WUHAN, China, April 27, 2022 /PRNewswire/ — Midea announced the acquisition of Wuhan TTIUM Motor Technology CO., LTD (TTIUM). With this strategic move, it marks that Midea has officially entered the "two-wheel vehicle" market and further refreshed its product portfolio.
The signing of the contract between Midea Industrial Technology and TTIUM Motor Technology CO., LTD (TTIUM)
Looking forward, Midea and TTIUM Motor will hope to achieve a "win-win" for shared products and technologies. In addition, TTIUM will benefit from the existing R&D resource of Midea Industrial Technology, the cutting-edge motor solutions of Welling, the automobile-standard electric and electronic component technology, the reliable test bed and lab, the wide use of lean manufacturing system and the established supply chain, to improve its competitiveness. On the other hand, TTIUM has extensive industry experience and customer resource that will help to inspire and support Midea on product and technology transformation.
As the large market size suggests, Midea Industrial Technology now owns two E-Bike brands, Welling and Motinova. Midea will leverage the respective motor portfolio, featuring quietness, efficiency, intelligence, stability and compactness, and become a key player of the E-bike market worldwide.
With green and low-carbon lifestyle takes the trend, the market of electric-assisted vehicles, or E-bike, are developing on fast track. Enabling cycling to be effortless and easy, E-Bike has gradually become a new choice for urban commuters. The support of electric drives system has significantly enhanced the feasibility of riding on mountain bikes, commuter bikes, and cargo bikes. According to statistics, the global scale of E-Bikes has reached about 7.27 million units in 2021. It is estimated that by 2030, the global E-Bike market will reach the size of 19 million units.
About Midea Industrial Technology
As one of the five business groups of Midea Group, Midea Industrial Technology takes science and technology as the core driving force. Up to now, Midea Industrial Technology has built 27 R&D centers worldwide, with an accumulation of more than 5,500 authorized patents. With an annual R&D investment of 1.1 billion RMB, the company continues to invest in core and cutting-edge technologies for high-precision products such as compressors, motors, chips, reducers, electronic expansion valves, auto parts, converters, servo systems and heat dissipation components.