The Parc of 8-year-old vehicles in United Kingdom attained a value of 3,004,481.95 Units in 2020
The indicator recorded a historical growth (CAGR) of 5.18% between 2017 to 2020, and is expected to grow by ...
GlobalData projects the indicator to decline at a CAGR of...
The UK 8 years old vehicles segment overview
The automotive manufacturing industry comprises the production of trucks, passengers cars and motorcycles. The truck manufacturers market consists of the production of light commercial vehicles (LCVs), heavy trucks, and buses & coaches. The maximum legal weight of each vehicle type varies between countries. Passenger cars are defined as motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in addition to the driver's seat. The market includes both petrol and diesel passenger cars, as well as hybrid and electric. Passenger cars include mini, small, medium, large, exclusive and luxury cars, as well as mini, compact, mid and full size SUV/crossover. The compact, small and large MPVs and mini, compact, mid and full size pickups are included as are sport coupe cars. Any sort of light or heavy commercial vehicles e.g. vans or HGVs are excluded.
Impact of COVID-19 on the automotive manufacturing segment in the UK
The value of the UK automotive manufacturing industry is expected to grow in 2021, recovering from the sharp decline in production a year earlier due to the COVID-19 pandemic. The industry is set to follow a strong growth trajectory during the forecast period given that the macroeconomic environment will continue to improve. The COVID-19 pandemic had a significant impact on the automotive industry in 2020. Temporary shutdowns at manufacturing plants amid labor shortages and a severe disruption in the supply chain - including a shortage of semiconductors - which persisted throughout the year, resulting in the decline of production.
The YoY declination of 8 years old vehicles in the UK
8 years old vehicles experienced a notable growth between 2017-2020.
Car manufacturing is the largest segment of the automotive manufacturing industry in the United Kingdom, accounting for a significant percentage of the industry's total volume. The Truck manufacturing segment is the second largest segment.
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