With the improvement of science and technology and people's economic level, people's travel methods are becoming more and more diversified. Bicycles, electric vehicles, and cars have gradually become people's travel choices. There are also some people who like to use scooters and balance cars as a way of leisure and entertainment to enrich their spare time. Most of these travel tools use hub motors as the driving method. Judging from the current development situation, wheel hub technology is mainly used in electric vehicles, scooters, wheelchairs and other products. However, the majority of manufacturers are gradually turning it into large electric vehicles, such as electric vehicles, electric buses and electric trucks.
According to the 2020 IndustryARC report on the market share of hub motors, the main market share of hub motors in 2020 is the rear hub motors, accounting for about 42% of the hub motor market share, occupying a dominant position in the entire hub market. Most of the common electric vehicles and scooters in our life use rear hub motors to make better use of traction control.
The hub motor can provide high torque, which can help people drive the vehicle easily. Most hub motors are small and light due to the need to be mounted on the wheel. According to the 2020 traffic travel research report, people's willingness to travel by means of transportation has been greatly reduced compared with before, and private travel methods such as cars and electric vehicles have become people's primary considerations. China has gradually become the largest market for hub motors in the Asia-Pacific region due to the increasing demand for electric vehicles, bicycles and other two-wheelers. According to statistics from the China Association of Automobile Manufacturers, the sales of new energy in China will increase by 2.6 times in 2021 to 2.91 million units in 2021, a year-on-year increase of 172%. Growth in sales of electric two-wheelers will lead to growth in sales of geared hub motors.
In response to the call for energy conservation and emission reduction, the state has introduced some new policies and regulations, and the government plans to ban the production and sale of fossil fuel vehicles. This opens up opportunities for hub motors. According to data released by the China Bicycle Association, China is the world's largest manufacturer of bicycles and electric vehicles, with sales of up to 80 million units, accounting for 80% of global turnover. The online news data of the China Bicycle Association shows that in 2021, China's bicycle production was about 76.397 million units, an increase of 1.5% year-on-year; electric bicycle production 4.561 million units, an increase of 10.3% year-on-year. Total industry revenue of 308.5 billion yuan, total profit of 12.7 billion yuan. 2021 bicycle exports 69.232 million units, up 14.8%; exports of $5.107 billion, up 40.2%. Among them, "racing bicycles" and "mountain bikes", which represent high-end sports and high added value, have grown significantly. The export of parts and components has maintained a high growth momentum for three consecutive years, with an export value of US$5.58 billion, a year-on-year increase of 63.7%. In addition, the export volume and export value of electric bicycles have also increased significantly compared with the previous year. Besides, with the impact of the epidemic, many people are less willing to take public transportation and prefer private travel. These are fueling the demand for two-wheelers or electric vehicles. As a motor often used in electric bicycles and electric vehicles, the market demand for hub motors is still very large.
On November 17, 2022, the United Nations announced that the world population has reached 8 billion, which means that human beings will face more severe energy and environmental challenges. Research and development of energy-saving, environmental-friendly, and safe vehicles is the only way to achieve sustainable development of transportation. Affected by this, it is expected that the export of electric bicycles will continue to maintain double-digit rapid growth, becoming a new driving force for the development of the industry. In addition, new energy vehicles have now become a forward-looking field in the automotive industry, but the drive technology of new energy vehicles is quite different from that of traditional internal combustion engine vehicles. As an energy-saving and environment-friendly driving technology, the hub motor has great development prospects. Combining the above information, it is expected that, in 2025, the demand for hub motors will continue to grow.
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