Thinkware Breaks Through Domestic Black Box Stagnation... 'New Business' Rapid Growth

Promotion of Robot Vacuum Cleaners and Air Purifiers
New Business Sales Up 31% Year-on-Year
Existing Nationwide Distribution Network Also Contributes to Growth

[Asia Economy Reporter Kwak Min-jae] Thinkware continues to grow by targeting new business products despite the stagnation in the domestic black box market. The long-established black box distribution network and technological expertise are working together to produce results.

According to the Financial Supervisory Service's electronic disclosure system on the 12th, Thinkware's new business division sales in 2021 increased by 30.8% year-on-year to approximately 47.1 billion KRW. This accounts for 21% of the total sales of 225.3 billion KRW. The proportion of sales from Thinkware's new business division, which was 15% in 2019, has been steadily increasing.

Thinkware, Medium to Large Home Air Purifier 'Bluevent'
[Photo by Thinkware]

Thinkware attributes the increase in new business sales to the spread of the 'stay-at-home' trend. Sales of home environment appliances such as robot vacuum cleaners, air purifiers, and humidifiers amounted to about 24.5 billion KRW, accounting for 52% of the total new business sales. 'Bluevent,' launched in 2017 as a vehicle air purifier brand, has emerged as a representative hit product by expanding its lineup to home-use products since 2020.

Thinkware's nationwide black box distribution network also contributed to growth in other areas. The company explained that the strategy of utilizing 16 premium black box stores nationwide and the black box distribution network proved effective. A company official stated, "Thinkware, celebrating its 25th anniversary this year, has strengths in product sales through the iNavi distribution network, after-sales service network, and sales know-how."

Tinkware Gimbal Cam 'Snapzy'
Photo by Tinkware

Thinkware, a black box manufacturing company, plans to further strengthen its new business product lineup by leveraging its existing technological capabilities. In January, Thinkware launched the portable video device vlog gimbal camera 'Snap-G.' It features a 2-inch LCD screen, 4K resolution, and replaceable battery, reflecting the technology of existing black box products. A company official said, "Snap-G has established itself as a leading product in the gimbal cam market by entering a total of 26 offline sales outlets within about two months of its launch."