Press release
Automotive Market in UK was accounted at 1.75 Mn. units in 2022. Automotive Market in UK size is estimated to grow at a CAGR of 6.1 percentage over the forecast period.
Automotive Market
Automotive Market in UK was accounted at 1.75 Mn. units in 2022. Automotive Market in UK size is estimated to grow at a CAGR of 6.1 percentage over the forecast period.
Automotive Market Overview:
The UK automotive market, accounting for 1.75 million units in 2022, is navigating a complex landscape shaped by the twin challenges of Brexit and the COVID-19 pandemic. The sector is expected to grow at a CAGR of 6.1% over the forecast period, driven by evolving consumer preferences, technological advancements, and shifts toward sustainability. Despite facing significant disruptions in supply chains and declining consumer confidence, the market is adapting through digital innovations and a strong focus on electric vehicles, positioning itself for gradual recovery and growth.
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Drivers in the Automotive Market:
Key drivers in the UK automotive market include the government's ambitious Net Zero targets, which are accelerating the transition from internal combustion engines to electric vehicles. Additionally, the industry's role in the broader economy, particularly in regions outside of London, underscores its importance, with substantial investments in skilled labor and technological innovation helping to maintain the sector's competitiveness on a global scale.
Automotive Market Trends:
The UK automotive market is increasingly defined by a shift towards electrification, with a significant rise in the production and sales of battery electric vehicles and hybrids. This trend is further supported by government policies aimed at phasing out internal combustion engines by 2030, alongside growing consumer demand for sustainable and digitally enhanced automotive solutions, including virtual purchasing experiences and advanced vehicle technologies.
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Automotive Market Opportunities:
The UK automotive sector has substantial opportunities in expanding its electric vehicle manufacturing capacity and enhancing its battery production capabilities. Investment in charging infrastructure and sustainable energy solutions presents further growth potential, as does tapping into emerging markets in Asia. By capitalizing on these areas, the UK can strengthen its position in the global automotive market while meeting environmental targets.
What is Automotive Market Regional Insight?
Regionally, the UK's automotive market is heavily influenced by its export relationships, particularly with the EU and North America, which together account for over 80% of the UK's automobile exports. Despite a slight decline in exports to these regions, they remain crucial markets. Additionally, growth opportunities are emerging in Asia, especially in China and South Korea, which are becoming increasingly important destinations for UK automotive exports.
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Segmentation Analysis of the Automotive Market
by Vehicle Type
Passenger Cars
LCVs
HCVs
Electric Vehicles
by Sales Type
Business
Private
Fleet
Who is the largest manufacturers of Automotive Market worldwide?
1. Aston Martin
2. Bentley
3. Caterham Cars
4. Daimler
5. Jaguar
6. Lagonda
7. Land Rover
8. Lister Cars
9. Lotus
10. McLaren
11. MG
12. Mini
13. Morgan
14. Rolls-Royce
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Key Offerings:
Past Market Size and Competitive Landscape
Automotive Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Automotive Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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