Consumer confidence drives new car market as registrations hit two-year growth milestone

  • February new car registrations rise 3.0% to 68,736 units.
  • UK new car market achieves 24 consecutive months of growth, increasing 17.4% over the period.
  • Rising GDP and growing car registrations signal increasing consumer confidence.
  • Automotive retailers look forward to March results as expectations rise for strong 14-plate performance.

 

“The 3% rise in February new car registrations marks two full years of continuous month-on-month growth; a real endorsement of consumer confidence and the attractiveness of the new car market,” said Mike Hawes, SMMT Chief Executive. “While February is typically a quieter month ahead of the March registration plate change, we expect the arrival of the new 14-plate and increasing economic confidence to maintain a steady rate of growth.”

 

Feb 14 Car graph 1

 

Feb 14 Car 1

Feb 14 Car 2

 

Percentage change in new car registrations by segment, February 2012 to February 2014 (rolling year)

Feb 14 Car graph 2

  • The new car market grew 17.4% between February 2012 (1.94 million registrations) and February 2014 (2.28 million)*. 
  • While the Supermini segment recorded solid growth over the period, volumes in the Mini segment almost doubled, helped by the introduction of new models. The small car market has been supported by motorists looking to reduce running costs, as well as increased diversification of products and advances in levels of comfort and safety. 
  • Dual Purpose vehicles (now the third largest segment) and MPVs recorded above-average growth over the past two years with space, style and versatility attracting consumers.

 

*Volumes relate to rolling year.

 

Click through to download the full February 2014 new car registrations news release and data table.

New car registrations

Find monthly new car registration data and in-depth analysis here.

New car registrations