Introduction to the Keys Motorcycle Bra
The Keys Motorcycle Bra represents an innovative approach to protecting motorcycles while enhancing their aesthetic appeal. With two issued U.S. patents (6,923,489 and 6,951,361) titled “Motorcycle Protective Cover,” this product is a testament to elegant simplicity.
The motorcycle bra is designed for easy attachment and removal, and its compact, lightweight nature ensures convenient on-board storage. The patents cover protection for a motorcycle’s fairing, including the upper/lower cowling and fender.
The inventor also possesses valuable “know-how” related to the construction and manufacturing of motorcycle fabric covers adaptable to various bike models.
The concept of the motorcycle bra arose from the observation that consumers are willing to invest in protecting their automobiles. Similarly, the public is likely to invest in safeguarding a luxury item like a sports motorcycle, which is often a symbol of status and personal style.
The Keys Motorcycle Bra not only provides essential protection for these prized possessions but also offers enthusiasts a way to display their affiliations or “colors.”
This commercialization plan aims to identify the market attributes that will guide the licensing strategies for promoting the Keys Motorcycle Bra to potential industry partners. It will also estimate the economic potential of the invention, including projected royalty income for the inventor.
Market Overview
The motorcycle market has seen significant growth, with a 34% increase in the number of motorcycles in use in the United States since 1998, according to the Motorcycle Industry Council (MIC).
By 2004, the number of motorcycles in use had risen to approximately 8.8 million, with new unit sales reaching 1.05 million that year.
While overall motorcycle sales have been robust, the hottest selling segment has been Naked-Bikes, high-performance sport bikes stripped of large fairings.
Sales of Naked-Bikes surged by 111% from 1998 to 2002, while sport bike sales rose by 88% during the same period. This trend poses a challenge for the Keys Motorcycle Bra, as Naked-Bikes lack the necessary fairings for the product.
However, sport bike owners, who often invest heavily in aftermarket products, represent a promising market segment. Explore the key challenges of commercialization to navigate similar obstacles effectively.
Key industry trends that could impact the success of the Keys Motorcycle Bra include:
– Women now constitute nearly 10% of motorcycle owners.
– Approximately 43% of all motorcycles in use in 2003 were purchased new.
– Median household income of motorcycle owners exceeds that of the general U.S. population.
– The median age of a rider is 42, with 29% holding college degrees.
– Harley-Davidson riders are more likely than sport bike riders to invest in accessories for their motorcycles.
Given these trends, understanding the market segmentation and targeting the right audience will be crucial for the successful commercialization of the Keys Motorcycle Bra.
Target Market & Segmentation
To effectively commercialize the Keys Motorcycle Bra, the market must be segmented by product class, such as sport bikes, touring bikes, and Naked-Bikes.
Further segmentation should consider regional preferences, manufacturing practices, and distribution channels.
For instance, Harley-Davidson riders are three times more likely than sport bike riders to own clothing or artwork displaying their motorcycle brand. Harley riders also tend to invest in custom parts that enhance the look of their bikes, while sport bike riders prioritize performance equipment.
This suggests that the sport bike market, while challenging, offers significant potential for the Keys Motorcycle Bra if positioned correctly.
The Motorcycle Industry Council (MIC) reported that sport bike owners spend significantly more on aftermarket purchases, including accessories and riding apparel.
This finding indicates that the Keys Motorcycle Bra could be marketed not only as a protective cover but also as a performance-enhancing product that aligns with the identity of sport bike riders.
In 2005, the U.S. market share for motorcycle manufacturers was as follows:
– Honda: 27.4%
– Harley-Davidson: 23.7%
– Yamaha: 17.4%
– Suzuki: 10.8%
– Kawasaki: 8.7%
Given that sport bikes account for roughly 25% of all motorcycle sales, the Keys Motorcycle Bra has the potential to reach a significant market.
With an estimated 1 million motorcycle units sold annually and a 25% sport bike share, the unit potential for the Keys Motorcycle Bra could reach 250,000 units per year.
Additionally, considering the installed base of 8.8 million motorcycles in the U.S., with a conservative estimate that 10% are sport bikes, the product’s unit potential from the installed base could be 880,000 units.
To maximize market penetration, the commercialization strategy should focus on regions with the highest motorcycle market shares, such as California, Ohio, and Florida.
These regions also host numerous bike shows, rallies, and conferences, providing ideal opportunities for test marketing the Keys Motorcycle Bra.
Commercialization Strategy
1. Licensing Strategy
The commercialization of the Keys Motorcycle Bra hinges on an effective licensing strategy tailored to different market segments, including Original Equipment Manufacturers (OEMs), aftermarket manufacturers, and distributors.
Platform I: OEM Licensing
Motorcycle OEMs primarily focus on manufacturing engines and bike components, often outsourcing the production of accessories to third-party vendors.
Licensing the Keys Motorcycle Bra to an OEM could simplify the commercialization process, as the OEM would control the entire value chain, from production to retail sales. This end-to-end control offers reliability and stability in market and revenue planning.
Approach:
– Direct pitch to OEM Marketing and New Product Development Managers.
– Gain endorsements from customers and dealerships by demonstrating the product.
– Highlight the revenue potential, brand marketing opportunities, and market statistics indicating the product’s potential uptake.
Mode and Terms:
– Allow for an option period to test market the technology (1 to 1.5 years).
– Offer non-exclusive licenses to maximize market reach and reduce risk.
2. Aftermarket and Distributor Licensing
Aftermarket manufacturers and distributors represent another potential licensing opportunity for the Keys Motorcycle Bra. These companies typically focus on producing and distributing accessories for various bike models, making them well-suited to introduce the Keys Motorcycle Bra to the market.
Approach:
– Identify key aftermarket players through telemarketing or list purchases.
– Emphasize the product’s uniqueness and potential to capture a niche market.
– Leverage existing distribution channels to increase market penetration.
Mode and Terms:
– Offer non-exclusive licenses to encourage widespread adoption.
– Consider exclusive licensing only if interest from potential licensees is low.
Income Projections
The income potential for the Keys Motorcycle Bra can be derived from the estimated unit sales in both the new and installed base markets. With a potential market of 250,000 new units per year and an additional 880,000 units from the installed base, the total unit potential could exceed 1 million units.
Assuming a conservative royalty rate and market penetration, the projected royalty income could be substantial. However, these projections are contingent on successfully securing licensing agreements and achieving market acceptance. For more insights into developing effective strategies, read our article on commercialization strategies.
Conclusion
The Keys Motorcycle Bra presents a unique opportunity to tap into the growing motorcycle market, particularly within the sport bike segment.
By targeting the right market segments and employing a strategic licensing approach, the product has the potential to achieve significant commercial success.
The key to realizing this potential lies in effectively positioning the product as both a protective and performance-enhancing accessory that resonates with the identity of motorcycle enthusiasts.