According to the latest data from the Society of Motor Manufacturers and Traders (SMMT), the UK automotive market is in a period of substantial growth.
The UK has witnessed the highest growth since October 2008 achieving a mammoth amount of 1.5 million cars produced in the last year. The market has reached the same level of demand that as it was before the recession hit.
When comparing the amount of cars built in September 2013, to the number of cars produced in September 2012, it is possible to see that there has been an increase of 9.9%, which translates to 140,888 vehicles produced. And on an annual basis there as been a growth of 3.9% in comparison to 2012 with a total of 1,124,433 cars produced in 2013.
The growth is mainly due to the strong domestic demand in manufacturing, and has made the automotive sector one of the most successful sectors in recent years.
SMMT Chief Executive Mike Hawes comments:
“This year alone, more than £2.6 billion has been committed across the UK automotive sector, from the supply chain to global car manufacturing brands.
“This long-term financial commitment and robust demand for UK-built products demonstrate the global appetite for high-quality, desirable products borne of the UK’s world-class design, R&D and engineering.”