July saw the new car market continuing along its upwards trajectory.
The new car forecast for 2013 has been increased following another strong showing for the automotive industry in July.
It has been announced by the Society of Motor Manufacturers and Traders (SMMT) that it is raising this level to 2.216 million units, which represents a climb of 8.4 per cent on 2012 figures.
The change comes off the back of an encouraging four-week period for the sector in July, with positive signs across the private, fleet and business markets.
As a result of the good showing, July was able to carry the automotive industry along its upwards trajectory – meaning it has now seen rises for 17 months in a row. Indeed, the sector grew by 12.7 per cent to reach 162,228 units during the month.
Mike Baunton, interim chief executive at SMMT – which acts as the voice of the motor industry in the UK – said: "Strong business and consumer confidence in July saw the new car market continue to rise, posting double-digit growth in the month.
"Now we have evidence of consistent growth, we have raised our forecast for 2013 new car registrations to 2.216 million units, an increase of over eight per cent on last year."
Mr Baunton explained there have been a number of economic indicators of late that have suggested conditions are improving for the market.
He noted this is one of the reasons why the forecast has been raised for the remainder of the year, adding this emphasises just how positively the SMMT is viewing the months ahead.
The research also found that there was a 70.7 per cent rise in registrations of plug-in cars – both pure electric and plug-in hybrids – across the first seven months of this year, escalating from 1,104 units in 2012 to 1,885 units in 2013.
Last month, figures released by the SMMT showed the car manufacturing industry in the UK is currently performing better than prior to the economic downturn.
Posted by Fred Mason