This report investigates the changing face of the UK car market. It addresses developments that are taking place within the car market and reviews the attitudes of consumers towards cars. Although it focuses on immediate developments within the new car sector, the report also presents these in the context of the used car market and cars already in ownership.
The UK car market is currently benefitting from strong sales, with new car volumes standing at a high of 2.48 million units in 2014, while used car volumes are estimated at 7.47 million units. Yet, the market is more than just unit sales, with a number of recent developments in the sector leading to significant changes in the types of cars purchased. Notably, there has been a shift towards smaller vehicles, as well as recent growth in segments of the market such as executive/luxury, MPV (Multipurpose Vehicle) and SUV (Sports Utility Vehicle).
Mintel’s research suggests that actions by both manufacturers and consumers are behind the evolution in the car market. Manufacturers have long been adapting to the rising cost of motoring and the need for a car to be more than just a point of transport from A to B with the launch of an ever wider range of formats and models. Drivers are equally playing their part in this development with the ever complex uses to which they put their vehicles. Although actions such as commuting, shopping and leisure are important in their own right, our research shows that cars have multiple uses, with the relative importance of these uses varying depending on a wide variety of factors.
Definition
This report is exclusively focused on passenger vehicles, and therefore excludes any discussion of the market for light commercial vehicles or fleet vehicles.
Statistical data on new registrations are taken from a number of sources including the Society of Motor Manufacturers and Traders (SMMT).
Value figures throughout this report are at retail selling prices (rsp) unless otherwise stated. Market sizes at 2014 prices are calculated using Mintel’s motoring deflator.
