Inc. experienced a robust year in 2023, solidifying its position as a leader in wearable and navigation devices. The company reported impressive financial performance, with revenues reaching USD 4.1 billion, reflecting a year-over-year growth of 10%. Garmin’s innovative products resonated with athletes, adventurers, and everyday users, thanks to emerging fitness trends and advancements in technology. The company’s market share in the fitness wearables segment increased to 27%, highlighting its popularity among fitness enthusiasts. In terms of product offerings, Garmin’s outdoor segment saw significant growth, with sales climbing by 15% to USD 1.2 billion.

Additionally, Garmin’s commitment to safety and innovation was underscored by the successful use of its devices in life-saving rescues, with over 250 emergency calls facilitated through its InReach technology. The brand’s diverse portfolio includes well-known names like ECHOMAP, Instinct, and Vivofit, which cater to various markets, including automotive, outdoor, fitness, marine, and general aviation. The company boasts a significant global presence, operating across North America, Asia-Pacific, Europe, the Middle East, and Africa.

Garmin’s research and development efforts are focused on enhancing user experience and expanding its product lineup. The company allocated approximately USD 500 million to R&D in 2023, aiming to stay ahead in the rapidly evolving wearable technology landscape.

As consumer preferences shift toward integrated health and fitness solutions, Garmin is well-positioned to leverage its strong brand reputation and innovative technology to capture new market opportunities. The following statistics will provide valuable insights and trends that can guide decision-making and strategy formulation for stakeholders interested in Garmin’s continued success.

Editor’s Choice

• According to Nasdaq, Garmin’s expected annual revenue in 2024 will be $5.75 billion, an increase of 10% from 2023.
• Meanwhile, by the end of 2023, the company’s net sales revenue company’s net sales revenue was $5.23 but was enhanced by 7.57% from the previous year.
• The Outdoor segment earned Garmin’s highest revenue, $486.38 million, in the fourth quarter of 2023.
• The global revenue generated by all five segments of Garmin, including Fitness, Outdoor, Aviation, Marine, and Auto, was $5,228.25 million in 2023.
• In the same forecasted period, Garmin’s net sales revenue in the Americas was $2,614.35 million, up 8% from last year.
• The company is currently working across 35 countries and will have 19,900 employees worldwide by 2023.
• Revenue earned by each employee was approximately $262,726.
• Garmin Statistics further states that in April 2024, Garmin’s market capitalization reached $26.76 billion, reduced by 6.28% from last month.
• In the United States, by 2023, 57% of Garmin brand awareness came from wearable users.
• According to Similarweb, a website traffic analysis company, Garmin’s website visitors are predominantly male (68.7%), with the 25-34 age group being the largest share of 25.22%.

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Fitness Fanatics Rejoice

For fitness enthusiasts, Garmin offered new reasons to celebrate in 2023. Their “Fitness Report” revealed interesting trends in how people used their Garmin wearables. Here are some highlights:

• Classic Activities Still Top: Running, walking, and cycling remained the most popular activities, but there were increases across the board.
• Strength Training on the Rise: People are getting stronger! There was a double-digit increase in activities using fitness equipment, with strength training, stair climbing, and elliptical workouts showing a big jump.
• HIIT Workouts Explode: High-intensity interval Training (HIIT) became a superstar, with usage skyrocketing by 112% year over year.
• Taking it Outdoors: Getting fresh air and sunshine was popular, too. Participation in activities like walking, trail running, gravel cycling, and even e-biking rose.
• Serving up More Tennis: Tennis players enjoyed a resurgence, with Garmin users hitting the courts 76% more than in 2022.
• Mind and Body Focus: People are paying more attention to well-being. Yoga, Pilates, and breathwork activities all experienced significant growth.

