A weak recovery is in prospect for the UK car market through 2023, says GlobalData

Following the release of data today by the Society of Motor Manufacturers and Traders (SMMT), showing that the UK car market was down 24.3% in June;

David Leggett, Automotive Analyst at GlobalData, a leading data and analytics company, offers his view;

“UK new car sales fell by 24.3% in the month of June as supply shortages continued to hamper new purchases and the fulfilment of existing orders.

“With year-to-date car sales already off 12% on last year, the outlook for the year is for an annual decline of around 5%, with risks very much on the downside.

“Major demand headwinds are building as UK economic growth slows sharply and this will hit the UK’s car market recovery in 2023, just as global semiconductor shortages ease.

“GlobalData forecasts that the UK car market this year will struggle to reach 1.6 million, with just 1.8 million new car sales projected for 2023.

“A that level, 2023’s UK new car market would still be over a fifth down on 2019’s 2.3 million sales. A weak recovery is in prospect.”

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