Motor Vehicle Parts & Accessories Manufacturing in the UK - Industry Research Report

Full speed ahead: A spike in motor vehicle manufacturing will boost revenue in the current year

Before 2018-19, the Motor Vehicle Parts & Accessories Manufacturing sector benefited from aftermarket sales as the number and age of vehicles on UK roads rose. However, falling car production numbers hindered revenue growth despite a resilient aftermarket. Revenue nosedived in 2020-21 following the COVID-19 outbreak. Manufacturing plants were forced to close temporarily after the government implemented lockdown measures and reduced demand from downstream markets. Nonetheless, eased lockdown measures in April 2021 failed to support orders from the aftermarket in 2021-22. Over the five years through 2022-23, industry revenue is anticipated to tumble at a compound annual rate of 8.5% to £9.7 billion. Yet, in the current year, turnover is set to increase by 2.7%, driven by a rise in UK motor vehicle manufacturing.

Companies in this industry manufacture parts and accessories for use in motor vehicles. Parts include brakes, gearboxes, electrical and electronic components, clutches, seats and parts and accessories of motor vehicle bodies. The industry excludes the manufactures of motor vehicle engines, tyres and batteries. The industry also excludes the maintenance, repair and alteration of motor vehicles.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.