Published on : Jul 02, 2015
According to the reports, numbers are looking good for the UK car industry. The demand for new motors in the domestic and the international markets has registered new records last year. Around 1.6 million vehicles were manufactured last year in Britain, of which 1.53 million were cars. This has been highest annual output of the industry since 2007. The Society of Motor Manufacturers and Traders (SSMT) has revealed that the registered industry output has achieved the highest turnover so far– £69.5 billion in 2014.
Last year, the number of car registrations in the UK grew by 9.8% to 2.48 million. In the international markets, the rapid growth in the demand was reflected by the export data which rose to 1.8% to £34.6 billion. Fiscal 2016 has started on a positive note for the car industry with already 492,774 new cars being registered in the country in March. This has been the highest number of registered cars in any month since 1998. In May, around 120,000 cars have been manufactured which reflects an increase of 2.3%.
The SSMT has revealed that if the current run continues for the car industry, the manufacturers would be able to produce a record number of vehicles within the span of next two years. The industry body has also mentioned that increased investment in efficient manufacturing processes has yielded gains in terms of productivity. There has been a rise in the number of people employed in the automotive manufacturing and retail industry. Last year, 27,000 people were hired to add to the existing workforce of around 800,000 people in the industry.
The industry body has also noted that the waste to landfill from all automotive manufacturing has dropped by over a quarter last year, owing to the efficient manufacturing processes. Chief Executive of SSMT, Mike Hawes has lauded the achievements of the UK automotive industry and is hopeful about the positive growth of the industry. However, industry analysts have cautioned about the unrealistic expectations.