Garmin has 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.
