CLEVELAND, Jan. 22, 2021 /PRNewswire/ -- 2020 was a rocky year for the US motorcycle industry as the effects of the COVID-19 pandemic caused overall sales to tumble. But there were also silver linings:
- Unlike much of the rest of the world, in the US, motorcycles, scooters, mopeds, and e-bikes are generally considered recreational – or "transpotainment" – vehicles, typically purchased by hobbyists and regarded as a fun way to get from place to place rather than as a primary mode of personal transportation.
- Spending on big-ticket items like motorcycles plummeted along with consumer incomes in the first part of 2020 with the onset of the pandemic.
- However, certain segments of the motorcycle market provided unexpected near-term growth and ample opportunity for long-term expansion, causing market leaders to pivot their focus and recalibrate their strategies.
Freedonia analyst Gleb Mytko explains: "The COVID-19 pandemic impacted virtually everything in the US two-wheeler market, from global supply chains to the operations of retailers. As consumers adjusted to new realities, however, they reduced use of public transportation and ride sharing services, and pursued new forms of recreation. In turn, the US saw interest in bicycles, e-bikes, scooters, mopeds, and motorcycles surge. This peak in consumer interest coincided with the introduction of the next generation of two-wheelers, built on more than a decade of technological innovation. Potential buyers in the US – including both new and experienced riders – were met with an array of appealing options at many different price points, allowing them to find the model that meets all of their needs."
US Motorcycle Sales Expected to Approach $6 Billion in 2024
Demand for motorcycles in the US is projected to grow 5.4% per year to over 1.0 million units in 2024, aided by surging e-bike and electric motorcycle and scooter sales. For more information, see Global Motorcycles, now available from The Freedonia Group.
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SOURCE The Freedonia Group