Garmin GRMN is leaving no stone unturned to bolster its fitness segment on the back of product innovations.

In this regard, Garmin introduced HRM-Fit, a women-specific heart rate monitor designed for sports bras, capturing real-time data for various activities like running, cycling, strength training and HIIT.

This training tool transmits real-time heart rate and performance data to compatible devices, including Garmin smartwatches and Edge cycling computers. It captures data for various activities and stores workout data when the smartwatch is out of range.

Moreover, it tracks indoor running, activity and running dynamics, providing information on pace, distance, steps, calories burned, intensity minutes and heart rate, and updating devices via the Garmin Connect app.

Garmin is expected to gain solid traction among female fitness enthusiasts on the back of its latest move.

Moreover, the launch will enable the company to capitalize on growth opportunities present in the fitness tracker market. Per a Fortune Business Insights report, the global fitness tracker market size is expected to reach $182.9 billion, indicating a CAGR of 19.1% between 2023 and 2030.

Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote

Apart from the latest launch, Garmin recently introduced the Lily 2 series of petite smartwatches, featuring health, wellness and connected features. Available in two models, Lily 2 and Lily 2 Classic, these models offer up to five days of battery life.

The company also unveiled Tacx NEO 3M, a powerful indoor smart trainer with an electromagnetic motor braking system, integrated motion plates and multidirectional movement functionality. It integrates with the Tacx Training app and offers advanced performance metrics.

Garmins launch of vvoactive 5, a health and fitness smartwatch with an affordable AMOLED touchscreen display, remains noteworthy. It offers health monitoring features, personalized coaching and up to 11 days of battery life, allowing users to stay active and support their fitness goals.

All these endeavors are expected to strengthen the companys fitness segment's performance in the days ahead.

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Garmins expanding fitness offerings will, in turn, aid the company in strengthening its overall product portfolio. Its portfolio strength remains the key growth driver for the company. Its shares have gained 13.8% in the past six months compared with the Zacks Computer & Technology sectors growth of 1.2%.

Recently, Garmin introduced the Descent Mk3 series of dive computers and transceivers with SubWave sonar technology, air integration options and a vibrant AMOLED display featuring multiple dive modes, DiveView maps and dive readiness scores, as well as other health, fitness and connected features.

It launched an all-in-one dive computer and smartwatch, namely Descent G1 Solar - Ocean Edition, in a bid to boost its adventure watch offerings.

The company launched eTrex Solar, a solar-powered handheld GPS device with an unlimited battery life of up to 1,800 hours in expedition mode, enabling users to stay on the trail longer.

It announced the quatix 7 Pro, a high-performance smartwatch designed for marine life. It features a 1.3" AMOLED display, a 16-day battery life and an LED flashlight. The smartwatch also offers Trolling Motor Remote and Fish Forecast apps for mariners, boaters and anglers.

The companys growing endeavors to expand its portfolio are expected to continue aiding its overall financial performance in the near term.

The Zacks Consensus Estimate for 2024 revenues is pegged at $5.53 billion, indicating year-over-year growth of 7.4%.

Currently, Garmin carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector are Camtek CAMT, DoorDash DASH and Everbridge EVBG, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of todays Zacks #1 Rank stocks here

Camtek shares have returned 113.5% in the past six months. The long-term earnings growth rate for CAMT is pegged at 12.26%.

Shares of DoorDash have returned 29.1% in the past six months. The long-term earnings growth rate for DASH is currently projected at 42.13%.

Shares of Everbridge have lost 25.3% in the past months. The long-term earnings growth rate for EVBG is currently projected at 47.04%.

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Garmin (GRMN) Bolsters Fitness Segment With HRM-Fit Launch - Yahoo Finance