CLEVELAND, Jan. 22, 2021 /PRNewswire/ — 2020 was a rocky 12 months for the US motorcycle market as the effects of the COVID-19 pandemic induced total revenue to tumble. But there have been also silver linings:
- Unlike substantially of the relaxation of the planet, in the US, motorcycles, scooters, mopeds, and e-bikes are generally viewed as leisure – or “transpotainment” – cars, usually bought by hobbyists and regarded as a exciting way to get from place to location relatively than as a key mode of personal transportation.
- Expending on big-ticket goods like bikes plummeted together with customer incomes in the initially section of 2020 with the onset of the pandemic.
- Even so, selected segments of the motorbike market offered unpredicted around-term growth and ample option for extended-time period expansion, triggering market place leaders to pivot their concentration and recalibrate their procedures.
Freedonia analyst Gleb Mytko explains: “The COVID-19 pandemic impacted virtually every thing in the US two-wheeler market place, from world offer chains to the functions of vendors. As shoppers altered to new realities, nonetheless, they lessened use of public transportation and experience sharing solutions, and pursued new types of recreation. In flip, the US saw fascination in bicycles, e-bikes, scooters, mopeds, and bikes surge. This peak in consumer fascination coincided with the introduction of the subsequent generation of two-wheelers, created on additional than a decade of technological innovation. Opportunity prospective buyers in the US – including both of those new and knowledgeable riders – ended up fulfilled with an array of captivating alternatives at numerous different price points, letting them to discover the design that meets all of their demands.”
US Bike Sales Predicted to Method $6 Billion in 2024
Need for bikes in the US is projected to expand 5.4% for each year to around 1. million units in 2024, aided by surging e-bike and electric bike and scooter profits. For a lot more information and facts, see World-wide Motorcycles, now out there from The Freedonia Group.
About The Freedonia Team – The Freedonia Group, a division of MarketResearch.com, is a major international industrial investigation organization publishing a lot more than 100 experiments per year. Considering the fact that 1985 we have supplied investigation to shoppers ranging in dimension from global conglomerates to one particular-man or woman consulting firms. Far more than 90% of the industrial companies in the Fortune 500 use Freedonia Group study to aid with their strategic setting up. Every single research incorporates product or service and current market analyses and forecasts, in-depth discussions of essential marketplace trends, and sector share details. Scientific studies can be procured at www.freedoniagroup.com and are also obtainable on www.marketresearch.com and www.profound.com.
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Resource The Freedonia Team