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Viewing report
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The Motor Industry Market Review 2008
Key Note Publications Ltd, May 2008, Pages: 208
The apparent UK market for motor vehicles and components is estimated to have been worth £61.58bn in 2007 — a 4.4% increase on the 2006 value of £58.96bn. The market has experienced varying levels of annual growth since 2003, but it grew by a total of 12.1% over the review period.
Four sectors are examined in this Market Review: cars; commercial vehicles; motorcycles, mopeds and scooters; and motor components. The cars sector is the largest by far in terms of value, but motorcycles, mopeds and scooters was the fastest-growing sector of the market between 2003 and 2007.
The UK motor-manufacturing sector, which is highly export-oriented, had a good year in 2007, with car production increasing for the first year since 2003 and commercial-vehicle production reaching its highest level since 1997. The future security of UK motor manufacturing has been boosted by news that Honda is to invest a further £80m in its plant at Swindon, while Nissan is to expand its Sunderland workforce to increase output of the Qashqai.
The motor-retailing sector, however, had a difficult year in 2007. Although the number of new car registrations was higher than in 2006, consumer demand for nearly new cars dwindled in the face of rising interest rates. As a result, the car market became progressively more competitive and pressure was put on used-car margins. Some of the leading motor retailers responded by closing less profitable dealerships or disposing of some of their UK businesses in order to invest in fast-growing overseas markets.
In 2007, new UK registrations of motorcycles and mopeds reached their highest level since 2003. People are increasingly identifying motorcycles and mopeds as a cost-effective form of transport and part of the solution to the pressures on the environment. The positive impression of motorcycling given by the television series Long Way Down, featuring Ewan MacGregor and Charley Boorman, may also have contributed to the upturn in the market.
The apparent UK market for motor vehicles and components is expected to be affected by slowing economic growth and weakening consumer confidence in 2008. New registrations of cars are projected to fall, although new registrations of commercial vehicles could show a further small rise. The current buoyancy of the motorcycle, moped and scooter market may also be maintained in 2008, and the market for motor components, including replacement parts, is expected to remain relatively strong. UK production of cars and, in particular, commercial vehicles could see a further rise.
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