Organisers have made the "difficult" decision to cancel this year's event because of the "challenge of keeping crowds and participants Covid-safe".
The event has been cancelled, in part, due to the spread of the Delta coronavirus variant in Scarborough borough, with the number of cases per 100,000 people now standing at 650.
Organisers said they "can't take the risk" due to the difficult nature of securing suitable event insurance, which would be "almost impossible" without a raft of safety measures and risk assessments.
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The Goldwing Light Parade, held every September, is a staple event on the Scarborough calendar. Illuminated Honda Gold Wing bikes parade along the seafront and Royal Albert Drive with riders wearing fancy dress.
The display and parade were cancelled in 2020 because of Covid restrictions at the time, the last event to run in 2019 raised a record £11,200 for the Yorkshire Air Ambulance.
Stuart Clark, head of operations and events, said: “It is a real shame we will have to wait another year before we can welcome this spectacular event back to Scarborough.
“However, given the circumstances, and the fact a new variant of the coronavirus is spreading in the borough, this is the right – and only – decision to be made.”