Domestic Black Box Market Stagnation... Tinkware's Future Growth Engine is 'Electric Vehicles'

EV Mobility, an Electric Vehicle Sales Platform, Signs Business Agreement
Supplies Various Products Including Black Boxes as an 'Electric Vehicle Package'
Launches New Electric Vehicle Specialized 'Inavi Premium Store'
Domestic Electric Vehicle Sales Reach Record High of Approximately 13,900 Units in September

Thinkware has expanded the services previously offered at its existing store this year and strengthened its electric vehicle-related services by relocating and reopening its directly operated offline store, the 'iNavi Premium Store' Incheon branch.
[Photo by Thinkware]

[Asia Economy Reporter Kwak Min-jae] Tinkware, a leading domestic black box manufacturer, is targeting the electric vehicle (EV) market to discover future growth opportunities. As the domestic black box market reaches saturation, the company is focusing on breakthrough strategies through total EV services.

Recently, Tinkware signed a business agreement with EV Mobility, an online EV sales platform company, to increase sales in the EV sector and enhance brand awareness. Established last year, EV Mobility is a brokerage platform that imports and sells electric vehicles domestically. Tinkware plans to supply various products, including its black boxes, air purifiers, wireless mounts, and tinting services, bundled at affordable prices when EV Mobility sells electric vehicles.

Additionally, Tinkware intends to promote its iNavi brand and services through the EV Mobility platform. Since EV Mobility provides specifications and information on EV models sold domestically and focuses on importing, selling, and servicing new EV models from various manufacturers not yet released in Korea, it is seen as an effective way to raise iNavi’s presence in the EV market. A Tinkware official stated, “Through this agreement, we expect to sell various products tailored to the rapidly increasing EV demand and expand touchpoints with EV customers.”

Kim Taehyun (left), Head of Direct Business Division at Thinkware, and Yoon Kisub, Head of Strategic Planning Division at EV Mobility, are posing for a commemorative photo after signing a business agreement to increase sales and enhance brand awareness in the electric vehicle sector.
[Photo by Thinkware]

The reason Tinkware is focusing on the EV market is due to the saturation of the domestic black box market. In fact, sales in the black box segment have been declining domestically. In 2017, Tinkware’s black box sales in the domestic market reached 128.3 billion KRW, but steadily decreased to 110.9 billion KRW last year, a drop of about 13.6% over four years.

On the other hand, domestic EV sales are rapidly increasing. According to the September automotive statistics monthly report by the Korea Automobile Manufacturers Association (KAMA) released on the 31st of last month, domestic sales of domestically produced EVs in September reached 13,993 units, surpassing the previous monthly record of 13,143 units set in July this year. A Tinkware official said, “Since the domestic black box market is stagnant, there is a consensus that black boxes and vehicle services should also target premium markets such as EVs.”

This year, the company’s directly operated offline store, the ‘iNavi Premium Store’ in Incheon, was relocated and reopened, which is interpreted as a move to target this market. First, Tinkware headquarters conducted training for Incheon store employees on EV trends, customer needs analysis, and Tesla installations. Skilled experts perform advanced tasks such as EV tint film installation, black box and auxiliary vehicle battery installation, and provide after-sales service (AS), offering total services not only for iNavi products but also for EVs. A separate EV charging facility was also installed outside the Incheon store.

Industry insiders expect Tinkware’s EV market strategy to continue as the domestic EV market grows rapidly. It is anticipated that Tinkware will continue investing in the development of EV-specific products and services. A Tinkware official said, “For Tinkware, which sells automotive black boxes and parts, it is important to quickly respond to the EV trends of domestic automakers. We plan to launch EV-specific tint films by the end of this year and, in the long term, develop black boxes that can reduce EV battery consumption, aiming to become a total EV service company.”