Nowadays, more and more young people are riding motorcycles.
Recently, Red Star Capital Bureau noted that among young people, a wave of "motorcycles" is emerging. The decline in consumer prices and the lower threshold for entry are one of the current trends in motorcycle consumption.
The definition of motorcycles as a means of transportation is also changing, with young people seeing motorcycles as "big toys" and keen to spend money on motorcycles. Wang Liang, head of Tmall "Xiao Er" and Ali Automobile's two-wheeled vehicle, told Red Star Capital Bureau that motorcycle consumption has gradually changed from tool attributes to social attributes and cycling culture, and has become a symbol of consumers' expression of life attitude and personality, which has brought long-term growth to the entire industry.
Will motorcycles be the next "camping" for young people?
Motorcycle Figure based on Figureworm creative
Motorcycle boom revival
Young people are starting to "play on motorcycles"
"At night, what else can you do besides going shopping and watching movies?"
In 2021, Zhang Lu (pseudonym), 29, asked questions during a group chat where young people gathered. Soon, more than a dozen messages popped up on her phone page, and the answers of her friends were surprisingly consistent — riding a motorcycle.
In this way, Zhang Lu was pulled into Jinan's "Circle of Friends" and began a life of "playing motorcycles". In her words: all the day is dedicated to work, I hope that every after-work night, can have a better time, and the motorcycle can bring her such a wonderful night, riding with a group of friends, enjoying the freedom of the wind-blown hem.
Image from Little Red Book
There is more than one young person who likes to "play motorcycles". Red Star Capital has noticed that a wave of "motorcycles" is emerging among young people today.
In Xiaohongshu, there have been more than 470,000 notes on motorcycles; under the "motorcycle" hashtag on Weibo, the number of reads has accumulated 1.9 billion; and the motorcycle-related topic videos in Douyin have been played 51.5 billion times. Wang Yibo, a traffic star who is keen on motorcycles, and Douyin Internet celebrity with tens of millions of fans have also increased the popularity of motorcycles on the Internet.
Image from TikTok
From the data released by the Ministry of Public Security, it can be seen that the "heat" of motorcycles has maintained a rapid growth trend in the past three years.
In the first quarter of 2022, 2.71 million domestic motorcycles were newly registered, an increase of 33.5% compared with the same period in 2021 and an increase of 152% compared with the same period in 2020. In the whole year of 2021, 10.05 million domestic motorcycles were newly registered, an increase of 1.79 million over 2020, an increase of 21.67%.
The person in charge of Damotou Told Red Star Capital Bureau that from the end of 2020, more and more young consumers will come to buy motorcycles, most of them between 18-30 years old. In the past, some imported motorcycles had to be booked half a year in advance, but now there are more young people buying cars, and many popular motorcycles of domestic brands also need to wait for more than 6 months.
Motorcycles have entered a new stage of consumption upgrading
The leisure and entertainment scene is opened
The "motorcycle fever" didn't just happen suddenly.
In fact, before the popularization of automobiles in large quantities, "Jialing motorcycles" sped by on urban roads, country lanes, and fields. With the "ban on motorcycles" and the popularity of cars, motorcycles as cheap means of transportation have gradually been "excluded" from the city center in the past few decades.
The change occurred in 2017, guo Dalu, founder of the new domestic AVA domestic motorcycle helmet brand, found that the motorcycle industry in 2017 was at the threshold of consumption upgrade, and since then, the leisure consumption and large displacement market of motorcycles have been opened. CITIC Securities Research Institute pointed out that the compound annual growth rate of domestic large-displacement motorcycle sales from 2017 to 2021 exceeded 35%.
(Note: Large displacement refers to more than 500CC, medium displacement refers to 250CC-500CC, small displacement refers to less than 250CC)
Cinda Securities also issued a research report pointing out that the growth of motorcycle sales, on the one hand, is due to the relaxation of domestic motorcycle registration, inspection and other policies since 2019; on the other hand, the motorcycle market has entered a new stage of consumption upgrading, and the sales of large-displacement motorcycles based on leisure and entertainment functions have grown rapidly, driving the continuous expansion of the motorcycle market.
According to Chongqing Daily, incomplete statistics show that there are at least hundreds of new motorcycles with a displacement of more than 250CC listed nationwide in the past 3 years, and the speed of pushing new ones is several times that of 3 years ago.
