Research from Guolian Minsheng Securities Company Limited indicates that the mid-to-large displacement motorcycle market is expanding rapidly. On the supply side, leading manufacturers are accelerating the launch of new models and brands, providing a core driver for industry growth while simultaneously fostering the gradual formation of a motorcycle culture. The firm continues to recommend the mid-to-large displacement motorcycle segment. Drawing parallels with the historical development of China's automotive industry and the competitive landscape of overseas motorcycle markets, domestic brands are poised to be significant beneficiaries of the rising demand for mid-to-large displacement motorcycles.

Key Market Observations

According to data from the China Motorcycle Chamber of Commerce, sales of motorcycles above 250cc (excluding 250cc) in June 2026 reached 113,000 units, representing a year-on-year increase of 10.1% and a month-on-month increase of 11%. Within this total, export sales were 69,000 units, up 21% year-on-year and 27% month-on-month, while domestic sales were 44,000 units, down 3% year-on-year and 7% month-on-month. Cumulative wholesale sales for the January to June period reached 506,000 units, up 1% year-on-year.

Sector Performance: Strong Monthly Sales with Exports Leading

For motorcycles above 125cc (excluding 125cc), June sales were 852,000 units, up 20.7% year-on-year and 4.9% month-on-month. Cumulative sales for the first half of the year were 4.304 million units, up 8.3% year-on-year.

For motorcycles above 250cc (excluding 250cc), June sales were 113,000 units, up 10.1% year-on-year and 11.2% month-on-month. Cumulative sales for the first half were 506,000 units, up 0.9% year-on-year.

Exports for this category in June were 69,000 units, up 20.8% year-on-year and 27.0% month-on-month. Cumulative exports for the first half were 305,000 units, up 15.2% year-on-year.

Domestic sales for this category in June were 44,000 units, down 3.2% year-on-year and 6.7% month-on-month. Cumulative domestic sales for the first half were 201,000 units, down 15.2% year-on-year.

Product Mix: High Growth for Large Displacements Signals Upscaling Trend

For motorcycles with displacement between 250cc and 400cc, June sales were 62,000 units, up 16.4% year-on-year and 22.8% month-on-month. Cumulative sales for the first half were 272,000 units, up 2.7% year-on-year.

For displacement between 400cc and 500cc, June sales were 25,000 units, down 1.5% year-on-year and up 0.1% month-on-month. Cumulative sales for the first half were 109,000 units, down 15.3% year-on-year.

For displacement between 500cc and 800cc, June sales were 21,000 units, down 1.7% year-on-year and 6.1% month-on-month. Cumulative sales for the first half were 105,000 units, up 11.8% year-on-year.

For displacement above 800cc, June sales were 4,700 units (including approximately 1,000 units each from CFMOTO and Loncin), surging 101.5% year-on-year and 35.4% month-on-month. Cumulative sales for the first half were 20,000 units, up 41.6% year-on-year.

The research note views the overall performance of mid-to-large displacement motorcycle sales in June as strong. Looking ahead to 2026, with a continuously enriched product supply and leading manufacturers like CFMOTO, Loncin, and Qianjiang Motorcycle focusing on export operations, both domestic and export sales for mid-to-large displacement motorcycles are expected to grow in tandem.

Competitive Landscape: Leading Firms Maintain Strong Market Share

The top three companies by sales volume for motorcycles above 250cc in June were CFMOTO, Loncin, and Qianjiang Motorcycle, with a combined CR3 market share of 48.1%. The cumulative CR3 market share for the first half was 49.2%, an increase of 2.6 percentage points from the full year 2025.

CFMOTO sold 23,000 units above 250cc in June, up 5% year-on-year, with a market share of 20.2%, down 4 percentage points month-on-month. Its cumulative market share for the first half was 21.5%, up 1.7 percentage points from the full year 2025.

Loncin sold 17,000 units above 250cc in June, up 15% year-on-year, with a market share of 15.2%, up 0.1 percentage points month-on-month. Its cumulative market share for the first half was 16.7%, up 1.8 percentage points from the full year 2025.

Qianjiang Motorcycle sold 14,000 units above 250cc in June, up 24% year-on-year, with a market share of 12.6%, up 1.9 percentage points month-on-month. Its cumulative market share for the first half was 11.1%, down 0.9 percentage points from the full year 2025.

CFMOTO: Robust Growth in Two-Wheelers and ATVs, Product Mix Upgrades

Data shows CFMOTO's total two-wheeler sales in June were 133,000 units, up 141.2% year-on-year and 14.2% month-on-month. This included 44,000 fuel-powered motorcycles, up 78.2% year-on-year but down 2.2% month-on-month, and 89,000 ZEEHO electric motorcycles, up 191.4% year-on-year and 24.4% month-on-month. The company's cumulative two-wheeler sales for the first half were 486,000 units, up 82.5% year-on-year.

