11.5% Increase In New Car Registrations For January 2013
The contrast between Europe's struggling car industry and the growth seen in the UK has been highlighted further by figures just released by Society of Motor Manufacturers and Traders (SMMT). The SMMT's figures show an increase of 11.5% in new car registrations in the UK for January.
The contrast between Europe's struggling car industry and the growth seen in the UK has been highlighted further by figures just released by Society of Motor Manufacturers and Traders (SMMT). The SMMT's figures show an increase of 11.5% in new car registrations in the UK for January. This increase is just the latest in an encouraging sales trend stretching back into early 2102. It represents the third month of double digit growth in the past four months and is the latest of 11 successive monthly rises in new car registrations. The latest increase saw registrations jump to 143,643 in January.
These figures come on the back of the UK car industry's exceptional performance in new car exports over the past year. The greatest rise in new registrations was recorded in the private sector where the increase was nearly 16%. Petrol engine cars showed the greatest increase, as might be expected from their popularity in the private market. Looking closer at model types, the figures reveal that the greatest increases were seen in the mini, compact, crossover and MPV segments which all saw double digit growth. This is almost certainly a result of the number of new model launches and keen pricing in these segments.
The strong figures have caused the SMMT to revise its forecasts for 2013 and 2014, after the better than expected growth in 2012.The motoring organisation now expects the market to rise by 0.6% to 2.057 million cars in 2013 and by 2.6% to 2.11 million cars in the following year. SMMT interim chief executive, Mike Baunton, confirmed: "The new car market has started the year confidently with registrations lifted by a solid rise in private demand. It has posted its 11th successive month of growth with motorists attracted to forecourts by the latest models and competitive deals on offer. The SMMT has increased its market forecast. We anticipate a modest rise over the year, followed by further growth in 2014."
Sue Robinson of the Retail Motor Industry's National Franchised Dealers Association (NFDA) was also cautiously optimistic about the industry over the next few years. She commented: "Although the NFDA don't expect to see major growth in the UK new car market during 2013, we do expect it to be stable. We expect the market to be supported by strong manufacturer deals and offers that will encourage consumers to buy." Ms Robinson went on to suggest that the industry was beginning to benefit from the pent up demand caused by motorists putting off new car purchases over the last few years.
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