1. The automotive industry contributes around 4 percent to the country’s GDP making it one of the leading Automobiles Hub of Europe
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More than 150 countries importing UK produced vehicles as of 2021, generating billions of trades. There are 32 Mn registered vehicles in UK, almost half of which are private cars and one-third are motorcycles. The automotive industry contributes tremendously to the country’s economy, accounting for 4% of national GDP. UK continuously accelerates its next-generation automotive industry to follow the S-Curve promotion with higher value-added production.
2. Prolonged period of Covid-19 distressed the New Car sales in UK Automotive Market giving a rise in Used Car demand among consumers due to low prices amid pandemic restrictions
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With businesses laying off staff or cutting salaries, many consumers put their plans to buy a new car on hold. The twin supply-demand shock put companies in a difficult position as had been forced to respond to the demand slump by the need liquidity.
Though mobility restrictions imposed across the country, the demand for used cars increased due to consumer’s finding the lower prices of used cars more attractive.
This preference was also due to the consumer desire to avoid public transport because of the coronavirus.
3. The aftermath scenario of pandemic in used car industry in UK saw the following trends
Sales of used cars was expected to increase mainly from low-income population as consumers preferred to buy their own affordable vehicles as compared to travelling in public transport system.
This was further augmented by uncertain future, loss of jobs, falling economy, lesser propensity to spend higher prices on new vehicles.
Thus, migration from public transport systems towards personal vehicles due to COVID 19, is expected to give much needed impetus to the industry.
4. In UK Used Car Market, the preference for organized sector is more with share of 58% due to more convenient buying experience along with value added services viz., warranty, certification and others
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The growth of 8.5% is expected in sales volume of used car by unorganized sector during forecast period 2021-2026F. Increasing number of online platforms and rising adoption among consumers to contribute to the growth of both the unorganized as well as organized sectors. C2C sales are expected to grow due to enhanced reach in UK in coming years.
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Related Reports by Ken Research:-
“India Used Car Market Outlook to 2020
“USA Used Car Market Outlook to 2026
