Part 2/8:
Historically, Garmin was a titan in the GPS market, reaching substantial success in the early 2000s with its car navigation products. By 2008, the company had captured a staggering 36% of the global portable navigation device market. As smartphones with built-in GPS technology surged in popularity—most notably with the iPhone—Garmin's dominance took a hit, spiraling its stock price down to a mere fifth of its all-time high.
Initial attempts to respond, such as developing an Android phone, proved fruitless. However, the company pivoted its strategy by doubling its research and development (R&D) workforce, focusing on innovation in fitness technology. This shift steered Garmin towards its overlooked side project: fitness trackers.