Tinkware Supplies Black Boxes to BMW Headquarters... Worth 23.7 Billion KRW

Tinkware headquarters located in Pangyo, Gyeonggi.
Photo by Asia Economy DB

[Asia Economy Reporter Junhyung Lee] Domestic black box company Thinkware announced on the 23rd that it will supply black boxes to the global automaker BMW headquarters. The black boxes to be supplied to BMW by next year amount to 23.7 billion KRW, which is 12% of Thinkware's sales last year (approximately 197.5 billion KRW).

Thinkware will supply BMW black boxes 'ACE 3.0 Pro' and 'ACE 3.0' to 78 countries where BMW vehicles are launched over the next four years starting next year. The company expects total sales of 200 billion KRW. The supply will be prioritized to seven countries including China, Japan, the United States, Russia, the United Kingdom, Hong Kong, and Macao.

The outlook for the global black box market is bright. According to the industry, Western countries such as the United States had low black box adoption rates due to privacy protection and other reasons. However, recently, due to regulatory relief and changes in perception, demand for black boxes is increasing. In fact, the United Kingdom offers benefits such as insurance discounts to drivers who install black boxes. The industry explains that black boxes are being used for crime prevention and accident handling, and more countries than before are recommending the installation of black boxes.

Thinkware's overseas black box sales are also on the rise. In the third quarter of this year, Thinkware's overseas black box sales were about 32.2 billion KRW, a 33% increase compared to the same period last year. This increase is attributed to sales centered on online channels such as Best Buy and Amazon in North America. In the fourth quarter of this year, a year-end special effect due to major promotions is expected. The company expects overseas sales to exceed 40 billion KRW this year.

A Thinkware official said, "This supply is significant in that Thinkware's technological capabilities have been globally recognized," adding, "We will do our best so that customers who purchase BMW vehicles can trust and use Thinkware black boxes."