The parts giant is by no means immune to the turbulence in the bike market: Shimano has to put up with a significant dip in sales for 2023. The bike segment - Shimano also manufactures fishing equipment - fell by 29.5 percent compared to the previous year to around 2.2 billion Swiss francs.

The Japanese company also had to tighten its belt in terms of operating profit, which fell by a whopping 55 percent compared to 2022 to around 385 million Swiss francs. The recall of racing bike cranks, which is likely to have cost Shimano around 100 million Swiss francs, also had an impact on this result.

The Japanese company does not yet see a turnaround for the current year; Shimano is expecting a further decline in sales, albeit at a lower rate of around 11.5 percentage points. In its financial report, Shimano cites the high inventory levels, the wars in Ukraine and the Middle East and the US presidential elections as factors that will have a negative impact on business performance. Overall, however, Shimano also gives the all-clear: in the medium to long term, the bicycle market is growing.

shimano.com