United Kingdom: Passenger Car Market 2024

Passenger Car Market Size in the UK

The UK passenger car market contracted slightly to $X in 2021, falling by -1.9% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Passenger Car Production in the UK

In value terms, passenger car production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 22% against the previous year. Passenger car production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from the UK

In 2021, shipments abroad of passenger cars decreased by -2.1% to X units, falling for the fifth consecutive year after two years of growth. Over the period under review, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2016 with an increase of 18%. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, passenger car exports rose significantly to $X in 2021. In general, exports saw a mild decline. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units), Germany (X units) and Belgium (X units) were the main destinations of passenger car exports from the UK, together comprising 34% of total exports. China, France, Italy, Spain, Ireland, the Netherlands, Sweden, Japan, Canada and Nigeria lagged somewhat behind, together comprising a further 39%.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +4.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Germany ($X) appeared to be the largest markets for passenger car exported from the UK worldwide, with a combined 46% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +5.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, jumping by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.7%. The most prominent rate of growth was recorded in 2014 an increase of 18%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into the UK

Passenger car imports into the UK reduced to X units in 2021, with a decrease of -13.6% compared with 2020 figures. Overall, imports showed a perceptible decrease. The pace of growth appeared the most rapid in 2018 with an increase of 63%. Imports peaked at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, passenger car imports shrank to $X in 2021. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 19%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Germany (X units) and Spain (X units) were the main suppliers of passenger car imports to the UK, with a combined 85% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +49.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of passenger cars to the UK, comprising 40% of total imports. The second position in the ranking was held by Belgium ($X), with a 12% share of total imports. It was followed by Spain, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value from Germany stood at -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-2.1% per year) and Spain (+0.8% per year).

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, rising by 13% against the previous year. In general, import price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car import price decreased by -14.9% against 2017 indices. The pace of growth was the most pronounced in 2017 when the average import price increased by 65%. As a result, import price attained the peak level of $X per unit. From 2018 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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