From 2013 to 2023, the parts and accessories for motor vehicles hours worked in the UK demonstrated a fluctuating trend. In 2013, the hours worked were at 86.448 million, increasing to 104.98 million by 2023. The period saw significant growth periods, such as nearly 11% year-on-year growth in 2014 and a 12.06% increase in 2018. However, the sector also experienced decline phases, notable in 2017 with a 5.24% decrease and a more stable, slight increase phase between 2020 and 2023. By 2023, the hours worked in this sector were 104.98 million hours, showing a stable trend with minimal annual growth.
Over the last two years (2022-2023), the industry showed marginal growth with year-on-year increases of only 0.3%. The Compound Annual Growth Rate (CAGR) over the last five years was stagnant at -0.27%. Future forecasts up to 2028 predict slow growth, with an estimated 1.1% increase over the forecast period and a minimal average annual CAGR of 0.22%.
Future trends to watch for include advancements in automotive technology, shifts toward electric vehicles, the impact of Brexit on the supply chain, and potential regulatory changes impacting labor hours in the sector.
