The UK’s bike market is booming. Between 2015 and 2020, the decline of motorcycle sales seen in the first part of the 2010s was reversed, with expenditure almost doubling, according to Statista figures. More of us are loving two-wheel transport, but what’s behind motorcycling’s change of fortune?
The growth of the electric market
Part of the growth we can see is due to the increased popularity of e-scooters, which has seen huge growth over the past few years. Globally, the electric scooter market is likely to reach $22.1 billion by 2025, thanks to a compound annual growth rate (CAGR) of 6.5%, according to Reportlinker.
This increase is due to the ever-dropping cost of battery technology and the improvements in charging infrastructure that are sweeping through economies across the globe. And as consumers look for ways to reduce their carbon footprints to combat climate change, green electric scooters and bikes are being seen as the smart way forward.
It will be interesting to see how scooter insurers tackle this trend, as many e-scooters exist within a legal grey area – they are popular with young people and often seen as toys, despite being illegal to ride on public highways without a driver’s license. More must be done by insurers and the authorities in order to illuminate e-bikers’ legal obligations.
A naked boom
The rising motorbike, moped, and scooter usage has been driven in part by naked bikes such as the Kawasaki Z H2, Ducati Streetfighter, and Yamaha MT-10, according to Statista. These agile, aggressive, and supremely nippy models are excellent all-rounders, providing power out in the countryside and a great ride in more restricted city traffic.
The pandemic
According to Motor Cycle Industry Association (MCIA) statistics, lockdown saw a huge boom in bike registrations, with September 2020 numbers being 11.8% higher than September 2019, and sales between June and July 2020 increasing by 41.9%.
This huge jump can be seen as reflecting the widespread closure of public transport during the COVID-19 pandemic, and the general fear of public transport that spread through society, with commuters purchasing low-cost motorbikes in order to get to and from work safely.
We can see this trend continuing into 2021 too. Cheaper, smaller-engine bikes such as 0-50cc and 51-125cc continue to rocket upward this year, even as overall sales have calmed. This may also be due to the exceptionally long examination waiting lists for car drivers, with younger people opting for bikes instead.
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