All-Terrain Vehicle (ATV) export sales were 30,000 units in June, up 68.8% year-on-year and 16.5% month-on-month. Cumulative ATV sales for the first half were 126,000 units, up 46.7% year-on-year.

For mid-to-large displacement motorcycles, sales above 250cc were 23,000 units in June, up 5.2% year-on-year but down 7.1% month-on-month. Cumulative sales for the first half were 109,000 units, up 0.5% year-on-year.

By region for two-wheelers, exports in June were 17,000 units, up 26.6% year-on-year but down 11.1% month-on-month. Cumulative exports for the first half were 87,000 units, up 22.5% year-on-year. Domestic sales in June were 116,000 units, soaring 177.3% year-on-year and up 19.1% month-on-month. Cumulative domestic sales for the first half were 399,000 units, up 104.4% year-on-year.

By displacement for two-wheelers, sales between 200cc and 250cc were 6,000 units in June, up 191.0% year-on-year but down 70.5% month-on-month. Cumulative sales for the first half were 29,000 units, up 16.3% year-on-year. Sales between 250cc and 400cc were 400 units in June, down 60.9% year-on-year and 56.2% month-on-month. Cumulative sales for the first half were 4,000 units, down 34.4% year-on-year. Sales between 400cc and 500cc were 16,000 units in June, up 25.8% year-on-year and 2.8% month-on-month. Cumulative sales for the first half were 71,000 units, up 4.0% year-on-year. Sales between 500cc and 800cc were 5,000 units in June, down 34.8% year-on-year and 19.0% month-on-month. Cumulative sales for the first half were 27,000 units, down 22.4% year-on-year.

Looking ahead for CFMOTO's two-wheelers, key growth drivers are seen in two areas. Domestically, the focus is on new models above 500cc, including the 800MT-ES, 500SR, 550CL-C, 675SR, and 1000MT-X, whose impact on sales is anticipated. For exports, after solidifying its position in the overseas ATV market since 2021, the company is accelerating its expansion into overseas two-wheeler markets, opening a new growth frontier. Export sales for 2022, 2023, 2024, and 2025 were 46,000, 75,000, 126,000, and 146,000 units respectively, with year-on-year growth of 72.0%, 63.4%, 66.6%, and 16.4%. For 2026, leveraging product strengths and a richer model lineup, the firm expects exports to maintain a high growth rate.

Loncin: Deep Expertise in Exports, VOGE Brand Gains Momentum

Data shows Loncin sold 17,000 motorcycles above 250cc in June 2026, up 15.2% year-on-year and 12.0% month-on-month. Cumulative sales for the first half were 84,000 units, up 24.7% year-on-year.

Exports for this category in June were 8,000 units, down 3.9% year-on-year but up 0.2% month-on-month. Cumulative exports for the first half were 48,000 units, up 13.1% year-on-year, with exports of models above 800cc remaining strong at 1,339 units.

The company has decades of experience in motorcycle exports. Its VOGE brand, after five years of development, has grown into a leading domestic brand for recreational and sports motorcycles. VOGE primarily targets the high-end motorcycle market and has launched several popular models in recent years, such as the CU525, DS525X, SR250GT, and DS900, currently positioning it in a strong product cycle phase.

Qianjiang Motorcycle: Enhanced Product Definition, Exports Provide New Impetus

Data shows Qianjiang Motorcycle sold 38,000 units in June 2026, up 9.8% year-on-year and 10.2% month-on-month. Cumulative sales for the first half were 180,000 units, down 11.4% year-on-year.

For mid-to-large displacement motorcycles, sales above 250cc were 14,000 units in June, up 24.4% year-on-year and 31.2% month-on-month. Cumulative sales for the first half were 56,000 units, down 19.6% year-on-year.

By region, exports in June were 26,000 units, up 22.9% year-on-year and 19.6% month-on-month. Cumulative exports for the first half were 119,000 units, up 26.7% year-on-year. Domestic sales in June were 12,000 units, down 11.6% year-on-year and 6.4% month-on-month. Cumulative domestic sales for the first half were 61,000 units, down 44.2% year-on-year.

The company's product definition capabilities have improved significantly. In September 2025, its QJMOTOR brand debuted independently, holding a strategic launch event before the motorcycle exhibition to introduce a new matrix of models covering six categories including street bikes, cruisers, and sport bikes. For the full year, the launch of flagship models like the Zhui 921 street bike and the Shan 600 V4 are expected to sustain the product cycle.

Risk Factors

Potential risks include a decline in demand for mid-to-large displacement motorcycles, tightening restrictions or bans on motorcycle use, and intensified market competition.