Garmin’s 2021 Connected Fitness Report provided insight into how consumers have been staying active amid a global pandemic.
Based on data collected by smart watches, Garmin has seen the number of indoor activities logged by its users double year on year. The Kansas-based company also reported a 9.5% increase in outdoor activities in 2021 compared to the previous year.
Exceptional year-over-year growth for specific businesses:
- Pilates: +108.3%
- Breathing: +82.7%
- Gravel bike: +49.5%
- Yoga: +45.4%
- Winter sports: +37.1%
North American consumers engaged in 34% more yoga activities and 28.5% more cycling, while Eastern Europe saw a 85% increase in yoga and a 66% increase in cycling.
South America reported a 125% peak in breathing activities and an 87% increase in cycling.
Hot and cold
Garmin released $1.19 billion of revenue in the third quarter of 2021, an increase of 7% year-over-year. The performance was driven by the company’s fitness segment, which generated $342.3 million in revenue during the quarter, up 4% from the same quarter a year earlier.
However, the operating result was $283 million in Q3, a decrease of 11% compared to Q3 2020.
Garmin expects its annual revenue to reach approximately $4.9 billion, with growth in all segments.