EDonkey, can you cross the river by touching a motorcycle?

Zebra Consumption Fan Jian

Motorcycles grew while electric two-wheelers declined. The two-wheeled vehicle market is showing extreme consumer differentiation.

The hidden growth risks buried in the stock era, under the influence of factors such as the new national standard and the food delivery war, have triggered an industry-wide decline in the two-wheeled electric vehicle market in 2026. Even giants such as Yadi and Emma are not immune.

On the contrary, the motorcycle market, which has been silent for 20 years, has achieved long-lost high-quality growth in new business directions such as overseas markets, high-end large-displacement vehicles, and all-terrain vehicle transformation, as well as the traffic carnivals of Zhang Xue Motorcycles.

In the two-wheeled electric vehicle market, can we cross the river by touching motorcycles and find our own new direction in the electric bicycle market, which is a market with greater growth value?

Crisis does not come suddenly

No one expected that the crisis of two-wheeled electric vehicles would come so unexpectedly.

In the first half of 2026, domestic sales of two-wheeled electric vehicles totaled 28.252 million units, a year-on-year decrease of 12.6%. Under such a violent shock, almost no one, even the leading companies, could be spared.

Yadea Holdings (01585.HK), the industry leader, sold 4.1481 million units of electric bicycles in the first half of this year, a year-on-year decrease of 37.8%, and 3.4842 million units of electric scooters, a year-on-year increase of 63.7%. The combined total sales of the two were 7.6323 million units, a year-on-year decrease of 13.2%.

From January to June 2026, Yadi Holdings’ revenue was 18.236 billion yuan, a year-on-year decrease of 5.0%, and its net profit was 1.201 billion yuan, a year-on-year decrease of 27.2%.

Emma Technology (603529.SH) did not disclose specific sales data in the first half of the year, but some institutions estimated that its sales in the first half of the year were 4.79 million units, a year-on-year decrease of more than 20%. The main decline point was also electric bicycles.

Recently disclosed performance shows that in the first three quarters of 2026, Emma Technology’s operating income was 18.389 billion yuan, a year-on-year decrease of 12.82%, and the net profit attributable to the parent company was 1.104 billion yuan, a year-on-year decrease of 42.13%.

Luyuan Group Holdings (02451.HK) only disclosed electric motorcycle sales data in its semi-annual report, with 402,000 units, a year-on-year increase of 78.2%, ranking first in domestic electric motorcycles. It did not disclose data on electric bicycles, which account for the mainstream sales. The financial report shows that its operating income in the first half of the year was 2.463 billion yuan, a year-on-year decrease of 20.4%, and its net profit was 75.082 million yuan, a year-on-year decrease of 31.8%.

Previously, Tailing, one of the three major electric vehicle brands “Yaitai”, submitted a prospectus to be listed on the Hong Kong stock market. After the prospectus expired at the end of July, it did not continue to apply. This may also be related to this industry decline.

The two-wheeled electric vehicle market was clearly growing in 2025, but why did it suddenly take a sharp turn in 2026?

First of all, it needs to be explained that the industry crisis of two-wheeled electric vehicles did not only start to appear this year, but has continued for several years under the background of the stock era of “squeezed growth” and “structural market conditions.”

It is only because the handover of the old and new national standards triggered early consumption last year, and the ebb of the food delivery war that there are fewer new riders entering the market this year, etc., that the high growth data in 2025 will be distorted, and the industry crisis will completely break out in 2026.

Industry data shows that by the end of 2025, the number of two-wheeled electric vehicles (including electric bicycles and electric motorcycles) in my country will be approximately 450 million, and the trend of declining sales growth has already formed.

The main starting point of the new national standard for electric bicycles that will be implemented on September 1, 2025 is to balance safety, practicality and cost. However, some clauses have caused controversy and misunderstanding, and some manufacturers have made extreme designs to meet the standards, which has impacted market confidence.

