SMMT’s new car registrations forecast for 2013 has been revised up to 2.057 million units, which is more than 10,000 units up on 2012. Last year, the new car market grew 5.3% to 2.044 million units, and SMMT’s latest forecast suggests the 2013 market will build on this positive trend, ending 0.6% higher than 2012.
Last year’s car registrations total was 1.6% ahead of SMMT’s October 2012 forecast of 2.013 million units and 6.5% above the early forecast set in January that year. More than two million new cars were registered in the UK during 2012, which was the best result since recession struck in 2008.
Commenting on the outlook for 2013, Paul Everitt, SMMT Chief Executive said, “We anticipate the market will hold firm, with manufacturers and dealers working hard to deliver quality and value to motorists.”
The outlook for the van market in 2013 is positive, with SMMT forecasts predicting a recovery from the drop in demand in 2012 with an increase of 4.7% to 251,000 units.
Nigel Base, SMMT Commercial Vehicle Manager said, “The light van market is forecast to rise almost 5% in 2013 as the market recovers from a challenging year of subdued demand and readjustment after the choppy period of economic uncertainty. With greater economic stability in the UK and a feeling of having passed the low point in Europe, the UK market should rise beyond the 250,000 unit mark, fuelled by a range of new, exciting models going on sale.”
Growth in 2012 stemmed from a 12.9%, or 106,346 units, rise in private registrations. Regular replacement cycles, offers and incentives and some buyers shifting from buying used to new cars could have contributed to the upturn.
The forecasts are prepared by SMMT’s economics team and are revised on a quarterly basis. The next update, due in April, will review progress in the year-to-date against these early industry expectations.
Click through to download the full SMMT forecast as of January 2013.
