Forecast: Automotive Output in the UK

The UK automotive output has seen fluctuations over the past decade. From 2013 to 2023, it grew from 92.09 billion to 123.83 billion euros, marking a significant rise. The data shows 2023 stood at 123.83 billion euros, a 1.66% increase from the previous year. The Compound Annual Growth Rate (CAGR) over the recent five-year period (2018-2023) was approximately 2.03%. Overall, despite downturns in specific years like 2020, the general trend has been upward.

For the forecasted years (2024-2028), steady growth is anticipated, with the CAGR for this period predicted at 1.3%. By 2028, the output is expected to reach 134.01 billion euros, representing a 6.68% growth from 2023.

Future trends to watch for include:

- Advancements in electric and autonomous vehicle technologies

- Impacts of Brexit on trade and manufacturing

- Global economic shifts and supply chain dynamics