‘Transpotainment’ Trends Buoy Flailing Motorcycle Revenue In the course of COVID-19 Pandemic
CLEVELAND, Jan. 22, 2021 /PRNewswire/ — 2020 was a rocky 12 months for the US bike industry as the results of the COVID-19 pandemic induced all round revenue to tumble. But there were also silver linings:
- Unlike substantially of the rest of the planet, in the US, motorcycles, scooters, mopeds, and e-bikes are generally thought of leisure – or “transpotainment” – automobiles, generally obtained by hobbyists and regarded as a pleasurable way to get from position to place alternatively than as a key mode of particular transportation.
- Shelling out on massive-ticket objects like motorcycles plummeted along with purchaser incomes in the 1st component of 2020 with the onset of the pandemic.
- On the other hand, sure segments of the motorcycle industry delivered unanticipated in close proximity to-term expansion and enough opportunity for extended-phrase expansion, producing sector leaders to pivot their focus and recalibrate their strategies.
Freedonia analyst Gleb Mytko clarifies: “The COVID-19 pandemic impacted pretty much almost everything in the US two-wheeler current market, from world-wide supply chains to the functions of shops. As individuals modified to new realities, even so, they lowered use of general public transportation and experience sharing expert services, and pursued new forms of recreation. In change, the US saw fascination in bicycles, e-bikes, scooters, mopeds, and bikes surge. This peak in buyer desire coincided with the introduction of the subsequent era of two-wheelers, crafted on extra than a decade of technological innovation. Potential buyers in the US – which includes both of those new and skilled riders – have been achieved with an array of desirable choices at lots of distinct value points, enabling them to locate the design that satisfies all of their demands.”
US Motorcycle Income Predicted to Strategy $6 Billion in 2024
Demand for bikes in the US is projected to expand 5.4% for every 12 months to above 1. million models in 2024, aided by surging e-bike and electric powered motorcycle and scooter gross sales. For much more information and facts, see Global Motorcycles, now readily available from The Freedonia Group.
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