The UK motorcycle market has significant room to grow, with the number of ‘inactive’ motorcyclists and the relatively low levels of bike ownership reflecting a great opportunity for the industry, according to Close Brothers Motor Finance.

The latest figures estimate that there are 1.5 million motorcycles in the UK but just 1.2 million active motorcyclists, with a further 2.5 million license holders that don’t currently own a bike*.

Data from the Motorcycle Industry Association (MCIA) highlights that just 2.3 per cent of the UK adult population own motorcycles, meaning that the UK has one of the lowest motorcycle ownership rates in Europe*.

Chris Reid, National Motorcycle Manager for Close Brothers Motor Finance said: “The UK motorcycle industry is enjoying a period of sustained growth, with new registrations up almost 13 per cent in June and strong sales throughout the first six months of this year** following a record 2014.

“Yet while recent sales figures are positive, there remains significant potential, especially when we compare the number of bikers with car ownership levels and with other countries in Europe.

“While our climate may have a role to play in this, consumer confidence reached a 15 year high in June***, suggesting people may be more willing to spend, and the statistics show that there is significant room for our motorcycle industry to capitalise on this.

“There is a clear opportunity for the industry to reach out to the inactive riders and those who are considering purchasing a motorcycle and get them out on two wheels.”

In West Yorkshire, one dealership is already taking advantage of opportunities within the market. Ducati and Triumph distributors Cobb and Jagger Motorcycles enjoyed record sales in June using finance.

Patrick Jagger, Director at Cobb and Jagger said: “June was a great month for us and 2015 has been a strong year so far.

“New models have been one of the biggest factors in attracting customers, especially for Ducati. Their latest range arrived with us at the start of June and it created a lot of interest among riders, driving demand for the bikes and for finance as well.

“Using PCP, and with guidance from our account manager at Close Brothers Motor Finance, we were able to turn around a record number of deals for the business in one month, and we’re hoping to continue this strong performance throughout the rest of the year.”

The number of motorcycles in use in the UK has remained constant since 2011 according to the MCIA, while on average, more than 37,000 new riders have passed their motorcycle test each year**.

Chris Reid added: “There are a number of benefits associated with bikes that are already helping to bring riders to the market as the low purchase and running costs, especially on lightweight models, offer the promise of an easier and cheaper commute.

“Similarly, technological advances on new machines, particularly in safety features, can provide a boost and as we’ve seen at Cobb and Jagger, the general appeal of some exotic new models can be enough to attract riders.

“It’s important that the industry reaches out to potential riders and continues to promote the benefits of two wheels.

“We will be working closely with our dealer partners over the next few months to help them with their marketing and online presence and ultimately increase awareness of the growing range of finance packages that can make bikes more affordable for their customers,” said Chris.

“It’s clear that there are significant opportunities still to be taken and we want to help dealers grow their business and tap into this underlying potential in the motorcycle market.”

For more information about Close Brothers Motor Finance please visit www.closemotorfinance.co.uk