According to aggregated data from IDC, Garmin holds the number one position in the Vietnamese smartwatch market, accounting for 32% of the market share in 2024 (by value), recording spectacular growth compared to its competitors.
Along with this growth, the number of Garmin users in Vietnam has surpassed 480,000, recording a 50% year-on-year (YoY) growth rate – leading Garmin's user growth rate in the Asia-Pacific (APAC) region. This marks the strongest surge in total users since Garmin officially launched in Vietnam in 2021.
This significant step forward not only reflects remarkable business growth but also demonstrates a clear shift in Vietnamese consumers' smartwatch usage habits: from a mere technological device, it is gradually becoming an indispensable part of an active lifestyle, serving the goals of sports training, improving 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 becoming one of the key markets in the APAC region. This growth momentum is accompanied by a clear divergence in consumer behavior and expectations.
In Vietnam, the smartwatch market can be divided into three main segments:
Entry-level: Devices priced under 5 million VND, primarily for basic health tracking such as steps, heart rate, and sleep. Mid-range: Devices priced between 5 and 10 million VND with basic health and exercise tracking capabilities, and smart features (calling, messaging, payment). High-end: Devices priced over 10 million VND, aimed at users who love sports , train professionally or intensively, or focus on lifestyle features.
While the mass-market and mid-range segments are dominated by sales and price competition, in the premium segment (especially in the sports and wellness sector), practical usability, long-term reliability, and trustworthiness are the key factors determining brand positioning.
“Garmin is not simply providing technology devices; we are building a comprehensive ecosystem that addresses the real-life needs of users, helping each individual proactively control their health and improve their quality of life. Long-term investment in Vietnam is part of our vision to create a more active, positive, and sustainable lifestyle,” shared Ivan Lai, Regional Director of Garmin Vietnam.
Garmin is not just creating smart wearable devices; it's building an ecosystem that helps users live healthier, more active lives every day. This success reflects not only progress in market share but also a shift in how Vietnamese people choose smartwatches. This is precisely the development vision that the Garmin brand has steadfastly pursued for many 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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