There are several factors that have contributed to Harley-Davidson's decline, beyond just price. Some of the key factors include:
Changing Demographics: Harley-Davidson has traditionally been associated with an older demographic, and the company has struggled to attract younger riders. Younger generations have shown different preferences when it comes to transportation and leisure activities, which has led to a decline in interest in motorcycles overall.
Increased Competition: The motorcycle market has become increasingly competitive with the entry of new players offering a wider range of options. Other motorcycle manufacturers, both domestic and international, have been able to capture market share by offering more affordable and diverse motorcycles, appealing to a wider range of riders.
Product Perception: Harley-Davidson has often been associated with heavyweight cruisers and a certain image of "biker culture." While this has been appealing to a dedicated fanbase, it has also created a perception that Harley-Davidson motorcycles are less suitable for everyday commuting or for riders looking for a more agile and versatile riding experience. This perception has limited their appeal to a broader audience.
Economic Factors: Harley-Davidson's decline has been influenced by economic factors such as the global recession in 2008, which affected consumer spending and led to a decline in motorcycle sales. Additionally, tariffs and trade disputes have impacted the company's profitability and ability to expand into international markets.
Brand Relevance: Some argue that Harley-Davidson has struggled to evolve its brand and product offerings to align with changing consumer preferences and societal trends. The company's efforts to introduce smaller displacement motorcycles and electric models, like the LiveWire, have been met with mixed reviews, and it has taken time for these new offerings to gain traction.
It's important to note that these factors are not exclusive to Harley-Davidson and have affected the motorcycle industry as a whole. The company has recognized the need for change and has implemented strategies to address these challenges, including expanding its product lineup and focusing on attracting new riders.