Garmin Proves Its Popularity, Revenue Grows at Record High & Refreshes Brand via

Date : 13/05/2024

“GARMIN HAS MORE THAN YOU THINK! FIND THE RIGHT WRIST, FOR YOUR NEXT LIST” Campaign Emphasizing “Garmin is What You Want & Garmin Smartwatch is for Everyone.”

• Another level of success with a new high performance in the first quarter of the year. its revenue reached USD 1,380 million or approximately THB 49,680 million. The amount marked the growth of 20%, while Thailand grow 25%.

• Reflect Thais’ purchasing power and confidence in Garmin products with the trend of launching new products, Garmin Connect Activity has surged by more than 39%

• Mixed Product Portfolio Presents Different Styles for 3 Major Target Groups: Beginner, Health Concern and Athlete with Prices Ranging from 5,290 Baht to 57,990 Baht

• Along with bringing in special guests, Pan - Japan and friends, representatives of the Beginner group, Mint - I Roam Alone, representatives of the Health Concern group, and Toey - Pongsakorn, representatives of the Athlete group, who will come and find the right wrist with Garmin.

Bangkok (7 May 2024) – Garmin, leader of world-class GPS smartwatches, has proven its popularity by recording a historic-high revenue amount in Q1/2024. In the quarter, its revenue reached USD 1,380 million or approximately THB 49,680 million. The amount marked the growth of 20%, while Thailand’s revenue performed the growth at 25%. Garmin reflects the purchasing power in Thai market and consumers who have confidence in Garmin’s product from the trend of new product launches that have created more than 39% growth in activity on Garmin Connect. Moving forward with acceleration, the brand also highlights its impressive range of products, great accuracy, comprehensive features as well as a long battery life, making “Garmin is What You Want & Garmin Smartwatch is for Everyone”. In celebrating its 35th anniversary, Garmin will refresh its brand through revolutionary marketing communications to get closer to Thai users. The “Garmin Has More Than You Think! Find The Right Wrist, For Your Next List” campaign will roll out with a fresh perspective towards target groups and a long list of activities in the pipeline. Garmin fans, no matter what age and gender, will have fun indulging in new experiences with their Garmin smartwatch throughout the year.

Ms. Missy Yang, Country Manager of Garmin Thailand, says, “After we set up Garmin office in Thailand in 2021, we have received really warm response from Thai customers. During the first quarter of this year, Revenue made a new record high as it soared to USD 1,380 million or THB 49,680 million. The amount increased by 20% year-on-year, while Thailand’s revenue performed the growth at 25%. Such an impressive performance reflects consumers’ trust in Garmin and the popularity of Garmin products. In addition to driving higher revenue, we've observed a more than 39% increase in our customers' activities on Garmin Connect since the beginning of this year. Their engagement peaks with the launch of our new products, indicating a consistent interest in fitness among Thais. However, to sustain this momentum, they seek fresh motivational tools. Notably, Thais still possess significant purchasing power, contributing to the upward trend in the Thai market. We have achieved such success because of our Beat Yesterday concept. Our company has always moved forward with constant product development to respond increasingly better to users’ needs both in terms of design and health monitoring. Our devices offer health insights that are useful to not just training but also daily life”.

“Garmin keeps expanding our global footprint in line with our Vertical Integration guidelines. Garmin is committed to assuming control over all its business processes, spanning engineering, production, marketing, and service delivery. This strategic approach empowers us to uphold quality across the entire production process and swiftly respond to the burgeoning industry and rapidly changing consumer behaviors. We are therefore confident of delivering better after-sales service to our customers through extending the product warranty for 2 years for customers who purchased our products from the beginning of the year. In addition, we have continuously developed products and, most recently, Garmin smartwatch has already obtained the medical device license approved by Thai FDA for our ECG App.” Ms. Missy adds.

Ms. Hunsa Apanukul, marketing team lead of Garmin Thailand, says, “Thanks to Thais’ trust in our brand, we are now ready to march forward. We have already done a lot of homework to gain deeper insights into Thais as we hope to bring our products closer to our target groups in Thailand. Backed by more than 35 years of our experiences and knowledge, we have always taken up new challenges to create and deliver new value to customers. We are determined to ensure that Garmin ranks as a top-of-mind brand among Thais”.
“Our product portfolio features a diverse range of gadgets, which are categorized into Wellness, Outdoor, and Specialty categories. During the past two years, the Outdoor has proven the most popular. It has attracted 48% of our Thai customers. Coming next is the Specialty, which has accounted for 32% of our customer base. The Wellness, meanwhile, has accounted for 20%. Therefore, we have decided to focus on the Wellness this year. We are going to change consumers’ prevailing perception of Garmin. For a long time, our brand image has been strongly associated with athletes and professionals. We are going to change that perception with marketing communications, which are more relevant to Thais and send a key message across that Garmin is What You Want & Garmin Smartwatch is for Everyone,” she adds.

