[Edaily Reporter Kim Se-yeon ] Electric bicycles, which once experienced sluggish growth, have established themselves as a core growth driver for SAMCHULY BICYCLE CO., LTD(024950), a leading domestic bicycle manufacturer. The company’s preemptive investment—made even before the domestic market was fully established—is now paying off, and electric bicycles have emerged as a “cash cow” product, accounting for the highest sales share among the company’s product lineup.

According to SAMCHULY BICYCLE CO., LTD on the 26th, sales in the electric bicycle segment as of 2025 increased by approximately 15% compared to 2020. The segment has recorded steady growth averaging around 2.5% annually over the past five years.
SAMCHULY BICYCLE CO., LTD’s total revenue last year was 175.6 billion won. The company explained that the electric bicycle segment accounted for the largest share of total revenue and played a significant role in the recent sales growth. However, it did not disclose the specific percentage of total revenue attributed to electric bicycles.
SAMCHULY BICYCLE CO., LTD entered the electric bicycle market early on, launching “Greenity,” Korea’s first domestically produced electric bicycle, in 2010. At the time, the market was small and battery prices were high, making it difficult to achieve profitability. Consumer demand was also limited due to the higher price compared to conventional bicycles.
However, the situation changed with the onset of the COVID-19 pandemic. As interest in contactless modes of transportation grew and demand for eco-friendly transportation expanded, the electric bicycle market grew rapidly. Not only did the market expand, but the unit price per bicycle also increased, establishing electric bicycles as the company’s largest source of revenue.
The expansion of the shared mobility market is actually creating new sales channels for the electric bicycle business. Some in the industry had expressed concerns that the proliferation of shared electric scooters and electric bicycles would erode demand for personal bicycles. However, it is explained that shared mobility service operators have acted as bulk buyers, thereby becoming a new customer base for manufacturers. In fact, SAMCHULY BICYCLE CO., LTD has been supplying electric bicycles to the shared mobility platform “Kickgoing” through 2024, and last year, it supplied products to Boryung City’s public electric bicycle program. A company official stated, “We are also continuing to hold regular discussions with shared mobility companies.”