Garmin is Global Leader Once Again, Expanding Market Share
CAYMAN ISLANDS--(BUSINESS WIRE)--Garmin Ltd. (NASDAQ: GRMN) today announced that for the second straight year, it is the global leader in personal navigation device (PND) sales in 2008 – expanding its worldwide market share over 2007. The research was provided by Canalys, a leading independent technology market analyst firm.
“For the second straight year, people across the globe chose Garmin more than any other brand to help guide them to their destinations,” said Cliff Pemble, Garmin’s president and chief operating officer. “For twenty years, Garmin has been committed to bringing its customers industry-leading innovation, quality, value, ease-of-use, and support. Despite these difficult economic times, we believe that our higher market share validates our approach and are confident that we can continue to offer best-in-the-business products to attract more customers in the years ahead.”
“Canalys estimates that in 2008 Garmin increased its global market share in the portable navigation device (PND) market to 33.7%, up from 27.8% in 2007,” commented Chris Jones, vice president and principal analyst at industry analyst firm Canalys. “According to Canalys estimates, Garmin's PND shipments grew by 42% year on year, a solid performance in a market that is now feeling the effects of slowing consumer demand. However, despite what will be tough market conditions in 2009, the stronger vendors in the market will benefit and continue to gain share,” said Jones.
The Canalys figures include total worldwide PND sales for the 2008 calendar year. The report did not include Garmin’s other significant product segments – outdoor, fitness, marine, and aviation products – which would extend the company’s global leadership in the market for location-based devices even further.
In all, Garmin delivered 16.9 million total units in 2008, a 38% increase from 2007. Despite a very challenging economic climate, the company posted total revenue of $3.49 billion in 2008, up 10% from $3.18 billion a year earlier. All geographic areas experienced revenue growth as well in 2008, with North America up 13%, Europe up five percent, and Asia up one percent.
The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 – most of which are enabled by GPS technology. Garmin’s products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. All statements regarding the company’s future product introductions are forward-looking statements. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 27, 2008, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s Form 10-K can be downloaded at www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.