General Garmin Statistics

• As of February 16, 2024, Garmin has repurchased more than $300 million of the company’s shares on the authorization of the Board of Directors by the end of December 26, 2026.
• Quarterly revenue that amounted to Garmin in 2023 were April 1 ($1.15 billion), July 1 ($1.32 billion), September 30 ($1.28 billion), and December 30 ($1.48 billion).
• In 2023, Garmin Statistics further stated that 78% of Baby Boomers in the United States are aware of Garmin, followed by Millennials (64%), Gen X (62%), and Gen Z (35%).
• Garmin received six Innovation Awards at the 2024 Consumer Electronics Show for their Venu 3 smartwatch, Epix GPS smartwatch, MARQ Golfer-Carbon Edition watch, and Autoland retrofit technology for airplanes.
• Garmin Statistics has claimed that Garmin’s overall advertising expenditure was more than $173 billion in 2023, up by $5 million from the previous year.
• The top three Garmin smartwatches in 2023 were the D2 Delta PX, Descent Mk2 Series, and Vivoactive 4.
• In March 2024, garmin.com received 38.6 million total website visits, an increase of 16.44% from last month, and the bounce rate was 39.12%.
• On the other hand, garmin.com’s mobile and desktop traffic share was 66.36% and 33.64%, respectively.

Garmin’s Financial Statistics

For the Fiscal year 2024

• According to a report published by PR Newswire, Garmin’s expected annual revenue in 2024 will be $5.75 billion, an increase of 10% from 2023.
• The gross margin of the company is anticipated to reach 56.5%, which will increase the pro forma EPS to $5.40.
• On the other hand, Garmin’s operating margin is supposed to grow by 20%, and the Pro forma Effective Tax Rate will make up 15.5% of the share.

For Fiscal year 2023

• As of 2023, the company’s net sales revenue was $5.23 billion, an increase of 8% from the previous year.
• The gross margin and operating income resulted in 57.5% and 20.9%, respectively.
• In addition, GAAP diluted EPS and Pro forma diluted EPS were $6.71 and $5.59, respectively, with a 33% and 9% YoY change, respectively.

Garmin’s Brand Statistics

(Reference: statista.com)

• In the United States, by 2023, 57% of Garmin brand awareness came from wearable users.
• Conversely, 17% of wearable users in the U.S. have claimed that they like using Garmin.
• In addition, other Garmin brand profile shares in 2023 were Garmin usage share (11%), Garmin loyalty (8%), and Garmin buzz (11%).

Garmin Audience Statistics by Generation

(Reference: statista.com)

• As of 2023, Garmin Statistics also states that 78% of Baby Boomers in the United States are aware of Garmin, followed by Millennials (64%), Gen X (62%), and Gen Z (35%).
• Garmin’s popularity shares by generation were Baby Boomer (32%), Gen X (19%), Millennial (16%), and Gen Z (11%).
• Based on usage share by generation share were Baby Boomers (18%), Gen X (13%), Millennials (10%), and Gen Z (7%).
• Based on loyalty, Garmin’s audience share represented were Baby Boomers (15%), Gen X (11%), Millennials (6%), and Gen Z (5%).
• The groups followed by Garmin buzz share were Baby Boomers (17%), Gen X (16%), Millennials (10%), and Gen Z (7%).

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Garmin Revenue by Segments

(Reference: statista.com)

• A report published by Statista analyzed that in the ^first quarter of 2023, the Outdoor segment captured the highest revenue, $328.66 million.
• In the same quarter, revenue earned by other segments of Garmin was Marine ($278.98 million), Fitness ($244.72 million), Aviation ($213.58 million), and Auto ($81.48 million).
• In the 2^nd quarter of 2023, Garmin’s segmental revenue was Outdoor ($448.11 million), Fitness ($334.86 million), Aviation (217.45 million), Marine ($215.8 million), and Auto ($104.56 million).
• While in the 3^rd quarter, revenue was followed by Outdoor ($434 million), Fitness ($352.98 million), Aviation ($196.18 million), Marine ($182.25 million), and Auto ($110.15 million).
• Lastly, in the 4^th quarter, the revenue earned by the segments was Outdoor ($486.38 million), Fitness ($412.08 million), Marine ($29.89 million), Aviation ($217.13 million), and Auto ($127.03 million).

