According to data compiled by IDC, Garmin holds the No. 1 position in the smartwatch market in Vietnam, accounting for 32% market share in 2024 (by value), recording spectacular growth compared to other competitors.
Along with this growth momentum, the number of Garmin users in Vietnam has surpassed 480,000, recording a growth rate of 50% year-on-year (YoY) - leading Garmin's user growth rate in the Asia- Pacific region (APAC). Marking the strongest breakthrough in the total number of users since Garmin officially entered Vietnam in 2021.
This strong step forward not only reflects the remarkable growth in business, but also shows a clear shift in the habit of using smart watches of Vietnamese consumers: from a simple technological device, gradually becoming an indispensable part of an active lifestyle, serving the goal of exercising, improving the quality of life and monitoring health in a personalized and scientific way.
With a projected compound annual growth rate (CAGR) of 15-18% between 2023 and 2030, Vietnam is one of the key markets in the APAC region. This growth momentum is accompanied by a clear differentiation in consumer behavior and expectations.
In Vietnam, the Vietnamese smartwatch market can be divided into three main segments:
Popular: Devices priced under 5 million VND, mainly serving basic health monitoring such as steps, heart rate, sleep. Mid-range: Devices priced between 5 and 10 million VND with the ability to monitor health, track basic exercise, and smart features (calling, texting, payment). High-end: Devices priced higher than 10 million VND, aimed at users who love sports , practice professionally, intensively or focus on lifestyle factors.
If the popular and mid-range segments are where the race for sales and price takes place, then in the high-end segment (especially the sports and health groups), practical use value, long-term companionship and reliability are the factors that determine brand position.
“Garmin does not simply provide technology devices, we are building a comprehensive ecosystem, solving real-life needs of users, helping each individual to proactively control their health and improve their quality of life. Long-term investment in Vietnam is part of our vision to create a more dynamic, positive and sustainable lifestyle,” said Mr. Ivan Lai – Garmin Vietnam Regional Director.
Garmin is not only creating smart wearable devices, but also creating an ecosystem that helps users live healthier and more active lives every day. This success not only reflects the progress in market share, but also the change in the way Vietnamese people choose smartwatches. This is also the development vision that the Garmin brand has steadfastly built over the years.
Source: https://www.sggp.org.vn/garmin-giu-vi-tri-so-1-thi-truong-dong-ho-thong-minh-tai-viet-nam-post803712.html
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