The UK Automotive Franchise Market: An Overview
The UK automotive franchise market is teeming with business opportunities left and right. From various industries such as sales, engine manufacturing, customisations, and design services, the demand for the market has shown to be solidly in the foreground of the industrial economy as automobile aficionados are a part of today’s society. The main concern with the growth of industrialisation is the political and technological advancements in the global trends of the market. Here’s a brief rundown of what you might need to know before being involved in the UK automotive franchise industry.
Brief history of the industry
According to SMMT, since last year the UK’s automotive turnover has scaled to over 77.5 billion euros. When placed against global competitors, the UK’s ranking has been relatively low, reaching only the 13th in the global market while scoring 4th in Europe. Though it’s far from being in an unmarketable rank, it goes to show that statistically, the UK isn’t doing the best. Countries with higher GDP outperform the UK because they have greater resources and lower costs. Way back in 2015, the industry amounted to 12% of the UK’s exported goods reaching 45.3 billion euros. The market is clearly ripe for investment, but there is a myriad of factors affecting its potential for growth.
Less on sales, more on maintenance
In the UK over 2.6 million cars have been registered since 2016 and the number continues to grow to this day. The UK doesn’t shy away from just commercial vehicle manufacturers, it also houses mainstream car manufacturers, premium sports car manufacturers, and bus and coach manufacturers which goes to show that the UK welcomes a diverse market. The garage tools you need can be availed easily online as well these days.
Various factors affecting the shifting tides
Before you bank on the automotive market, you have to consider the various factors that affect the shift in the global market. With fossil fuel markets increasing ever so high in recent years. One of the leading factors that dictate the shifts is the growth rate of technology and the laws that govern vehicles and transportation, an industry built-up around one of the main contributors to C02 emissions, it can be difficult to expect it to be in its peak century.
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Bleak future ahead for the UK?
Is the future of the UK automotive industry slowly reaching its downfall? Not entirely. On a brighter note, the appeal of hybrid cars to the public has shown to be a favorable choice in this age that aims to go green to reduce C02 emissions by using electrical chargers; visit https://posselectric.com/electric-car-charger-installation-2/ for additional EV charger information and guidance. ‘Going green’ no longer means the closing of the automotive industry but maybe an evolution of it from strictly adhering to the fossil fuel market. As laws get stricter on vehicle codes and even the rising prices of tariff rates, it’s unclear just how drastic the changes will be to the industry in the next decade. Analysing both the market and the political landscape that is imposed on it are important skills to brush up on if you’re feeling a little nervous about investing in the industry.
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Image from: Pixabay.com
Data sources:
https://www.smmt.co.uk/industry-topics/uk-automotive/
https://www.smmt.co.uk/wp-content/uploads/sites/2/SMMT-Motor-Industry-Facts-2018-online.pdf