Decline in Motorcycle Industry
During the 2022, the market was moderately declining ending the year with 556K (-2.9%). The motorcycle industry has failed to keep up with all the significant shifts in attitude, culture, and priorities. Shares of U.S. market leader Harley-Davidson Inc. HOG, -1.53% have tumbled more than 25% over the past year, with U.S. retail unit sales falling for the past three years.
Reasons for Decline in Motorcycle Popularity
If you’re seeing fewer motorcycles out on the roads near where you live, you may wonder if motorcycles are decreasing in popularity overall across the country. Increased Accident Risk. Another reason few millennials aren’t interested in buying motorcycles is that there are better transportation options available.
Increasing Popularity of Motorcycling
What can be done to increase the popularity of motorcycling and turn around the decline in new bike sales? The motorcycle industry in Australia is going through an extremely tough period. Are motorcycles becoming more or less popular? Motorcycle training builds confidence and improves safety. Balancing motorcycles needs practice. Motorcycles offer less protection in crashes than cars. Newer motorcycle models have more safety features. Inviting more women to ride is an opportunity for growth.