Which smart watch is taking up 1/3 of the market share in Vietnam?

The smartwatch market in Vietnam is booming, with increasing demand for devices that support active lifestyles and personalized health monitoring. In that context, Garmin has risen to the number 1 position for the first time, not only thanks to its quality products but also because of its ability to meet the trends and needs of Vietnamese consumers.

According to IDC, Garmin will account for 32% of the smartwatch market share in Vietnam by 2024 (by value), far surpassing its competitors thanks to its impressive growth rate. With more than 480,000 users, up 50% year-on-year, Garmin leads the Asia- Pacific region in terms of customer expansion rate. This breakthrough reflects a shifting trend: smartwatches are not just technological devices but have become indispensable assistants, helping Vietnamese people monitor their health (heart rate, SpO2, sleep) and exercise intensively (GPS, pace, calories).

The Vietnamese smartwatch market is expected to grow 15-18% per year until 2030, divided into three segments: Popular (under 5 million VND), mid-range (5-10 million VND), and high-end (over 10 million VND).

According to a survey from Cimigo, Vietnamese users, especially the high-income group (over 20 million VND/month, age 24-55), choose smartwatches based on the main criteria: Health monitoring (measuring heart rate, SpO2, sleep quality, stress level), Exercise performance (accurate GPS, measuring pace, calories, and in-depth indicators for sports ), Smart utilities (calling, receiving notifications, controlling music, contactless payment), Durability and brand reputation (users prioritize reliable devices, long-term companions).

In the high-end segment, Garmin stands out with lines such as Forerunner (running), fēnix (outdoor sports), Venu (health), and MARQ (lifestyle), which fully meet these criteria.

Garmin's position is strengthened by the Garmin Connect ecosystem, Garmin Coach virtual trainers, running clubs and Garmin Pay (which supports contactless payments with 11 banks). In particular, Garmin Health connects user data with medical institutions, supporting personalized healthcare. For example, research at the National Taiwan University (China) shows that Garmin devices help reduce the recurrence rate of panic disorder by 5% by monitoring heart rate and sleep.

“ We are building an ecosystem to help Vietnamese people live healthier and more active lives ,” said Ivan Lai, Director of Garmin Vietnam. With the orientation of meeting the right needs and long-term investment, Garmin not only leads the market but also contributes to shaping the future of smartwatches in Vietnam, where technology and health blend.

Luong Hong

Source: https://vtcnews.vn/smart-dong-ho-thong-minh-nao-dang-chiem-1-3-thi-phan-tai-viet-nam-ar954769.html