Garmin Ltd. said that it increased its global market
share in the portable navigation device (PND) market to 33.7% in 2008, up from
27.8% in 2007, according to research was provided by Canalys, an independent technology market analyst firm. According to Canalys estimates, Garmin's PND shipments grew by 42% year
The Canalys figures include total worldwide PND sales for the 2008
calendar year. The report did not include Garmins other significant
product segments outdoor, fitness, marine, and aviation products
which would extend the companys global leadership in the market for
location-based devices even further.
In all, Garmin delivered 16.9 million total units in 2008, a 38%
increase from 2007. Despite a very challenging economic climate, the
company posted total revenue of $3.49 billion in 2008, up 10% from
$3.18 billion a year earlier. All geographic areas experienced revenue
growth as well in 2008, with North America up 13%, Europe up five
percent, and Asia up one percent.