In addition to two-wheeled electric vehicles, category competition is also eroding the size of the mobility scooter market. On the one hand, recreational consumption has led to an increase in the sales of fuel motorcycles, which has taken into account the transportation function of two-wheeled electric vehicles; on the other hand, the entry-level cars in new energy vehicles have a variety of products and the prices have been continuously lowered, poaching the upward upgrade needs of two-wheeled electric vehicle users.

The food delivery war will cease in 2026, and the number of new food delivery workers will decrease, which will also inhibit the sales growth of two-wheeled electric vehicles to a certain extent.

Two months ago, Yadi Holdings planned to invest 1.02 billion yuan to acquire 100% of the equity of Golden Arrow. The latter is known as the “magic takeaway car”. With its ultimate cost-effectiveness strategy, it sold 3 million units last year. The founder of Golden Arrow quit quickly, and Yadi started to merge under the shrinking market, which also reflects the market expectations of the industry in the next few years.

Internal and external attacks to tap growth

In the short term, there is no need to panic about the decline in the two-wheeler electric vehicle market. Periodic fluctuations caused by new national standards and other reasons will narrow smoothly in the next one or two years.

This industry, which has developed over forty years and has gone through several market eliminations, has passed the initial stage of homogeneous competition and has formed a stable leading camp and a differentiated development strategy.

Emma stands out for its good looks. Most of the various healing and refreshing two-wheeled electric vehicles and IP co-branded vehicles you encounter on the roadside come from Emma; Tailing focuses on long battery life, with most models having a battery life of up to 100 kilometers; Luyuan emphasizes durability, claiming that “one car can be ridden for 10 years”; the boss Yadi is a hexagonal warrior focusing on comprehensive strength, and Golden Arrow, which is about to be acquired, also emphasizes the ultimate cost-effectiveness…

Faced with the industry’s stubborn problem of consumers changing their cars and declining in their desire to buy cars, two-wheeled electric vehicles are also trying to break through product improvements and channel innovations.

You can now spend 3,000 to 4,000 to buy a mid-range or above electric bicycle, and its functions such as mobile phone keys, GPS positioning, and smart lights are comparable to those of domestic new energy vehicles. Some manufacturers are even exploring functions such as cruise control, autonomous driving, and AI voice interaction.

Leading manufacturers such as Yadi are promoting the replacement of lead-acid batteries with sodium-ion batteries to provide longer cruising range and a more advanced energy supply ecosystem with lighter weight.

Due to the complexity of after-sales and service, two-wheeled electric vehicles are not suitable for traditional e-commerce channels and miss out on a lot of traffic dividends. In recent years, with the penetration of online and offline integration and local life, two-wheeled electric vehicle manufacturers and dealers have gained traffic on platforms such as Douyin, which has helped them improve sales and contract fulfillment capabilities and opened up new growth channels.

In addition to internal improvements, two-wheeled electric vehicles are also using globalization and diversification to give themselves more growth possibilities in addition to the traditional business in the existing market.

After Chinese motorcycle sales reached their peak in 2008, they continued to decline due to policy, competition and other reasons. It was not until recent years that China’s motorcycle industry re-entered the growth cycle due to its deep exploration of overseas markets. China’s new energy vehicles are also switching to this stage.

The future of electric two-wheelers looks like this. Judging from the trends in recent years, whether we can win overseas markets will become the key to the overall competitiveness of the industry.

At present, leading brands are focusing on overseas markets as their key breakthrough direction. Luyuan stated in its 2026 interim report that overseas sales increased by more than 40% year-on-year. In order to better layout the global supply chain, the three giants, Yadea, Emma, ​​and Tailing, have all established production bases in Southeast Asia.

Luyuan Holding Group, outside the three giants, was late in its overseas expansion, but it has taken greater steps in diversification, targeting the more imaginative embodied intelligence business, and making it one of the company’s three strategic priorities.

As of the first half of 2026, Luyuan has advanced orders for more than 100,000 sets of high-precision planetary deceleration joint modules and 10,000 complete units. Its embodied intelligent robot business line is gradually transitioning from technology and product verification to large-scale manufacturing and commercialization.

Bet big on the next track

The market tends to amplify emotions, both during periods of industry upswing and consolidation. When industry-wide impacts come, the single market will experience pain, some small and medium-sized players will withdraw, and leading manufacturers will defend and counterattack. Eventually, someone will pass through the cycle and usher in a new life.

