Garmin® Named Global Leader in Portable Satellite Navigation
Garmin Ltd. (NASDAQ: GRMN) today announced that it is the global leader in portable satellite navigation sales, having sold more personal navigation devices (PNDs) in 2007 than any other manufacturer. The research was provided by Canalys, a leading independent technology market analyst firm.
“These figures validate our associates’ hard work and commitment to innovation, value, and satisfying our customers,” said Cliff Pemble, Garmin’s president and chief operating officer. “What’s even more impressive is that these figures only include PND sales, and do not include the robust demand for Garmin’s outdoor, fitness, marine, and aviation products which further broadens our leadership in location-based products and services.”
Garmin’s market breadth is another major reason why it can lay claim to the title of global satellite navigation leader, having delivered an industry leading 31 million GPS-enabled devices since the company’s inception in 1989. Garmin posted $3.18 billion in revenue in 2007, a 79 percent increase over 2006. In addition to 115 percent revenue growth in the automotive/mobile segment in 2007, Garmin posted a 19 percent revenue gain in its outdoor fitness segment, a 22 percent gain in marine revenue, and a 27 percent revenue increase in its aviation segment. The three non-automotive segments accounted for more than a quarter of Garmin’s overall revenue in 2007.
“Garmin achieved the worldwide number one spot for mobile navigation devices in 2007 by performing consistently well in Europe, more than doubling its shipments on 2006 and increasing its market share, while also retaining its clear lead in the booming U.S. market, which grew to represent 34.7 percent of the total worldwide market in 2007. Garmin had an enviable 47 percent share in the US in 2007, and the market quadrupled in size,” said Chris Jones, Canalys vice president and principal analyst.
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.
Source: independent Q4 2007 worldwide shipment research from market analyst firm Canalys, published February 2008. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
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 29, 2007 filed by Garmin with the Securities and Exchange Commission (Commission file number 000-31983). 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.