In addition, under the influence of the epidemic, more young people have chosen to replace public transportation with motorcycles, becoming a new commuting choice for office workers.
Tian Yuan (pseudonym), who has been riding a motorcycle for more than 3 years, said that cycling has reduced his commuting time by half, and he will not encounter a number limit, and parking is also very convenient. On social platforms, many netizens shared their experience of commuting on motorcycles, and "commuting time is shortened", "no traffic jams", "parking freedom", and "lower fuel costs" have become keywords.
From mobility tools to "big toys"
Will motorcycles be the next "camping" for young people?
Red Star Capital has noticed that under the motorcycle boom, its definition as a means of transportation is changing. Today's motorcycles are beginning to feature consumer goods, more like the "big toys" of young people.
It was in this context that Zhang Lu bought her first motorcycle, the Spring Breeze Baboon. This motorcycle comes from the listed company Spring Wind Power (603129. SH), its official website slogan reads "Launched for young people who love freedom, love the tide, and love to have fun".
This motorcycle attracts not only its stylish appearance and height suitable for girls to ride, but also an important reason is the relatively low price. Red Star Capital Bureau noted that the official website of "Spring Breeze Baboon" is priced at 8980 yuan, which is almost the same as the price of an iPhone13 pro.
Falling prices and lower entry thresholds are one of the current trends in motorcycle consumption. In the motorcycle platform "Motorcycle Fan" APP, the number of models below 10,000 yuan is the largest, with a total of 1055 models, covering sports cars, street cars, pedals, retro, cruise prince, off-road and other categories of models.
And one of the advantages of domestic large-displacement motorcycles is the price, Tmall "small two", Ali Auto two-wheeled vehicle head Wang Liang told the Red Star Capital Bureau that the rapid development of domestic motorcycle brands, further reducing the consumption threshold.
At the same time, the motorcycle category is becoming more abundant, and the choice space of consumers has become larger, and Huang Yi (pseudonym), who works at a large motorcycle shop in Chengdu, has a deep understanding of this.
She mentioned that if four or five years ago, motorcycle players valued the performance or power of the car, so the imitation racing model was very popular. But now it is different, consumer choices are more and more, cruise, retro, street cars, etc. have become Internet celebrities, the appearance of good looks and the same sales are hot.
In addition, consumers tend to see motorcycles as a way of life, similar to camping in today's fires.
Every weekend, Tong Ran (pseudonym) in Beijing will ride a motorcycle to punch in, and she will ride her cycling figure in Mentougou, Shougang Bridge, Beijing West Eighteen Ponds, and Garden Expo Park. She said that motorcycle friends are keen on "cycling" or "running mountains" and will spontaneously organize some group riding activities on weekends and holidays.
Guo Dalu, founder of the new domestic AVA domestic motorcycle helmet brand, believes that young consumers buy motorcycles, the first thing in the list is social attributes, which can meet their spiritual needs, and the fun and leisure motorcycle market will continue to grow rapidly in the future.
This year's young people are keen to spend money on motorcycles
Pay for personality and promote the equipment market
Zhang Lu shared on her personal social media account the equipment she bought for the motorcycle: three helmets, gloves, a gear display, foot pedals, super-bright light bulbs, a beautiful round plate to block the kettle, a mobile phone stand, etc. "I don't want a car full of streets", in Zhang Lu's view, these equipment represent her special and personality.
Motorcycle consumers who pay for personality are not in the minority, Huang Yi said: "We used to ride a bicycle, only need a helmet and a pair of gloves, early 100 years old to get it done, but now more and more people play with cars, everyone likes their equipment cooler, more handsome, better looking." ”
Huang Yi took a helmet as an example: if you buy a retro motorcycle, you must wear a "Roman Holiday" style helmet; if it is an imitation racing car, you must wear a handsome full helmet; if you buy an American cruise, you must wear a steel helmet. In addition, when the weather is hot, you need to wear a half helmet, and when it is cold, you need a full helmet.
Guo Dalu, founder of the new domestic AVA domestic motorcycle helmet brand, revealed to Red Star Capital Bureau that in the first quarter of 2022, the sales volume of AVA helmets increased by 50% year-on-year, and its target customer group is the young group aged 20-35.
Not only helmets, Red Star Capital Bureau has noticed that more and more "motorcycle wear" content appears on social platforms and e-commerce platforms, which has also led to the growth of demand for motorcycle-related products.
