US Motorcycles Market Report 2022

Overview

• What you need to know
• This Report looks at the following areas
• Definition
• Market context

Executive Summary

• Top takeaways
• Market overview
  • Figure 1: Motorcycle outlook, 2022-27
• Opportunities and challenges
• Depressed consumer confidence drives consumers away from larger purchases
• Electric motorcycles present opportunity moving forward
• Provide an omnichannel experience for consumers
• Key consumer insights
• Millennials are the most active current owners and prospective consumers
• Gen Z indicates the most limited ownership; presents opportunity
• Connect with consumers across channels
• Provide easy access to range of product and brand information
• Majority of consumers consider sport bikes, but there is still interest in variety
• Owners display a degree of curiosity in their next purchase

Market Factors

• Suppressed consumer confidence drives consumers to be more critical of their spending
  • Figure 2: Consumer Sentiment Index, 2007-22
  • Figure 3: Consumer Price Index change from previous period, 2007-22
• Gas prices push consumers to look to other modes of transportation
  • Figure 4: US gasoline and diesel retail prices, 2007-22
• Growing multicultural populations present opportunity
• Licensing presents a potential barrier
• Gen X, Baby Boomers move away from motorcycle ownership

Competitive Strategies and Market Opportunities

• Harley-Davidson launches certified pre-owned program
• The opportunity: evolve the traditional sales model to extend reach
  • Figure 5: Harley-Davidson launches CPO program
• Honda announces plans to release electric motorcycles
• The opportunity: alternate fuels and technology present an opportunity to reach younger consumers
  • Figure 6: Honda announces plans to introduce electric motorcycles
• Harley-Davidson partners with menswear label Todd Snyder
• The opportunity: explore cross-category partnerships to extend reach and drive appeal
  • Figure 7: Harley-Davidson partners with champion, todd snyder
• Partner with college athletes to drive interest
• Develop short-term or extended rental programs
• Position owning a motorcycle as an experience

The Motorcycle Consumer – Fast Facts

Motorcycle Ownership and Purchase Intent

• Millennial consumers are the most active owners
  • Figure 8: Motorcycle ownership status, by generation, 2022
• Consumers across incomes display interest in both new and used motorcycles
  • Figure 9: Motorcycle acquisition type, by household income, 2022
• More than one third of consumers are planning to purchase a motorcycle; Gen Z, Millennials represent key opportunity
  • Figure 10: Motorcycle purchase intent, by generation, 2022
• Multicultural consumers represent opportunity
  • Figure 11: Motorcycle purchase intent, by gender and ethnicity, 2022

Motorcycle Types – Ownership and Consideration

• Genders indicate differing ownership
  • Figure 12: Harley highlights experiences in “United We Ride”
  • Figure 13: Motorcycle type ownership, by gender, 2022
• Younger consumers represent opportunity with the right approach
  • Figure 14: Motorcycle type consideration, by generation, 2022
• Higher-income consumers are the most interested in electric and hybrid motorcycles
  • Figure 15: Motorcycle type consideration, by household income, 2022
• Area drives consumers’ consideration
  • Figure 16: Motorcycle type consideration, by area, 2022
• Multicultural consumers indicate varying preferences
  • Figure 17: Motorcycle type consideration, by race and Hispanic origin, 2022

Motorcycle Brands – Ownership and Consideration

• Foreign brands are among the most considered; Harley hangs on
  • Figure 18: Motorcycle brand ownership and consideration, 2022
• Consumers’ lifestages drive differing interests
  • Figure 19: Honda highlights its history and offerings
  • Figure 20: Motorcycle brand consideration, by generation, 2022
• Multicultural consumers target particular brands
  • Figure 21: Motorcycle brand consideration, by race and Hispanic origin, 2022

Research Approach

• Consumers take a balanced approach to research
  • Figure 22: Research approach, by generation, 2022
• Consumers are diligent in their research
  • Figure 23: Research resources used, by generation , 2022
• Female consumers are more likely to leverage various resources
  • Figure 24: Research resources used, by gender , 2022
• Higher-income consumers look to get the most out of their investment
  • Figure 25: Lucid’s “Dream Ahead” campaign brings the gallery to the consumer
  • Figure 26: Research approach, by household income , 2022
• • Figure 27: Research resources used, by household income , 2022

Types of Information Researched

• Consumers seek value in their purchase
  • Figure 28: Volvo reaches consumers through Fotografiska museum exhibit
• • Figure 29: Types of information researched, by gender , 2022
• Research areas evolve as consumers age; experience and exposure drive research habits
  • Figure 30: Types of information researched, by generation, 2022
• Black consumers seek quality; Hispanic consumers seek value
  • Figure 31: Types of information researched, by race and Hispanic origin, 2022

Attitudes toward Motorcycle Types and Brands

• Younger consumers are more hesitant toward certain motorcycle types
  • Figure 32: Attitudes toward motorcycles, by gender and generation, 2022
• Women motorcycle owners indicate an openness to other motorcycle types
  • Figure 33: Attitudes toward motorcycle types – Owners, by gender, 2022
• • Figure 34: Attitudes toward motorcycle brands – Owners, by gender, 2022
• Younger consumers can be reached through multiple outlets
  • Figure 35: Attitudes toward motorcycle brands, by generation, 2022

Appendix – Data Sources and Abbreviations

• Data sources
• Consumer survey data
• Abbreviations and terms
• Abbreviations

Appendix – The Consumer

• • Figure 36: TURF Analysis – Research sources, 2022
• • Figure 37: TURF Analysis – Information researched, 2022