I think your market segmentation is somewhat off. The fitness tracking part of Fitbit has just been utterly commoditized; every smartwatch now does all the step

I think your market segmentation is somewhat off. The fitness tracking part of Fitbit has just been utterly commoditized; every smartwatch now does all the steps and sleep tracking, too, so they've subsumed that functionality while Fitbits smartwatch offerings are inferior. Meanwhile, Garmin produces actual fitness trackers for the sports market, with full on GPS integration and a wide range of sensor support for stuff like power meters. Fitbits only offering here was only released in 2015, the Fitbit surge, their only GPS capable watch. But frankly, the price point is way out there, it has no support for swimming (so really the only market segment left for them here are runners) and their software story around sports enthusiasts is just laughable. They have no fighting chance against someone like Garmin, who dominates this market.