Motorcycle Market Report Essay Example | Topics and Well Written Essays - 750 words

Motorcycle Market Report - Essay Example The recent trends in the motor bike industry suggest that the industry is shifting towards achieving more individualization or customization into the motor bikes offered to the customers. This customization comes in many forms. Therefore accessory offered by me is of really great value and according to the recent market trend. "The $14.6 billion* U.S. market for motorcycles is set to see its 13th consecutive growth year with the support of a key consumer bloc. Baby boomers are heading out on the highway in droves. Motorcycles, including cruisers, sport bikes, touring and dirt bikes accounted for nearly 91% of motorcycle sales in 2004 and scooters, standard bikes and dual-purpose bikes accounted for the rest of the market. All segments have experienced a boost in 2005 and through 2006, due to skyrocketing gas prices, bringing more cycle devotees into the core user group and further changing the face of the motorcycle consumer. In 2003, there were 8.8 million motorcycles in operation in the United States, or 3 motorcycles for every 100 persons. Of those, 6.9 million were used on public roads and highways, and 2.4 million were used off-road, these figures also include 500,000 dual-bikes, which are designed for use on public roads and for off-highway recreational purposes.*" (http://www.tank-sports.com) Heated grips work as a "flexible, adhesive, wrap-around heating element with printed-circuit-type elements that fit between the handlebar and grip, keeping your digits from turning into frozen turkey feet of limited utility during cold weather rides.. "(http://www.aerostich.com) C) The market for allied accessories are high as the trends for customization are increased. It has been observed that the there exists different markets for bikes of different classes. The demand for such luxury individualized bikes are such that it has now transformed itself into a luxury business. It must also be noted that the market for accessories also depends upon what kind of luxury is customer ordering. The new trends in the market suggest that the customers prefer various chracterstics. If a customer require speed, the chasis built on the bikes could be light with some extensions in steerings of the bike whereas those prefer long journey can have heated seats with extra cushions so that the journey become more swift and trouble free. The market is growing as many research studies have suggested that the average income in the industry of the end users is increasing . A study suggest following "The average motorcycle rider was a 38-year-old married male with a college education earning $44,250 per year, according to Irwin Broh & Associates's 1998 survey. More than a third of motorcycle owners surveyed earned at least $50,000 per year, up from 20 percent in 1990. This profile represented an increase from just two years earlier, when the average motorcycle owner was 32 years old, with a median household income of $33,100, according to the Motorcycle Statistical Annual 1996. These older, more affluent riders of 1998 could afford heavier, more comfortable, more expensive motorcycles. Also, the ranks of women motorcyclists continued to grow in the 1990s, rising from 6.4 percent of riders in 1990 to 8.2 percent in 1998." (http://www.answers.com) Thus the average spending on