2024 marked Garmin's strongest growth period in the Vietnamese market since its 2021 arrival. The company recorded over 480,000 users, a 50% increase year-over-year, leading customer base expansion in the APAC region. This achievement positions Garmin as the number one smartwatch brand in Vietnam by value, according to data from the International Data Corporation (IDC).
A company representative stated this reflects the growing trend of Vietnamese consumers prioritizing smartwatches as health tracking and specialized training tools, rather than just general tech gadgets.
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Garmin Forerunner 970 is the latest model in Garmin's iconic product line. Photo: Garmin |
Garmin Forerunner 970 is the latest model in Garmin's iconic product line. Photo: Garmin
Vietnam's smartwatch market is divided into three main segments: entry-level (under 5 million VND), mid-range (5-10 million VND), and high-end (over 10 million VND). In the high-end segment, where sports enthusiasts and health-conscious consumers are concentrated, Garmin claims dominance with its diverse product portfolio, including lines like Forerunner (for runners), fēnix (outdoor sports), Venu (health), and MARQ (luxury).
Beyond devices, the Garmin ecosystem integrates Garmin Coach, a virtual trainer, Garmin Pay for contactless payments, and the Garmin Connect user platform.
Research from Cimigo shows high-income Vietnamese consumers choose smartwatches based on three factors: health tracking capabilities (heart rate, sleep, SpO2), training performance features (GPS, specialized metrics), and smart utilities (calls, notifications, payments). This group is less price-sensitive but prioritizes brand reputation and data accuracy.
"Garmin isn't just providing wearables, but creating a healthy living ecosystem where users can proactively monitor and improve their health daily," said Ivan Lai, Garmin Vietnam's Regional Director.
Alongside business operations, Garmin is expanding its influence in digital healthcare through Garmin Health. Data from wearable devices can integrate with healthcare systems, aiding doctors in monitoring illnesses, developing treatment plans, and preventative care.
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Garmin watches offer diverse training modes. Photo: Garmin |
Garmin watches offer diverse training modes. Photo: Garmin
In Asia, a three-year study by the BEBI Institute (Taiwan) in collaboration with En Chu Kong Hospital found that patients with panic disorders can reduce their relapse rate to 5% by maintaining sleep and activity levels recommended by Garmin watch data. This platform is also used in employee and community health management programs and the annual Garmin Health Awards, promoting wearable technology initiatives in healthcare.
With an estimated annual compound growth rate of 15-18% until 2030, Vietnam remains a key market for Garmin in the APAC region. The company representative affirmed their continued long-term investment, partnering with Vietnamese consumers on their journey to enhance their quality of life.
Lan Anh
