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The global smartwatch market is projected to reach $33.5 billion in 2024. Garmin's approach might appear to confine it to a small fraction of that market, yet the company opted for a different pathway. Instead of seeking to capture a minimal share of the larger smartwatch category, Garmin aimed to dominate the fitness device niche, potentially targeting a lucrative $9 billion opportunity if it could capture 20% of the running market.
With 22% of U.S. adults exercising daily, Garmin’s product lines appeal directly to a dedicated demographic that values durability, battery life, and performance tracking. This strategy led to Garmin's fitness and outdoor categories posting impressive growth figures—32% in 2024 for fitness alone.