Therefore, from a long-term perspective, any market that is regarded as a sunset industry should not be “knocked down with one stroke.”

Take the motorcycle market as an example. After nearly 20 years of dormancy, it has finally returned to the top of the global market through overseas market deployment, high-end large-displacement vehicles, and diversification of all-terrain vehicles.

When industries go through cycles, they don’t come back the same way. Every leapfrog growth in the auto market mostly comes from vehicle model upgrades. This is true for motorcycles and new energy vehicles. Now the two-wheeled electric vehicle market is also facing such opportunities.

Previously, in the involution of the electric vehicle market, some brands have tried to diversify their models. Company Nine (689009.SH) will enter the all-terrain vehicle market in 2023 and has achieved stable sales of 18,000 units, 24,000 units, and 27,000 units respectively in the past three years.

However, all-terrain vehicles were born out of motorcycles, and the market is relatively solid. What are truly suitable for Chinese two-wheeled electric vehicle brands are still electric mopeds, electric scooters, electric balance bikes, etc., among which electric mopeds (also known as “electric bicycles”, E-Bike) are the first.

The European and American markets have strict regulations on manufacturers and users of electric motorcycles, including speed limits, weight limits, driving licenses, and wearing protective gear, but the requirements for electric mopeds are relatively simple.

Compared with motorcycles and electric motorcycles, the concept of electric mopeds is closer to bicycles and is more in line with the carbon reduction trend and lifestyle in the European and American markets.

Therefore, most of the two-wheeled electric vehicles that are more common in the Chinese market are exported to Southeast Asia, Africa, Latin America and other regions. If you want to capture the more valuable European and American markets, electric mopeds are a clear direction.

Many years ago, Luyuan set up three major growth curves for itself, namely two-wheeled electric vehicles, electric mopeds, battery swapping and vehicle ecological business.

Taotao Motors, which conquered the U.S. market with all-terrain vehicles, did not choose to stick to this market segment. Instead, it turned its attention to the more ambitious low-speed travel market, targeting new businesses such as low-speed electric vehicles, electric bicycles, electric scooters, and electric balance vehicles.

In the data disclosed by multiple research institutions, electric bicycles E-Bike are rising stars in the travel market. The most optimistic Grand View Research predicts that the global E-Bike market size will be approximately US$69.7 billion in 2025, is expected to reach US$77.9 billion in 2026, and will increase to US$144.3 billion in 2033, with a compound annual growth rate of 9.2%.

Moreover, in this market where Chinese consumers do not pay much attention, but where globalization is more thorough, it is also the home court of Chinese companies.

Fujitec is known as the “Foxconn of the bicycle industry” and manufactures for many of the world’s top brands. In recent years, its growth point has shifted from traditional bicycles to electric bicycles. TENWAYS, a popular electric bicycle brand in Europe, started in Shenzhen, China, and is headquartered in the Netherlands. Its supply chain is concentrated in China and Europe, taking globalization to the extreme. Both companies are pursuing IPOs in the markets they are targeting, and Fujitsu (603468.SH) has succeeded.

At the same time, a large number of bicycles, two-wheeled electric vehicles and travel ecology companies have intensively entered the electric bicycle market, indicating that electric mopeds are on the eve of an explosion.

The question now is, can the penetration rate, total sales volume and price of electric bicycles support a rising market? This market may still be a global competition between Chinese companies in the end. So, who among the bicycle faction and the two-wheeled electric vehicle faction will ultimately represent their own camp and win the crown of electric mopeds?

Related Reading

• The Terrible Red Fruit and Byte Time of the Chinese Internet |2026-10-26
• Jia Nailiang sells 570 million yuan a day. Is it true that celebrities are winning when bringing goods?2026-10-26
• Inflation under Trump is only about half the rate under Biden. Voters are still just as mad.2026-10-26
• Hermès can no longer be sold?2026-10-25
• Original: Global PC manufacturers have also entered the “misfortune competition”?2026-10-25