Diesel registrations rose 10% to take a 44.9% share of the UK new car market as January 2008 sales fell 2.1% year on year to 162,097 units.
Go deeper with GlobalData
The Society of Motor Manufacturers and Traders (SMMT) has revised its 2008 forecast to 2.345m units, down 2.5% over 2007.
“We expect a modest fall in registrations this year, and a 2.1% dip in January is in line with expectations,” said new CEO Paul Everitt.
“Fuel efficiency is a high priority for customers and it is encouraging to see that nearly half of the market is diesel. The 4×4 and MPV segments saw an increase in volumes over January 2007, and are segment leaders in reducing tailpipe CO2, with drops of 20 and 24% respectively between 1997 and 2007.”
Dual purpose (4×4/SUV), executive, mini and MPV segments all posted growth in January, up 7.6, 14.3, 16.4, and 20.8% respectively. Alternatively fuelled vehicles registrations were up 14.4% to 1,280 units for the month.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataLower medium vehicles saw the largest volume increase of 1,860 units or 3.7%.
The SMMT said concerns remain over spending and confidence impact from the global credit crunch. The Bank of England is widely expected to follow the US Federal Reserve’s [1.25% down] lead and cut interest rates this week in an effort to support growth. However, most forecasts suggest GDP will slow to near 2% this year, from over 3% in 2007.
January is traditionally a good month for fleet sales, and the segment was up 0.2% compared to January 2007, and took the largest share of the market at 56.1%.
Private and business registrations started 2008 on a slightly weaker note, down 5.3 and 3.1% respectively. The fall in private sales is one of the main contributors to the dip in January’s total.
“January’s car sales dip masked growth in a number of niche segments, but for sales to rise through 2008 interest rates must be reduced,” noted Sue Robinson, director of the Retail Motor Industry’s Federation’s National Franchised Dealers Association (NFDA).
Robinson added: “Consumers have suffered economic uncertainty and rising household costs during the last year. The Bank of England must reduce interest rates to help promote growth.”
The top 10 selling models accounted for a third of January’s sales with the Ford Focus setting a firm hold on the top slot and confirming its nine year run at the top.
Ford and Vauxhall remained the UK’s top selling marques, while Audi, BMW, Mercedes and Nissan all recorded significant growth.
VW’s Golf was the best selling diesel, just ahead the Ford Focus.