By Geography

• According to Garmin Statistics, the company’s net sales revenue amounted to $2,614.35 million in 2023, up by 8% from last year.
• Revenue generated by Europe, the Middle East, and Africa was $1,633.64 million, a 9% year over year increase.
• In 2023, around $797.61 million in revenue was generated from the Asia-Pacific and Australia Continents, an increase of 5% from 2022.
• Furthermore, in the 4^th quarter of 2023, region-wise net sales revenue were Americas ($732.64 million), EMEA ($523.43 million), and APAC ($226.41 million).

Garmin Market Cap Statistics

(Source: stockanalysis.com)

• On April 19, 2024, Garmin Statistics also stated that the company’s market cap was $26.76 billion, which decreased by 6.28% from last month.
• In addition, in 2024, the monthly market cap was followed by January: $22.86 billion (-7.04%), February: $26.34 billion (+15.21%), and March: $28.55 billion (+8.39%).
• As of 2023, monthly market cap and change rate earned by Garmin were January: $18.95 billion (+7.14%), February: $18.78 billion (-0.92%), March: $18.79 billion (+2.84%), April: $18.79 billion (-2.72%), May: $19.73 billion (+5.03%), June: $19.95 billion (1.11%), July: $20.26 billion (+1.53%), August: $20.30 billion (+0.21%), September: $20.14 billion (-0.77%), October: $19.63 billion (-2.54%), November: $23.39 billion (+19.15%), and December: $24.59 billion (+5.15%).

Global Buyers and Suppliers of Garmin

• Garmin Statistics stated that there were 3,212 buyers available in 104 countries and 2221 suppliers found in 78 countries.
• As of 2023, the Philippines (478), Ecuador (460), Costa Rica (293), Peru (198), India (180), Chile (165), Vietnam (162), Namibia (155), Argentina (139), Paraguay (87), Bolivia (85), the United States (80), and Ukraine (63) were the global buyers of Garmin in different countries.
• On the other hand, Garmin’s supplier countries were the United States (653), Taiwan (346), China (318), India (115), Vietnam (64), the United Kingdom (59), and South Africa (54).

Garmin Statistics by Import and Export

• On December 24, 2023, a report published by Volza stated that the worldwide shipment of Garmin products was around 84.3K, globally imported by 3,212 buyers and exported by 2,221 suppliers.
• The largest importer countries by shipments were Chile (23,375), Argentina (21,587), and Peru (17,325).
• The top 3 import product categories are HSN Code 85176272900u, HSN Code 85176290, and HSN Code 9029109000.
• Taiwan (65,598 shipments), the United States (7,776 shipments), and China (3,260 shipments) were the exporter countries.
• The top 3 export product categories were HSN Code 85176272900u, HSN Code 9029109000, and HSN Code 85176290.

Garmin Wearable Statistics by User Athletic Progress

(Source: the5krunner.com)

• The top five activities done via Garmin wearables were running, walking, cycling, strength training, and indoor cardio.
• In 2023, Garmin user’s activity levels shares were track running (76%), trail running (11%), outdoor running (5%), treadmill running (16%), and indoor running (15%).

Life Aspects of Garmin Users Statistics

(Reference: statista.com)

• A Statista report has suggested that, in the United States, around 47% of Gamin users claimed an honest and respectable life in 2023.
• Moreover, other life aspects shared by Garmin users were a happy relationship (45%), Safety and security (38%), being successful (36%), making own decisions (36%), having a good time (36%), learning new things (26%), advancing career (22%), traditions (10%), and social justice (14%).

Smartwatch / Fitness Tracker Brand Popularity Statistics

(Source: statista.com)

• A survey analysis by Statista explained that in the United States, Garmin smartwatch or fitness tracker users secured a brand share of 9% in December 2023.
• The highest share was captured by Apple smartwatch or fitness tracker users, resulting in 59%.
• Moreover, other brand popularity shares in 2023 were Samsung (21%), Google (12%), LG (10%), ASUS (9%), and Amazfit (8%).

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Leasing Wearable Brands Statistics by Brand Awareness

(Reference: statista.com)

• In September 2023, Apple was the leading wearable brand in the United States, with a brand awareness of 91%.
• Garmin captured 8^th position across all other brands, with brand awareness of 57%.
• In addition, other wearable’s brand awareness were Samsung (90%), Sony (89%), Asidas (89%), LG (85%), Fitbit (74%), Michael Kors (61%), Fossil (52%), Asus (50%), Huawei (49%), and Amazfit (32%), oppo (24%), Fitpolo (22%), Honor (22%), Realme (22%), Blackview (19%), and Withings (19%).

