Revenue and motorcycles sales have fallen at Harley-Davidson in 2017. The company is struggling to find a new market for their heavyweight motorcycles and plans to appeal to young riders, women, and minorities to retain market share in the future.
Revenue fell 9 percent to $1.2 billion the third quarter, and worldwide sales fell 6-8 percent to 241,000-246,000 motorcycles. The company is struggling to attract new buyers to replenish an aging rider base concentrated in the United States where they face increased competition, softer consumer demand, and a growing used motorcycle market that hurts sales. Bear in mind that Harley’s historic market dominance in the U.S. means that they have nowhere to go but down in the face of increased competition from international retailers and upstart rivals like Polaris. That said, the company doesn’t plan to take losing market share lying down. Harley wants to add 2 million new riders in the U.S. over the next ten years and grow international sales to 50 percent of their total annual volume with new marketing strategies and models aimed at youth, female riders, and minorities.
Responding to concerns voiced by analyst this quarter, the motorcycle maker stated that U.S. market share increased in the previous quarter and declining sales were ahead of the industry.