UK Car Market Entering a Period of Stagnation, According to a Latest Research Study

The UK car market has entered a period of relative stability after a period of robust growth. The used car segment is also witnessing a dip in sales as a combination of macroeconomic and niche factors impede sales. These insights are according to a latest market research study titled "Car Review - UK-FEBRUARY 2018" that has been added to the comprehensive repository of Market Research Hub (MRH).

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The report presents an overview on the UK car market and opines that a phase of stagnation is currently prevalent in the market. The decline in overall sales is being witnessed in both new and used car segments. To give readers context of the car sales over the years, the report offers quantitative analysis in terms of market volume of new and used car sales for the period 2012-2022. According to the report, consumers are focusing on cars that offer flexibility and comfort, and this has meant that multipurpose vehicles are steadily gaining traction in the market. The number of car registrations for the period 2012-2017 has been included in the report. A quantitative analysis on the total expenditure incurred by a consumer on buying a car, as well as repairing and maintaining it has been offered to readers.

The report also studies consumer attitudes towards car manufacturers in the UK. According to the report, consumers view automotive brand differently, and a host of features are taken into account before making a purchase. The report opines that a number of leading brands are steadily losing favor among their traditional target audience. In a bid to cater to the evolving needs and preferences of consumers, brands are focusing on incorporating innovative technologies in their offerings. The decline in car sales across the new and used car segment has also meant that advertising spending by manufacturers has witnessed a reduction.

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According to the report, among the various types of cars available in the UK market, small and mid-sized cars remain sought-after among consumers. The ease of use and convenience offered by small and mid-sized cars, especially while shopping and parking are driving their sales. The rising trend of car sharing and car rentals continues to pose challenges for sales of new cars in the UK. As digital is emerging as the most dominant and pervasive platform for connecting with the target audience, car manufacturers are incorporating these marketing platforms in their overall strategy. The report recommends that car manufacturers should not overlook the efficacy of digital as a lucrative marketing channel.

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