SMMT News

SMMT increases car and van registration forecasts

05 May 2010 #SMMT News

 

·         Industry increases its forecasts for 2010 car and van markets.
·         Total new car registrations are anticipated to dip 3.6% to 1.9 million.
·         Total new van registrations should rise by 8.6% over 2009 levels.
 
Forecasts for 2010 full year car and van registrations have been increased by the Society of Motor Manufacturers and Traders (SMMT) following a better than anticipated first quarter.
 
SMMT today announced an improved forecast for 2010 registrations, increasing its outlook by 107,000 units since the last projection made in January this year. The 5.6% (car) and 7.7% (van) increases in expected annual totals is a positive sign for industry, reflecting increased confidence and stability and a sustained level of consumer demand.
 
Despite the revised figures showing a greater number of registrations than first anticipated in January this year, the full year car figure is still 3.6% down on 2009 levels. Largely unaffected by the scrappage incentive, van registrations are set to be about 8.6% up on 2009 reflecting greater business confidence.
 
UK new car and van registration volumes 2009 to 2011
 
2009
Full-year
2010
Jan Forecast
2010
April
Forecast
2011
Forecast
2012 Forecast
New cars
1,994,999
1,817,000
1,924,000
1,957,000
2,062,000
% change on previous year
-6.4%
-8.9%
-3.6%
1.7%
5.4%
New vans
186,386
187,600
202,000
216,000
234,000
% change on previous year
-35.6%
0.7%
8.6%
6.9%
8.3%
 SMMT chief executive Paul Everitt said, “SMMT’s latest forecasts reflect the better than expected results in the first quarter and improving consumer confidence. The coming months will be challenging now that the scrappage scheme has ended, but industry remains cautiously optimistic. Sustaining the economic recovery and improving access to more and better priced finance for businesses and consumers should be the priority for any new government.”
 
SMMT revises its forecasts on a quarterly basis with a panel of industry market analysts. The next forecast is due in July 2010. 

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