Garmin and the Future of Wearables

• Competition: The wearables market is quite competitive, with companies like Apple, Fitbit, and Samsung all vying for market share. Garmin will need to continue to innovate and differentiate its products to stay ahead of the curve.
• Data Privacy: As wearables collect increasingly personal data, user privacy will become an even bigger concern. Garmin will need to ensure user trust by implementing strong data security measures and giving users clear control over their information.

Garmin Website Traffic by Country

(Source: similarweb.com)

• Garmin Statistics in March 2024 declared that the United States of America had captured the highest website traffic on garmin.com, resulting in a 2.34% share, which increased by 13.98% in total website visitors.
• Besides, other countries total website traffic shares are Germany = 10.56% (+30.81%), France = 7.52% (+18.99%), Poland = 5.68% (+10.75%), and United Kingdom = 5.15% (+15.65%)
• In addition, on garmin.com, other countries collectively made a visitor share of 47.74%.

By Demographics

(Reference: similarweb.com)

• Garmin statistics based on age group showed that the highest number of website users observed was between 25 and 34 years old, who made up 25.22% of the share.
• In addition, 21% of the website users were between 35 and 44 years old.
• The other Garmin users’ shares, followed by 20.52% and 14.21%, belong to 45 to 54 years and 55 to 64 years, respectively.
• Approximately 10.54% of Garmin website users were between 18 and 24 years old.
• Almost 8.51% of users are 65 years and above.
• Besides, Male and female users on garmin.com were 68.7% and 31.3%, respectively.

By Traffic Sources

(Reference: similarweb.com)

• From the point of view of Garmin Statistics, direct searches made the highest traffic rate towards garmin.com, holding a share of 63.43%.
• Organic search is the next most popular traffic source, with a 29.94% share, followed by Mail search, which holds a 2.35% share.
• In addition, other traffic source shares included referrals (1.38%), paid search (0.73%), social (1.82%), and display (0.35%).

By Social Media Referral Rate

(Reference: similarweb.com)

• The highest social media traffic rate on the website was Facebook, which accounted for 27.6% of the share.
• Facebook and Reddit made 27.54% and 13.97% of social traffic share, respectively.
• Social media traffic sharers on garmin.com are followed by LinkedIn (13.96%) and Twitter (4.15%)
• Other social media traffic rates collectively made a 12.8% share.

By Device

(Reference: semrush.com)

• In March 2024, Garmin Statistics further revealed that garmin.com’s mobile and desktop traffic share was 66.36% and 33.64%, respectively.
• The total user share in Garmin was 30.42% in the United States of America, resulting in 17.85 million, of which desktop and mobile users accounted for 33.37% and 66.63%, respectively.
• The United Kingdom has recorded 4.06 million website users, with a traffic share of 6.91%. Meanwhile, desktop and mobile users accounted for 29.02% and 70.98% of the share, respectively.
• Traffic shares of garmin.com were followed by Germany (3.66 million and 6.23%), France (3.28 million and 5.59%), and Poland (3.17 million and 5.41%), respectively.
• The desktop and mobile user shares were Germany (28.99% and 71.01%), France (36.72% and 63.28%), and Poland (26.21% and 73.79%), respectively.

Best Garmin Watches in 2024

• Garmin Forerunner 265
• Garmin Forerunner 55
• Garmin Forerunner 965
• Garmin Venu 2 Plus
• Garmin Epix Pro
• Garmin Lily
• Garmin Fenix 7
• Garmin Approach S62
• Garmin Instinct 2

Conclusion

Overall, 2023 was a remarkable year for Garmin. With strong financial performance, valuable insights into fitness trends, and lifesaving SOS features, Garmin solidified its position as a leader in wearables and navigation technology. With a focus on innovation, user experience, and social responsibility, Garmin is poised to continue its success in the wearable and navigation technology market for years to come.