The value added of the motor vehicles and motorcycles wholesale, retail trade, and repair sector in the UK is set to grow from £230.1 billion in 2024 to £248.17 billion in 2028. This forecast indicates a steady annual increase, with year-on-year growth rates as follows: 2024 to 2025 at 2.04%, 2025 to 2026 at 1.95%, 2026 to 2027 at 1.87%, and 2027 to 2028 at 1.80%. The compound annual growth rate over these five years is approximately 1.91%, reflecting a consistent upward trend in the sector's value. In 2023, the sector stood at a slightly lower base than 2024, aligning with the projected growth trajectory.
Future trends to watch for include:
- Technological advancements in vehicle sales and repair services.
- Changing consumer preferences towards electric vehicles.
- Economic factors influencing consumer purchasing power and sector demands.
- Regulatory changes impacting the automotive trade and repair industry.
