Around the world, many industries are struggling. Whether they are struggling to sell their products or to meet demand due to supply limitations caused by the COVID-19 pandemic, it’s clear that economies are suffering in many ways.
Motorcycle sales in the U.S., however, are booming.
What is it that has allowed this sector to keep sales strong throughout a difficult period? Will that boom continue throughout 2021? Take a closer look and learn more about this unique industry strength today.
The Motorcycle Boom: What’s Going On?
Hearing that motorcycle sales have been strong throughout 2020 and continue to remain strong in 2021 has many people wondering: what’s going on?
Looking abstractly at the effects of the COVID-19 pandemic on the worldwide economy has many feeling like most industries must be suffering. However, that’s not always true.
A variety of industries have been able to keep sales consistent or see significant growth. Most of these areas are those most closely linked with people staying home, such as furniture, desks, computer equipment.
How did motorcycles make it into this mix?
We likely won’t have exact or detailed research on this for at least a few more months, but there have been a number of reasons proposed for why this surge is happening now.
People Want A New Activity
Whether previously interested in motorcycling or just curious, Motorcycle Safety Lawyers explain that many people were looking for a new activity to enjoy safely during the lockdown. Being at home for months on end with few ways to get out and do something new led many people to explore the idea of getting a motorcycle.
Even those that already owned motorcycles may have felt like it was a great time to buy a new ride and get used to it while the roads were less busy.
People picked up many different types of activities and hobbies to pass the time during the worst of the pandemic. Those hobbies are continuing to be of interest even as things start to open up again.
First Time Riders
First-time riders weren’t just interested because they were bored, but they realized that the situation around the world made it an ideal time to learn. With fewer cars on the roads and more time to practice a new skill, it made for a great time to learn to ride a motorcycle.
Additionally, many realized during COVID-19 that the cost to buy a motorcycle wasn’t as much as they initially thought.
Those that didn’t lose their jobs or see pay cuts during the pandemic actually had some additional funds to spend from spending less time out or traveling. While this certainly wasn’t everyone or even a majority, some people were able to purchase a motorcycle for this reason.
Beyond Highway Bikes
Riding a bike goes beyond just riding on the highway, and many companies saw a surge in their off-road vehicle sales as well. From ATVs to dirt bikes to other types of two-wheeled vehicles, sales surged there, too.
Getting to adventure outdoors without being in dense, populated areas is a huge draw for many people to the world of motorized bikes. 2020 made people seek these types of activities more than in the past, which helped to equalize sales for many motorcycle companies.
Strong U.S. Recovery
As the U.S. steadily sees vaccination rates climbing and things opening back up, business as usual can continue at many motorcycle companies. Some are located in areas that were not subject to long, strict lockdowns, allowing them to keep producing at record rates.
The strong recovery of jobs in the U.S. in this sector shows that the motorcycle industry continues to boom as we enter 2021.
A Closer Look At The Growth
When market analysts say that the motorcycle industry is booming in the U.S., what do they mean?
Many industries saw huge losses in 2020 either due to supply constraints or limited sales, but that wasn’t the case for the motorcycle industry. By the end of 2020, sales were not far off from what was expected at the end of 2019.
Sales did not break year-long records, but they didn’t drop drastically. Drastic drops were seen in many industries, but motorcycle sales remained strong enough to keep things flat-lined as growth stayed consistent throughout the year.
Is this growth expected to continue into 2021?
Studies show that this is already happening. As interest rates on loans remain low, used vehicles remain in low supply, and the demand for motorcycles continues to rise, sales keep surging. Most U.S.-based motorcycle companies expect 2021 to be another strong year for their sales.
However, only time will tell if that prediction comes true for sellers or not. The effects of shipping on supply, for example, could alter things completely. By the end of 2021, it will be interesting to see what comes next.