4 Reasons Households Are Increasing in Motorcycle Ownership
Do you have a feeling that motorcycle numbers are on the rise on U.S roads? Well, your observation is not wrong. Statistics show that the number of American households that own Motorcycles shot up by 8% in 2018. Unfortunately, this has also led to an increase in motorcycle-related fatalities. According to the Dominguez firm’s Los Angeles motorcycle accident lawyers, motorcycle accidents are commonplace. That’s because there is a societal perception that motorcycle riders are adrenaline junkies who don’t care. But that aside, why is motorcycle ownership rising in the U.S? Here are 4 reasons households are increasing in Motorcycle ownership.
1. Incomes Are Rising Again
One of the reasons why people acquire motorcycles and other non-essential items is higher income levels. The U.S economy has been on a growth trajectory for close to a decade now. The number of unemployed people has declined significantly, and was at its lowest in Q4 of 2018. With incomes on the rise, people are likely to spend more on non-essentials, and Motorcycles are among them. This explains why the number of motorcycle owners has increased. If the U.S economy continues on a growth path in 2019, chances are, the number of households with motorcycles will also grow.
2. A growing Need for Convenience
Traffic is a key source of concern in most major cities all across the world, and with growth in populations, this problem will only become more complex. This may explain why young people looking for convenience are turning more to motorcycles. Motorcycles are convenient because they are not affected by traffic jams. That’s because a motorcycle can easily navigate through traffic, which makes it convenient as a mobility tool in major cities in the U.S.
3. Fuel Efficiency
Oil prices have been quite volatile in the last couple of years. To deal with this problem, consumers are turning to more fuel-efficient means of transportation. That’s why ride-sharing apps, electric cars, and motorcycles have been on a growth trajectory. The average motorcycle is fuel efficient, which makes it a perfect choice for saving on fuel. Going forward, the number of households buying motorcycles are likely to increase. With uncertainties in major oil-producing countries like Venezuela, oil prices could rise again this year. This could push more people into efficient modes of transport, including motorcycles.
4. Demand by the Younger Generation
Unlike in the past, income levels amongst the younger generations are in decline. According to a research by the National Bureau of Economic Research (NBER), most young people in the U.S are worse off compared to their parents’ generation. This means that it is getting harder for them to acquire conveniences that their parents could afford in their youth. This also explains why they are turning to cheaper options like motorcycles. With a motorcycle, it is easy for a young person to juggle college and work without spending too much on fuel and the initial cost of purchase.