Key Stats
Garmin stands as a prominent multinational technology company specializing in GPS navigation and wearable technology across multiple market segments. The company maintains operational headquarters in Olathe, Kansas, while legally domiciled in Schaffhausen, Switzerland.
Operating through five distinct business segments including aviation, marine, automotive, outdoor, and fitness, Garmin has established itself as a leader in precision navigation technology. The company integrates accelerometer, gyroscope, and magnetometer technologies to deliver accurate direction and angle detection while tracking various activities.
With a strong presence in both consumer and professional markets, Garmin serves diverse customer needs from pilots to athletes, combining hardware innovation with proprietary software development.
Garmin History
Garmin Co-founders
Garmin Competitors
Garmin faces competition from technology companies spanning smartwatch manufacturers to specialized fitness tracker producers. The competitive landscape includes established tech giants and focused wearable specialists.
| Company | Primary Focus | Key Products |
|---|---|---|
| Apple | Smartwatches | Apple Watch Series, Ultra |
| Fitbit (Google) | Fitness Trackers | Charge, Sense, Versa |
| Polar | Sports Watches | Vantage, Grit, Ignite |
| Suunto | Outdoor Watches | Race, Vertical, 9 Peak |
| Coros | Endurance Sports | Pace, Apex, Vertix |
| Samsung | Smartwatches | Galaxy Watch |
| Wahoo | Cycling Tech | RIVAL, ELEMNT |
| Amazfit | Budget Wearables | GTR, GTS, T-Rex |
| TomTom | Navigation | Runner, Adventurer |
| Whoop | Recovery Tracking | Whoop Strap |
Garmin Revenue
Garmin demonstrated exceptional financial performance with 2024 revenue reaching $6.30 billion, representing a 20 percent increase from 2023. All five business segments posted record annual revenue, with fitness segment leading growth through strong demand for wearables.
Garmin Acquisitions
Garmin has pursued strategic acquisitions to expand technological capabilities and market reach across core segments. These acquisitions have strengthened the company’s position in aviation, marine, fitness, and outdoor markets.
In 2003, Garmin acquired UPS Aviation Technologies, expanding its aviation product line with panel-mounted GPS units and integrated cockpit systems. The entity was renamed Garmin AT. Dynastream Innovations, located in Cochrane, Alberta, pioneered ANT+ technology for wireless personal monitoring devices, enabling direct sensor connectivity integration in fitness products.
Digital Cyclone, acquired in 2008 from Chanhassen, Minnesota, provided mobile weather solutions that added weather data integration capabilities to aviation products. Navigon, a German satellite navigation company acquired in July 2011, strengthened Garmin’s position in European automotive navigation markets.
In 2015, South Africa’s iKubu was acquired for its Backtracker on-bicycle radar system, enhancing cyclist safety features. Garmin acquired Tacx in 2019, a Dutch manufacturer of indoor bike trainers and training software, enabling complete indoor cycling solutions integrating trainers with Edge bike computers.
AeroData, based in Scottsdale, Arizona, was acquired in 2021 to provide aircraft performance software for commercial aviation operators. In September 2023, Garmin completed acquisition of JL Audio, headquartered in Miramar, Florida. Over 600 associates joined Garmin as the company expanded marine segment offerings with integrated entertainment systems.
Most recently in October 2024, Garmin acquired Lumishore, headquartered in Swansea, United Kingdom. With over 15 years of experience, Lumishore designs and manufactures LED lighting systems for boats ranging from runabouts to superyachts, adding a new product category to Garmin’s marine portfolio.
Garmin Market Cap
Garmin maintains a market capitalization of approximately $45.5 billion as of September 2025, positioning the company among the world’s most valuable technology firms. The market cap reflects strong investor confidence in Garmin’s diversified business model and consistent growth trajectory.
FAQs
When was Garmin founded and by whom?
Garmin was founded in 1989 by Gary Burrell and Min H. Kao in Lenexa, Kansas. The company name combines the first names of both founders.
What is Garmin’s main business focus?
Garmin develops GPS navigation and wearable technology products across five segments including aviation, marine, automotive, outdoor, and fitness markets, serving diverse customer needs from pilots to athletes.
Where is Garmin headquartered?
Garmin maintains operational headquarters in Olathe, Kansas, United States, while its legal domicile is in Schaffhausen, Switzerland. The company operates 65 offices worldwide.
How much revenue did Garmin generate in 2024?
Garmin reported record revenue of $6.30 billion in 2024, representing a 20 percent increase from 2023, with all five business segments achieving record annual revenues.
Who is the current CEO of Garmin?
Cliff Pemble serves as President and CEO of Garmin, a position he has held since January 2013. He joined the company in 1989 as its sixth employee.