NEW YORK, April 14, 2016 /PRNewswire/ -- The UK car market is currently benefiting from a period of sustained growth. Improvements in the UK economy following the 2008/09 recession have seen new car purchases reach 2.48 million units in 2014 with 2.59 million units forecast for 2015. Within the sector there is continuing evidence of fragmentation with smaller cars and Sports Utility Vehicles (SUVs) as well as trading up to executive models all proving popular with buyers. Car manufacturers have gone through an especially challenging period of late with many established names in the market facing competition. Manufacturers with a strong premium range appear to be benefiting at the expense of others as do a number of new entrants which are offering greater value to the buyer.
Mintel's research for this report provides a wealth of valuable additional information on the behaviour of car owners and buyers. It highlights that just under two thirds (64%) own a car and that used cars make up 56% of cars purchased. The importance of dealers to buyers is evident with around half of purchases (49%) from a main dealer although the profile of online is notable for pre-purchase activity such as searching for a car.
Just under half (48%) of adults are noted by Mintel as planning to purchase any type of car, new or used, in the coming three years with a sizeable number of purchases expected to take place during this period. – Neil Mason, Head of Retail Research
This report looks at the following issues:
New car sales enter uncharted territory
Dual and multi purpose vehicles carve out market in own right
Role of the internet in purchasing could be revitalised
This report investigates the car-buying process and the retailing of cars to private individuals. It focuses on new car sales but also presents these in the context of the used car market. It is exclusively focused on passenger vehicles, and therefore excludes any discussion of the market for light commercial vehicles or fleet vehicles.
The report specifically excludes sales to businesses or operators of company car fleets although data for sales to all three markets are included where necessary to illustrate the context of private sales within the wider market.
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