The Parc of Diesel vehicles in United Kingdom attained a value of 14,630,610.82 Units in 2020
The indicator recorded a historical decline (CAGR) of 1.53% between 2017 to 2020, and is expected to decline by...
GlobalData projects the indicator to decline at a CAGR of...
Automotive industry in UK
The performance of the UK automotive manufacturing industry has fluctuated in the historic period, although the industry has declined in 2017 and 2018. The industry is expected to achieve marginal growth overall in the forecast period.
The UK Automotive International Competitiveness Report, which ranks the UK’s attractiveness for automotive investment against other European and global countries, places the UK’s automotive labour flexibility in a leading position in Europe. However, skills shortages and uncertain political conditions have had a negative impact on the industry since 2017. The decline in the UK automotive manufacturing industry has been impacted by falling business and consumer confidence in the UK, connected to weakening export markets.
The continued uncertainty surrounding Brexit has played an important part in the decline of the market. Car part factories Michelin and Schaeffler are moving operations out of the UK and many local car manufacturers currently weighing up leaving the UK, while consumers are also reluctant to invest a large proportion of their money while the outcome of Brexit is unknown.
As technology improves the efficiency and price competitiveness of electric cars, demand for these vehicles will undoubtedly increase. A number of major global car manufacturers such as Volvo, GM, Aston Martin, and Jaguar Land Rover have announced plans to switch over to manufacturing only electric or hybrid cars at some point within the coming decade.
The UK car manufacturing market is forecast to decline further over the next five years. Brexit-related uncertainty, the diesel downturn, regulatory changes, model cycles, market stagnation in Europe, and the slowdown in China have been cited among the reasons for the manufacturing slump.
Leaving the EU could be met with lower legislation permitting increased growth in the industry; however, it could also be met with reductions in employment levels as a cost-cutting measure. The UK automotive manufacturing industry has the second-highest value in Europe after Germany and the majority of vehicles it makes are exported
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