2012-09-26 14:29:33 - UK passenger car market seeing new car registrations 3.5% higher than a year ago
The UK passenger car market rose by 3.3% year-on-year in the first eight months of 2012, and is forecast to rise to 1.97 million units for the full year, despite a forecast 0.3% contraction in GDP.The origins of the UK automotive industry date back to the final years of the 19th century. By the 1950s the UK was the second-largest manufacturer of cars in the world (after the United States) and the largest exporter. However in subsequent decades the industry experienced considerably lower growth than competitor nations such as France, Germany and Japan and by 2008 the UK was the 12th-largest producer of cars measured by volume.The industry is mature and has typically risen whenever GDP growth has exceeded 2%.
Demand for passenger cars grew to a record 2.58 million units in 2003, but has fallen every year since, except in 2007 and in 2010.Following the end of the scrappage incentive scheme in 2010 and a rise in VAT to 20% in January 2011, registrations of new passenger cars in 2011 were at their lowest level since 1994. However, despite the recession, more British consumers are now buying cars, making the UK one of the only big European automotive markets that is growing this year. Registrations of new cars reached 189,514 units in June, 3.5% higher than a year ago and the fourth month running in which they grew.The automotive industry in the United Kingdom is now best known for premium and sports car marques including Aston Martin, Bentley, Daimler, Jaguar, Lagonda, Land Rover, Lotus, McLaren, MG, Mini, Morgan and Rolls-Royce. Volume car manufacturers with a major presence in the UK include Ford, Honda, Nissan, Toyota and Vauxhall Motors (owned by General Motors).For more information on the UK passenger car market, see the latest research: UK Passenger Car MarketFollow us on Twitter @CandMResearch
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