UK new car registrations rose 11.5% to 143,643 units in January, another positive result to contrast with markets elsewhere in Europe.
The SMMT said that growth was boosted by 15.9% rise in private registrations during the month.
"The new car market has started the year confidently with registrations climbing 11.5% in January," said Mike Baunton, Interim Chief Executive, SMMT. "Lifted by a solid rise in private demand, the new car market posted its 11th successive month of growth with motorists attracted to forecourts by the latest models and competitive deals on offer. Building on a strong performance in 2012, SMMT has increased its market forecast - we anticipate a modest rise over the year, followed by further growth in 2014."
January's growth was the third month of double digit growth in the past four months and the 11th successive monthly rise.
The SMMT acknowledged that market growth is set against a challenging economic backdrop, suggesting market-specific factors are helping to drive demand, such as delayed purchases being tempted by deals and offers.
The Ford Fiesta was the best selling model in January.
The SMMT revised upwards its full year forecast for 2013 and 2014, after the better than expected growth in 2012. The market is expected to rise by 0.6% to 2.057 million units in 2013 and by 2.6% to 2.11 million units in 2014.
John Leech, UK head of automotive at KPMG, also said that replacement demand is driving the market: “It [market growth] also reflects a return to the new car market by customers who had switched to used cars during the recession. This may soon impact the UK’s used car market which has been booming and enjoying record high prices.
“Dealers and fleet managers need to take care that there may be a downwards price realignment in the used car market in 2013. I believe prices could potentially fall by as much as 5% over the next 12 months.”
|REGISTRATIONS OF NEW CARS IN THE UNITED KINGDOM - BY MARQUE|
|MARQUE||2013||% Market share||2012||% Market share||% Change|
Sectors: Vehicle markets
Companies: Ford Motor Company, Alfa Romeo, Aston Martin, Audi, Bentley, BMW, Chevrolet, Chrysler, Citroën, Dacia, Fiat, Honda, Hyundai Motor Company, Infiniti, Jaguar, Jeep, Kia Motors, Land Rover, Lexus, Lotus Cars/Lotus Engineering, Maserati, Mazda Motor Corporation, Mercedes-Benz, Mini, Mitsubishi Motors Corporation, Nissan, Peugeot, Porsche, Proton, Renault, Saab, SEAT, Skoda/Škoda, Ssangyong, Subaru, Suzuki, Toyota Motor Corporation, Vauxhall, Volkswagen, Volvo Cars
Quarterly results season is with is again with some passable numbers from the biggies already in and more to come. As usual, we have grouped the coverage together in one handy spot....
The media days for the 2013 Frankfurt Internationale Automobil-Ausstellung (IAA) are 10 & 11 September. Each of the following vehicles is a world premiere at the show....
Vehicle sales in Canada rose more than 7% to hit a record July high with Chrysler outselling Ford and General Motors....
New vehicle sales in Brazil slowed in July according to market sources as weaker consumer confidence begins to catch up with what is now the world's fourth largest car market....
Ford India has started exporting the EcoSport SUV to South Africa, after introducing it in the domestic market and Nepal. However, the company has not announced the number of units to be exported....
- THE WEEK THAT WAS - Scion and Ford workers' chop
- Analysis - Bull market for Lamborghini
- F23 2 Series Convertible & future BMWs
- Q&A – Delphi Chief Technology Officer, Jeff Owens
- Interview with Harman Connected Car division
- New Ford plant for Mexico & Prius rival - report
- Geneva premieres list - 6.6-litre BMW world debut
- Auto vacancies due to UK skills shortage - report
- GM's Opel promises Europe a "revolutionary" EV
- VW Group quality chief leaves