Strong growth for Garmin in 2021
Electronics company Garmin has unveiled results showing strong growth in 2021. Sales in the fourth quarter of 2021 reached $1.39 billion, up +4% compared to 2020. For the full year 2021, the electronics manufacturer''s overall growth is +19%. For 2022, Garmin's management expects sales of $5.5 billion and growth in all of its business segments.
A solid marine sector with strong prospects in 2022
For the year 2021, all of Garmin's business segments, aviation, marine, automotive, outdoor and fitness, grew. The marine sector grew by 14% in the fourth quarter. Demand was particularly strong for chartplotters. The period saw the launch of the GPSMAP 79 handheld GPS and the Fantom line of radars, as well as the DAME Design Award for its surround View camera system .
For 2022, the outlook for the yachting industry is extremely positive. Indeed, the electronics brand has gained market share by securing new original equipment contracts with major shipyards, such as the Bénéteau group. Combined with aftermarket sales, the equipping of new boats with screens, radars and other equipment should ensure consistent growth for Garmin. The group's offering has also expanded since the acquisition in January 2022 of AIS and VHF specialist Vesper Marine .