Garmin has now refreshed its brand based on Be More, Beat Yesterday concept. While the efforts will continue to encourage people to seek new experience and be the best version of themselves every day, they will underline the brand’s fresh perspectives and perception of its target groups for more effective marketing communications that are better directed at each group. These groups are (1) Beginner refers to people who have just started taking care of their health and exercising; (2) Health Concern refers to people who maintain their good health and exercise regularly; and (3) Athlete refers to people who are determined to improve their performance for a new record or a new goal. Garmin plans to revolutionize its communications with these three target groups via “Garmin Has More Than You Think! Find The Right Wrist, For Your Next List” concept. The revolutionary
communications will be backed by superior user experiences to make it clear to the public that Garmin smartwatches are not just for athletes but also for all other people. No matter what their lifestyles, gender, age or occupation, people will benefit from Garmin smartwatches. Such brand positioning is strategically designed to differentiate Garmin and create its success this year.

Garmin has materialized its Garmin is What You Want & Garmin Smartwatch concept by blending tech solutions to lifestyles. Quality products by Garmin, which boasts solid accuracy standard, focuses on three key elements:

1) 24/7 MONITORING – Such round-the-clock monitoring is possible through Garmin devices’ long battery life. No matter what model, Garmin devices’ batteries will last for at least five days. Wearers therefore can monitor their health 24 hours a day - during their sleep, their active activities, or any other thing during their days. Data are recorded without any interruption. While users take a rest, Garmin smartwatches are still working for them.

2) COMFORT – Thanks to GARMIN CONNECT, users can retrieve health or training data from one same location. As data are systematically categorized and stored, they can be retrieved anytime.
3) RELIABLE TECHNOLOGY - Garmin’s technology FIRSTBEAT has provided analytics for stress, recovery, and performance, with research on heart rate variability (HRV) done for well over two decades already. FIRSTBEAT know-how has translated data from Garmin’s sensor-equipped devices into meaningful insights such as stress score and body battery level. Users of Garmin smartwatches therefore can decide on training or rest based on data. They don’t have to guess about whether what their body wants.

“Garmin Has More Than You Think! Find The Right Wrist, For Your Next List” campaign will launch Animal Spirit Quiz as its first activity. You will be encouraged to identify the Animal Spirit who will help you BEAT YESTERDAY with the right Garmin device. To join this activity, follow these three easy steps: 1) Scan QR Code to Search for the Animal Spirit who will help you BEAT YESTERDAY with a Garmin smartwatch; 2) Share result with #GarminThailand #BeatYesterdaySpirit #Garminมีดีมากกว่าที่คิด (GarminHasMoreThanYourThink) #หาข้อที่ใช่แล้วไปต่อ (FindTheRightWristForYourNextList); and 3) Click “receive prize” and add your address. Your prize will be sent to your registered address. You can have fun with this activity between 7 and 28 May 2024 or till prize stock lasts. Conditions apply .

Garmin’s various products are ready to support your lifestyle. Find the right wrist and go to your next list with Garmin today by browsing to https://gar.mn/dMEzPKK, Facebook: Garmin Thailand, and Instagram: Garmin Thailand.
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Engineered on the inside for life on the outside, Garmin products have revolutionized the wellness industry. Committed to developing wearables and health measurement tools that help people of all activity levels lead healthier lives, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For more information, visit Garmin's pressroom.

About Garmin
Established in 1989 by our founders Gary Burrell and Dr. Min Kao, Garmin pioneers and innovates on the GPS technology. Garmin has continuously developed products with advanced technology to improve the quality of life for our users in the following fields: Aviation, Automotive, Marine, Fitness as well as Outdoor. In the global market, Garmin is the top-of-mind brand for active lifestyle seekers, elite athletes, and enthusiastic adventurers. Every Garmin product is carefully inspected by our experts across different divisions and tested in extreme environments to verify the highest quality. Garmin is not just a maker of high-tech GPS products, but also the daily lifestyle companion you can trust. With our commitment to keep exploring, and our passion for all kinds of outdoor activities – Garmin is always on the lookout for new breakthroughs in performance and product design. Garmin’s innovation in science and technology enables us to deliver smart devices with high precision and safety to meet our active consumers in every segment.

Garmin is headquartered in Olathe, Kansas, with more than 80 offices and 16,000 of Garmin associates worldwide. In Asia Pacific, Garmin has on-the-ground offices in 21 locations with more than 7,600 of our regional associates. The region is also home to one of Garmin’s co-founders, and the origin of Garmin story in Taiwan. This location is also selected as the main production management base for Garmin’s global operations. Our latest plan to enter the Thai market demonstrates both our strategy to capture the growing demands for smart wearable devices in one of the biggest economies in ASEAN, and our commitment to keep expanding the Garmin brand more strongly in this region.
Garmin operates through the following five segments: Aviation, Automotive, Marine, Fitness and Outdoor.
•   The Aviation segment provides solutions to aircraft manufacturers, existing aircraft owners and operators, as well as government/defense customers.
•   The Automotive segment offers products designed for use in the auto market such as Personal Navigation Devices, Original Equipment Manufacturer (OEM) Solutions and Cameras.
•   The Marine segment manufactures and offers recreational marine electronics such as Cartography, Sounders, Radar, Autopilot Systems and Sailing.
•   The Fitness segment involves in products designed for use in fitness and activity tracking such as Running & Multi-Sport Watches, Cycling Computers, Power Meters, Safety & Awareness and Activity Tracking Devices.
•   The Outdoor segment offers products designed for use in outdoor activities such as Outdoor Handhelds, Adventure Watches, Golf Devices, & Training Device, Garmin Connect & Garmin Connect Mobile, and Connect IQ.