The UK’s automotive industry is in excellent condition, a new report has said.
The Society of Motor Manufacturers and Traders’ (SMMT) 15th annual Automotive Sustainability Report, based on 2013 figures, shows the entire sector is in excellent economic, environmental and social shape. With motor trade sales on the up and investment pouring into the industry, there has been a notable growth in the companies operating in this space.
The booming motor trade market is certainly great news for these businesses but, as a word of caution, it is always important they consider the implications on their motor trade insurance policy. Whether it’s hiring more staff, expanding the business premises or storing more vehicles on site, all these things can have an effect on the level of cover you will need – be sure to check that you have the right policy for the changing demands of your business.
According to the SMMT study, 2013 saw the creation of an estimated 44,000 new jobs across the automotive sector. Domestic automotive manufacturing turnover also grew by 10.3 per cent to reach £64 billion, fuelled by extensive investment in research and development, which rose 9.7 per cent since 2012 to £1.9 billion a year.
It is estimated that by 2017 the UK could be making more than two million cars a year, breaking a 40 year record. However, to support the forecast growth, the report suggests that re-shoring more component providers will become increasingly important.