Navigation systems company Garmin is aiming for a 20% share of the European market this year, according to Reuters.
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Garmin is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States, Taiwan and United Kingdom. It conducts business in four segments – marine, aviation, outdoor/fitness and automotive, but one of its primary goals for 2006 is to increase awareness of the brand in Europe. Europe accounted for US$316m turnover out of a total company turnover of US$1.03bn in 2005.
Garmin is expecting its automotive business to expand 60% in 2006.
A company representative told Reuters that a lawsuit that it has brought against rival TomTom for breach of patent is open to a settlement.
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