Shimano, the Japanese-based bicycling company, has reported sales and profits amid the coronavirus pandemic. This comes at a time when individuals are looking for varying ways to exercise and stay socially distanced. In 2020, Shimano reported a net income of 63 billion yen, which was up by 22.5% from 2019. As far as the 2021 fiscal year concerns, Shimano is expecting another record net income of 79 billion yen. More than 15 billion more than their current net income.
Surprisingly, although Shimano has had record sales and net income numbers, a recent article reported by Bike EU has reported that Japan's bicycle market has moved in the opposite direction. This comes as a surprise amid the growing bike surge across the globe and Shimano's latest success in sales. Additionally, both Europe and America have seen record growth in bike sales as a result of the pandemic.
Additionally, Bike EU reported that, according to market statistics, the distribution of bikes was up only 0.3%. This is compared to 2019, which had a sale of 6.57 million units. It should also be noted that this figure excludes e-bikes. As far as e-bikes go, Japan saw an increased value within the first four months of 2021. With a surge of USD 73 million, compared to last year, which saw $48 million during the same period.
Although Japan hasn't seen quite the same growth as other countries, Shimano continues to stay on top. Their success included use at major world athletic events. Some include the 2021 Tour de France, which had 17 out of the 23 teams using Shimano parts. Furthermore, as the Tokyo Olympics came to a close in early August, it was noted that many golds, silver, or bronze-winning cyclists used Shimano during the Games.