Garmin 2021 report: over 100% revenue growth

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Photo: PRIV.DOC

Jakarta, IO – Garmin, the world’s leading smart wearable company, announced its consolidated revenue and operating income for the fourth quarter and fiscal year 2021, ending December 25, 2021. The report was released on February 16, 2022, revealing the Company posted an all-time record of $4.98 billion in revenue, a 19 percent increase over the prior year, and $1.39 billion in quarterly revenue, indicating a strong demand across all segments and newly released products despite the pandemic. 

Garmin President and Chief Executive Officer Cliff Pemble said that 2021 was an extraordinary year, as the demand for each Garmin product segment delivered strong double-digit revenue growth. With Garmin’s nearly 19,000 partners worldwide, operating income has increased by 16 percent compared to 2020. “We are entering 2022 with a great lineup of recently introduced products with additional introductions planned throughout the remainder of the year. We are very proud of what has been achieved in 2021 and look forward to the opportunities and challenges of the new year,” added Cliff Pemble. 

During the 2021 fiscal year, Garmin recorded a sixth consecutive year of revenue growth, with each of Garmin’s five segments posting double-digit growth compared to the previous year. 

Garmin’s highlights cover Fitness, Outdoor, Aviation, Marine and Auto segments. Aviation, Marine and Auto recorded the highest revenue growth in the fourth quarter of 2021 with respectively 13, 14 and 21 percent revenue growth. The demand for Original Equipment Manufacturers (OEM) has been incredibly high. Heart Aerospace has chosen Garmin Aviation G3000 for their ES-19 electrical regional aircraft. 

In the fourth quarter of 2021, Popular Science named Garmin’s Marine Descent Mk2i dive computer and Descent T1 transmitter as one of the greatest 2021 innovations. 

Within the same quarter, Garmin’s fitness segment announced multi-year partnership agreements with high school and college levels, to prove the utility and power of Garmin running watches. Garmin also released the Connect Fitness Report 2021, which shows double-digit growth in almost all activity categories, highlighting the active and unique lifestyles of Garmin customers. 

Asia Pacific and Australian continent markets recorded the highest net sales throughout 2021, followed by America, Europe, the Middle East and Africa. The revenue growth in Indonesia reached 133 percent, from the Auto segment at 267 percent, followed by Marine at 110 percent, Fitness at 71 percent, and Outdoor at 51 percent. The figures show consumers’ interest in Garmin products and provide an opportunity for Garmin to introduce their variety of products in the Asia Pacific market in 2022, including in Indonesia. 

The demand for smart wearables in the pandemic era has been increasing due to monitoring body health. Garmin’s revenue growth in Indonesia for its wellness watch series is the highest, at 123 percent. The success of the Venu product helped pump the figures. Venu, which targets gym-goers, added full features for people who wish to exercise and need a daily personal assistant. 

As a maritime and archipelagic country, Indonesia is a diving destination, which resulted in very high growth in Garmin Indonesia’s diving segment: the Descent Mk2i Dive Computer product, at 350 percent. The revenue increase was also recorded from the road bike segment, at 197.6 percent, which showed very high growth in cycling interest within the past three years in Indonesia. 

Garmin admitted to expanding its segments from running, wellness, and diving to launching more segments this year. Garmin sees a vast market potential and plans to open more Garmin Brand Stores for the Indonesian market by this year.