Garmin Ltd. SWOT and PESTLE Analysis
ID : 521398653| Feb 2023| 21 pages
COMPANY PROFILE -Garmin Ltd.
Business Sector :Automotive, Aviation, Technology, Marine, Sports and Fitness
Operating Geography :United States, North America, Global
About Garmin Ltd. :
Garmin Ltd. is an American, Swiss-domiciled multinational technology company with its corporate office in Lenexa, Kansas. The business was established by Gary Burrell and Min Kao. The firm designs, develops, produces, and markets handheld, portable, and fixed-mount products that may use the Global Positioning System (GPS). For the automotive/mobile, outdoor, fitness, maritime, and general aviation segments, the business also provides navigation, communications, and information devices. It earns revenue under the brand names Garmin Connect, Vivofit, Overlander, Quickdraw, ECHOMAP, EmpirBus, inReach, and Instinct. Through a network of independent dealers and distributors, Garmin offers GPS receivers and accessories to retail establishments as well as aviation equipment to aviation dealers and aircraft manufacturers. The corporation operates in North America, the Asia-Pacific region, Europe, the Middle East, and Africa. In 2022, the National Marine Electronics Association had awarded Garmin the 2022 Manufacturer of the Year.
The USP of Garmin Ltd. is that it is a pioneer in GPS navigation products. The company's product line has expanded into 50 different goods and is sold through a network of 2,500 dealers, distributors, and partners in 100 different countries worldwide. The mission statement of Garmin Ltd. reads, "To be an enduring company by creating superior products for automotive, aviation, marine, outdoor, and sports that are an essential part of our customers' lives".
Garmin Ltd. Revenue :
US $4,982 million - FY ending 25th December 2021 (y-o-y growth 18.98%)
US $4,187 million - FY ending 26th December 2020
Competitive Analysis of Garmin Ltd.
SWOT
PESTLE
The SWOT analysis for Garmin Ltd. is presented below in a matrix followed by the detailed analysis report:
| Strengths | Weaknesses |
| 1. Broad diversified range of products with over 220 million products delivered. 2. Vertically integrated manufacturing capabilities leading to reduction in costs. 3. Strong financial performance with gross profits for the past 10 years. 4. Global presence with over 80 offices around the world. | 1. Heavy dependence on third party suppliers and licensors. 2. Part of several claims and lawsuits. 3. Reliance on dealers and distributors for sales of products. |
| Opportunities | Threats |
| 1. Increase in development of new products for expansion into existing and new markets. 2. Increase in demand for the products in the outdoor and fitness segments. | 1. Fluctuations in gross margins of the company. 2. Fluctuations in foreign exchange rate could impact the financial condition of the company. 3. Net sales of the company are subject to seasonality. 4. Operates in a highly competitive market. |
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Detailed SWOT Analysis of Garmin Ltd.
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
1. Heavy dependence on third party suppliers and licensors: Garmin Ltd. is dependent on third party suppliers for various components of its products like semiconductors, liquid crystal displays, memory chips among various others. Some of these components are obtained from soul source suppliers and alternatives may not be available. Due to the heavy dependence of the company on these suppliers it exposes it to risks of shortage of supply. In the past the company has experienced shortages of supply. The company is also dependent on third party licensors for digital mapping data used in its products. Only a limited number of licensors are available for the work of the company. If the company is unable to meet its demand on a timely basis or procure supplies from alternative sources, it would materially impact the company’s ability to maintain timely and cost-effective production of its products.
The remaining section under "Weakness" is available only in the 'Complete Report' on purchase.
Opportunity
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Threat
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- TomTom
- Alpine Electronics, Inc.
- Panasonic
- Mitsubishi
- Furuno Electric Co.
- Trimble
- Magellan Health
- Navico
Major Brands :
- Navionics
- Flight Plan LLC
- Active Corporation
- DeLorme
- Trigentic AB
- Dynastream Innovations, Inc.
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SWOT & PESTLE (combined)
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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References used in Garmin Ltd. SWOT & PESTLE Analysis Report
1. Annual Report - https://www.annualreports.com/HostedData/AnnualReportArchive/g/NASDAQ_GRMN_2019.pdf
2. Garmin Gross Profit 2010-2022 | GRMN - https://www.macrotrends.net/stocks/charts/GRMN/garmin/gross-profit
3. Why China-Taiwan Relations Are So Tense - https://www.cfr.org/backgrounder/china-taiwan-relations-tension-us-policy
4. California Consumer Privacy Act (CCPA) - https://oag.ca.gov/privacy/ccpa
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Garmin Ltd. SWOT and PESTLE analysis has been conducted by Shreya Gupta and reviewed by senior analysts from Barakaat Consulting.
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Garmin Ltd. SWOT and PESTLE Analysis
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