The overall rise in registrations was the second annual increase since the start of the downturn in 2008, though the market remained at 14.9% below its pre-recession peak in 2007, when 2.4 million cars were sold.
It was also predicted that any further growth is likely to be market specific, driven by attractive offers and new, innovative models offering significant fuel efficiency and savings relating to running costs. On the whole, experts within the industry are predicting that the markets will ‘Hold Firm’ in terms of output.
According to figures published by the SMMT in December 2012, the UK automotive sector has an annual turnover of around £55bn with more than 40 global companies basing their operations in Britain and employing more than 700,000 people.
Today, the UK is home to Seven ‘volume’ car manufacturers, Seven commercial vehicle manufacturers, 10 bus and coach manufacturers, eight major premium and sports car producers, and over 100 specialist brands. Currently more than 75% of vehicles manufactured in the UK are exported, a massive boost to the UK’s GDP.
Expert projections for the automotive industry during 2013 include 2.015 million registrations, up 0.1% on the 2012 forecast. It was also predicted earlier in the year that UK production is set to top 2 million units a year by 2015, which is enough to overshadow the UK record of 1.92m per year back in 1972!
