Light motor vehicle dealers market in the United Kingdom to grow 1.3% CAGR between 2014-19
New Car & Light Motor Vehicle Dealers in the UK - Industry Market Research Report - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-31 16:43:02
The past five years have not been an easy ride for new car and light motor vehicle dealers. Industry revenue is expected to fall at a compound annual rate of 0.7% over the five years through 2013-14, to Â£91.0 billion. In the aftermath of the global downturn, car sales crashed due to poor business and consumer confidence, rising unemployment and the difficulty of obtaining financing.
The government intervened by providing a car scrappage scheme to boost new car sales. However, its result was not pronounced enough to offset the downturn´s effects on vehicles sales. Demand for new cars slowed as high fuel prices drove consumers away from cars to public transport. At the same time, car technology has improved, lengthening the life of new vehicles and leading to longer replacement cycles.
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