Search for motorcycle equipment on Taobao
A set of data from Tmall shows that the demand for motorcycle equipment has increased significantly since 2021. Judging from the platform transaction data, the first half of 2021 increased by more than 8% compared with the second half of 2020. At the same time, the supply of the entire industry is gradually enriched, and by the end of 2021, the number of Online products of Tmall Taobao motorcycles and equipment has increased by more than 150% year-on-year. By the first quarter of 2022, the overall turnover of the Tmall motorcycle industry increased by more than 20% year-on-year.
From the perspective of popular goods, the categories with a year-on-year increase of more than 50% in 2021 include helmet headphones, goggles, motorcycle recorders, and motorcycle mobile phone holders. In the first quarter of 2022, the core growth categories of tmall motorcycle industry also include: racing suits, knight protectors, knight bags, motorcycle stickers and stickers.
Wang Liang, head of Tmall "Xiao Er" and Ali Automobile's two-wheeled vehicle, told Red Star Capital Bureau that motorcycle consumption has gradually changed from tool attributes to social attributes and cycling culture, and has become a symbol of consumers' expression of life attitude and personality, which has brought long-term growth to the entire industry. In addition to the locomotive, the motorcycle equipment such as racing suits and protective gear has also broken the circle to meet the needs of consumers' personality expression and enter the field of daily consumption.
Today, more than 60% of motorcycle brands have opened Tmall flagship stores and released new products on Tmall. In the field of motorcycle spare parts, Pirelli will soon open a motorcycle tire flagship store on Tmall, and a tire brand will open a motorcycle tire flagship store, which has become a significant symbol of industry change.
Listed companies step on the wind
Compete for the entertainment,high-displacement market cake
In the capital market, motorcycle manufacturers, once regarded as the sunset industry, are also re-sought after by investors. Behind this, motorcycle manufacturers have set their sights on the entertainment-type, large-displacement market cake.
Spring Wind Power is one of them. The predecessor of Chunfeng Power is a motorcycle parts factory located in Wenzhou, Zhejiang Province, which mainly produces parts for motorcycle enterprises in Chongqing. After that, it switched to the production of water-cooled engines, and gradually focused on recreational sports motorcycles.
In 2020, Chunfeng Power launched the first imitation racing model 250SR, which sold hot after listing, and from the end of March to November 2020, Chunfeng Power's stock price increased by 5 times.
Another listed company, Qianjiang Motorcycle (00913. SZ) has also eaten the industry dividend of the rapid development of entertainment-type and large-displacement motorcycles. In 2020, Qianjiang Motorcycle launched a new brand, QJMOTOR, focusing on medium and large displacement motorcycles. From June to November 2020, Qianjiang Motorcycle's stock price also tripled.
According to 21st Century Business Herald, Gao Qing, executive deputy general manager of Chunfeng Power, once mentioned in an interview with the media, "If it is used for scootering cars, it is likely to be squeezed out by electric vehicles to occupy most of the market share, but in the field of sports and leisure, along with the improvement of people's living standards, this aspect of the demand is constantly being developed, this piece should be said to be a very broad blue ocean market." ”
In addition, there are also veteran car companies Loncin General Motors (603766. SH）。 As early as 2020, Loncin's "Wuji" series of large-displacement motorcycle products achieved annual sales of more than 20,000 units.
Huaxi Securities Research Report pointed out that despite the rapid development, the market penetration rate of entertainment-type and large-displacement motorcycles is still low. Cinda Securities believes that from the perspective of per capita consumption, the annual per capita consumption of large-displacement motorcycles in Japan, Europe and the United States is between 7.4-11.2 vehicles/10,000 people, while the per capita sales volume of mainland china is only 1.0 vehicles/10,000 people, referring to developed countries and regions, the sales of medium and large displacement motorcycles above 250cc in the mainland Still have a lot of room for improvement.
Despite the huge market space, the entertainment and large-displacement motorcycle market is still subject to local prohibitions and restrictions. In addition, domestic motorcycle brands are still facing competitive pressure from imported brands. The electrification and intelligence of motorcycles are also considered by the market to be an inevitable trend of future development. How to grasp the hearts of young consumers for a long time, domestic motorcycle brands still have a long way to go.
Red Star News reporter Yu Yao Qiang Ya Milling
Edited by Tao Yueyang
(Download Red Star News, there are prizes for the newspaper!) ）