[Asia Economy Reporter Jang Hyowon] Samchuly Bicycle, the No.1 bicycle manufacturer in Korea, is expected to benefit from the boom caused by COVID-19 and the government’s efforts to build bicycle infrastructure.
Kim Jongmin, a researcher at Samsung Securities, explained in a report on the 6th, “Due to social distancing, the number of people using bicycles as a one-person means of transportation for non-face-to-face exercise and commuting has rapidly increased. At the same time, the delivery industry has grown unprecedentedly, and bicycles have been spotlighted as a new means of transportation, reviving the fallen bicycle industry.”
Samchuly Bicycle is the No.1 bicycle manufacturer in Korea, securing about 1,100 dealerships and more than 120 large discount stores including E-mart and Costco, as well as various wholesale clients.
The bicycle industry rapidly grew in the 2000s centered on MTB (mountain bikes) and road bikes popular around 2010. However, since 2016, shared bicycles such as ‘Ddareungi’ have encroached on the market, causing a decline, but last year, a bicycle boom began again due to the COVID-19 special demand.
Researcher Kim forecasted, “Bicycles are consumer durables with a major cycle every 4 to 5 years on average. Since the last boom cycle was around 2015, a new big cycle centered on electric bicycles will come when full-scale outings begin.”
He analyzed, “Since December last year, personal mobility devices such as electric kickboards and electric scooters have been allowed to use bicycle lanes. As PMs, which were not legally recognized, are incorporated into the system, demand is expected to surge.”
He added, “The government and local governments are promoting projects to build bicycle-only roads, operate shared bicycles, and maintain bicycle infrastructure. Since Samchuly Bicycle has a track record of supplying a total of 1,000 community bicycles, it is expected to benefit in the future as well.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
