Motorcyclists may be in the minority on UK roads at present, but in the wake of reports that around 1 in 4 families are selling their cars to deal with the cost of living crisis, new research shows motorcycle and moped ownership is trending upwards. Now, Lexham Insurance predicts that as many as 1 million UK households will own motorcycles or mopeds by 2034. Analysing MCIA data and government figures, their team notes that:
- Total two-wheeled vehicle registrations were up 32% on 2021 between January and April this year, with the year to date showing petrol-powered tourers and classics up 23% and 12% respectively, a 20% growth for the electric motorbike market and new scooter registrations up 6% (01/01/22-30/09/22)
- If a 5% average growth across all styles is maintained annually, there will be over 1 million households in possession of motorcycles or mopeds by 2034
- Lexham Insurance has seen a dramatic increase in the number of people looking for motorcycle, moped and scooter insurance this year, and Google search data shows a 26% uplift in motorbike insurance searches between 2021 & 2022
During 2020, government statistics around vehicle ownership estimated that around 1.8% of UK households – approximately 500,400 – owned at least one motorcycle or moped. Following an initial surge in two-wheeled vehicle ownership coming as a result of the pandemic, many had assumed that figures would dip as the UK returned to almost-normal after repeated lockdowns – but a substantial post-lockdown uplift in new registrations now looks like it’s here to stay.
Accounting for typical multi-bike ownership among over 200,000 new motorcycles and mopeds registered between January 2021 and the end of September 2022, alongside scrapping of previously registered models, data now suggests that there are around ~570,000 households in the UK in possession of at least one such vehicle. Moped registrations are up 6% year-on-year, while motorcycle registrations show an average growth of 3.6% to the end of September.
At a 5% annual market growth overall, figures adjusted for multi-bike ownership and scrapping would see around 1,018,500 UK households in ownership of motorbikes and mopeds by 2034, while a more modest 2.5% sustained annual growth could see just over 1,000,000 households with two-wheeled vehicles by 2045.
With fuel prices at the pumps rising 20% so far this year and the cost of living as a whole up more than 10%, many road users are looking for more economical ways to get around, with Startline Motor Finance’s October Tracker reporting that 23% of UK families are selling their cars, while 59% are looking for a vehicle that’s cheaper to run.
“Many small capacity motorbikes get around 50% more miles to the gallon than most cars.” says Andy Goodson, Sales & Marketing Director at Lexham Insurance, “Given that running costs are all typically lower for scooters, mopeds and small motorcycles, it’s not surprising that we’re seeing a sustained growth in registrations now that people all over the country are looking for ways to reduce their outgoings.”
Industry data aggregated across all insurers by Compare The Market shows that the typical insurance premium for a motorbike or moped is approximately 51% lower than that of the average car.
Lexham Insurance has seen a substantial growth in site visits from people seeking motorcycle, scooter and moped insurance so far this year when compared to the same period in 2021, and from those looking to insure electric motorbikes and mopeds. UK search volume data pinpoints a 26% year on year growth in searches for motorbike insurance alone, with the trend looking set to continue.
Of course, it isn’t just the steep incline in living costs and fuel costs that experts say is driving the boom. The UK has seen record-breaking temperatures in recent years, including the warmest New Year’s Day on record in 2022. As the local climate gradually shifts to see warmer temperatures for larger periods of the year, figures support the possibility that road users who have previously been deterred from motorcycling by the cold and rain are reconsidering that option.
To find out more about the data, visit the full story at the Lexham Insurance blog.
You can also find out more about the potential savings of switching from a car to a scooter, moped or motorcycle here.
Data sources:
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https://www.gov.uk/government/statistical-data-sets/nts02-driving-licence-holders (NTS0207)
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https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families
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https://www.gov.uk/government/statistics/weekly-road-fuel-prices
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https://www.comparethemarket.com/motorbike-insurance/content/cheaper-to-run-motorbike-or-car/
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https://www.gov.uk/government/collections/driving-tests-and-instructors-statistics
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Startline Motor Finance October Tracker
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Google Analytics data for lexhaminsurance.co.uk
