Garmin’s new cycling devices are expected to boost its fitness prospects as the company continues to expand its product line for sports enthusiasts. The company recently launched two new cycling computers, the Edge 530 and Edge 830, which are designed to provide cyclists with advanced training metrics, navigation features, and safety capabilities.
The Edge 530 and Edge 830 feature dynamic performance monitoring, which measures and analyzes key metrics such as VO2 max, recovery time, and training load to help cyclists optimize their workouts. The devices also have advanced navigation features, including turn-by-turn directions and a preloaded map of the United States, which can help cyclists find the best routes for their rides.
In addition to these features, the Edge 530 and Edge 830 come with safety capabilities such as incident detection and assistance, which can automatically send a rider’s location to emergency contacts in the event of an accident. These safety features can help cyclists feel more secure while on the road.
Overall, Garmin’s new cycling devices are likely to attract cycling enthusiasts who are looking for advanced training metrics, navigation features, and safety capabilities. With its expanding product line and focus on fitness and sports, Garmin is well-positioned to capitalize on the growing demand for wearable technology in the fitness industry.
Growth- Garmin’s New Cycling Devices
Garmin is focusing on expanding its GPS cycling computer portfolio, with recent introductions of the Edge Explore 2 and Edge Explore 2 Power Mount Bundle in addition to the Edge 530 and Edge 830. These efforts align with the company’s strategy to capture a greater share of the growing GPS bike computer market, which is being driven by increasing fitness awareness and demand for recreational biking activities.
According to industry reports, the GPS bike computer market is expected to witness significant growth, with estimates projecting a market size of $768 million by 2027 and a compound annual growth rate (CAGR) of 6% between 2022 and 2027 (per Mordor Intelligence). Another report by Maximize Market Research predicts a CAGR of 5.1% between 2022 and 2029. Garmin’s latest move is aimed at capitalizing on these growth prospects and solidifying its position in the market.
Garmin’s portfolio of Garmin’s New Cycling Devices
Garmin’s been strengthened with recent launches, including the Tacx NEO Bike Plus, an all-in-one indoor smart bike that offers precise power, speed, and cadence metrics. In addition, the Edge 1040 Solar, which features solar-charging capability and multi-band GNSS technology, is designed to help cyclists navigate challenging routes.
By consistently introducing innovative cycling products, Garmin aims to increase its momentum in the cycling market and improve the performance of its fitness segment, which has seen a decline in sales. Despite the challenges faced by the fitness segment, cycling remains a key focus for Garmin, with sales accounting for 25.8% of total sales in Q4 2022, totaling $336.5 million.
Over the past year, Garmin’s shares have declined by 11.8%, slightly more than the industry average of 11.3%. However, the company’s continued investment in cycling products and its commitment to innovation in the fitness industry is likely to support its growth prospects in the future.
Who is Garmin’s New Cycling Devices Company
Garmin is a technology company that specializes in GPS technology and produces a wide range of electronic devices for different markets, including aviation, marine, outdoor, and fitness. In the fitness segment, Garmin is known for its innovative products and features, such as GPS-enabled running watches, fitness trackers, and cycling computers.
Garmin’s latest move in the cycling segment is focused on expanding its GPS cycling computer portfolio with the recent introductions of the Edge 530 and Edge 830, as well as the Edge Explore 2 and Edge Explore 2 Power Mount Bundle. These devices are designed to provide accurate data and analytics for cyclists, helping them track their performance and navigate challenging routes.
Garmin is also investing in indoor cycling technology with the Tacx NEO Bike Plus, an all-in-one indoor smart bike that offers precise power, speed, and cadence metrics. Additionally, the Edge 1040 Solar features solar-charging capability and multi-band GNSS technology, further enhancing its appeal to serious cyclists.
Garmin’s efforts to expand its cycling product portfolio align with the growing demand for GPS bike computers, which is being driven by rising fitness awareness and increased demand for recreational cycling activities. According to industry reports, the GPS bike computer market is expected to see significant growth in the coming years, and Garmin is well-positioned to capture a greater share of this market with its latest offerings.