Investment Rating - The report does not explicitly provide an investment rating for the electric two-wheeler mid-motor industry Core Insights - The electric two-wheeler mid-motor industry is characterized by high technical, customer, and brand barriers, with significant growth driven by China's population dividend, urbanization, and national policies promoting electric bicycle replacements [1][7][10] - The market for electric two-wheeler mid-motors is expected to grow from 1.71 billion RMB in 2020 to 4.86 billion RMB by 2024, with a compound annual growth rate (CAGR) of 29.77% [31] - The logistics and delivery industry is rapidly developing, creating new demand for electric two-wheelers and mid-motors [34] Industry Definition - Electric two-wheelers include electric bicycles, electric motorcycles, electric scooters, and electric assist bicycles as defined by Chinese standards [2] Industry Classification - Electric two-wheeler mid-motors can be classified into coaxial mid-motors and parallel shaft mid-motors based on their structure and shape [4][5][6] Industry Characteristics - The industry features high technical barriers due to its interdisciplinary nature, high customer barriers due to the close collaboration between brand manufacturers and suppliers, and high brand barriers due to the critical role of the drive system in user experience [7][8][9][10] Development History - The industry has evolved from the late 19th century with significant milestones in the 1990s and 21st century, leading to the establishment of several key players in the market [11][12][13][14] Industry Chain Analysis - The upstream of the mid-motor industry includes raw materials such as magnetic steel and stators, while the midstream involves manufacturing, and the downstream consists of electric two-wheeler production [16][21][22][25] Market Size and Growth - The market size is projected to grow significantly, with a forecast of reaching 16.42 billion RMB by 2029, driven by factors such as population growth, urbanization, and government policies [31][32][33] Competitive Landscape - The competitive landscape is dominated by international players like Bosch, Shimano, and Yamaha in the high-end market, while domestic companies like Anada and Bafang are gaining market share in the mid to low-end segments [40][41][42][44] Future Opportunities - The increasing demand for electric assist bicycles and the expansion of logistics services present significant growth opportunities for the mid-motor industry [35][45]