The British motor industry is booming! The UK is now the third-largest car manufacturer in Europe, behind Germany and Spain, and the second-biggest car market, just behind Germany but ahead of France.
So strong is the UK automotive industry; it accounts for 4% of GDP (around £60.5 billion) and provides employment for more than 700,000 people.
2014 saw new car registrations hit a ten-year high of 2.5 million – the most in any calendar year since 2004 – and figures from the Society of Motor Manufacturers and Traders (SMMT) indicate August 2015 was the 42nd consecutive month of growth in the UK’s new car market.
The boom shows no signs of going bust as the SMMT reckons the UK will be producing a record-breaking number of new vehicles within the next two years!
Business isn’t just booming at home either – the UK has exported 5 million cars in the last five years, and 80% of all vehicles manufactured are exported overseas.
The government has also set an impressive target of increasing exports to £1 trillion by 2020.