Garmin Building Wearables Lineup

Garmin announced a smartwatch and an activity tracker Friday, ahead of this week's Mobile World Congress in Barcelona. The $249 vívoactive HR smartwatch counts steps, floors climbed, intensity minutes and monitors sleep, said Garmin. On an earnings call last week, Garmin CEO Cliff Pemble said the company is targeting 10 percent revenue growth in the fitness segment in 2016 -- split among trackers and cycling and running devices -- with new products playing a “key role” in growth projections. Garmin’s Q4 revenue slipped 3 percent year over year to $781 million on currency rate changes and ongoing declines in the personal navigation device market, said Pemble. The company expanded its position with Honda and is now in the Pilot, Accord, Civic and CRV models, and Garmin navigation also is now in Mercedes-Benz C and E class vehicles, Pemble said. Garmin believes it's the market-share leader in the GPS-enabled wearables category with low- to mid-40 percent share, said Pemble. The wearables category expanded “significantly” in the past year but is still in growth mode, he said.