In 2023, the Gross Value Added (GVA) for the wholesale, retail, and repair of motor vehicles and motorcycles in the UK stood at a significant level, marking a strong foundation. Forecast data from 2024 to 2028 shows a consistent upward trajectory, with the GVA expected to grow from £223.78 billion in 2024 to £238.69 billion by 2028. The year-on-year growth rates from 2024 onwards showcase moderate yet stable increases, reflecting a post-pandemic recovery and market expansion.
- The compound annual growth rate (CAGR) from 2024 to 2028 is anticipated to indicate a steady development trend signaling robust market conditions.
Future trends to watch include the impact of sustainable mobility solutions and the increasing adoption of electric vehicles which could significantly transform the sector's landscape, influencing both retail and repair services. Furthermore, digital transformation in automotive retailing could drive innovations and efficiencies.
