‘Transpotainment’ Traits Buoy Flailing Motorbike Gross sales Throughout COVID-19 Pandemic
CLEVELAND, Jan. 22, 2021 /PRNewswire/ — 2020 was a rocky year for the US bike business as the consequences of the COVID-19 pandemic triggered total gross sales to tumble. However there have been additionally silver linings:
- In contrast to a lot of the remainder of the world, within the US, bikes, scooters, mopeds, and e-bikes are typically thought of leisure – or “transpotainment” – autos, sometimes bought by hobbyists and considered a enjoyable strategy to get from place to position fairly than as a main mode of non-public transportation.
- Spending on big-ticket gadgets like bikes plummeted together with shopper incomes within the first a part of 2020 with the onset of the pandemic.
- Nevertheless, sure segments of the bike market offered surprising near-term development and ample alternative for long-term enlargement, inflicting market leaders to pivot their focus and recalibrate their methods.
Freedonia analyst Gleb Mytko explains: “The COVID-19 pandemic impacted nearly every part within the US two-wheeler market, from world provide chains to the operations of shops. As customers adjusted to new realities, nonetheless, they lowered use of public transportation and experience sharing companies, and pursued new types of recreation. In flip, the US noticed curiosity in bicycles, e-bikes, scooters, mopeds, and bikes surge. This peak in shopper curiosity coincided with the introduction of the following technology of two-wheelers, constructed on greater than a decade of technological innovation. Potential patrons within the US – together with each new and skilled riders – had been met with an array of interesting choices at many various value factors, permitting them to seek out the mannequin that meets all of their wants.”
US Motorbike Gross sales Anticipated to Method $6 Billion in 2024
Demand for bikes within the US is projected to develop 5.4% per 12 months to over 1.0 million items in 2024, aided by surging e-bike and electrical bike and scooter gross sales. For extra data, see Global Motorcycles, now accessible from The Freedonia Group.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a number one worldwide industrial analysis firm publishing greater than 100 research yearly. Since 1985 we have now offered analysis to prospects ranging in dimension from world conglomerates to one-person consulting companies. Greater than 90% of the commercial corporations within the Fortune 500 use Freedonia Group analysis to assist with their strategic planning. Every examine contains product and market analyses and forecasts, in-depth discussions of vital business developments, and market share data. Research may be bought at www.freedoniagroup.com and are additionally accessible on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group