The forecast indicates a gradual decline in the number of self-employed persons in the UK’s motor vehicles and motorcycles wholesale, retail trade, and repair sector from 2024 to 2028. In 2023, the number stood at approximately 369,000. Year-on-year percentage variations show a slight downward trend, with a consistent decrease of 0.5% to 0.8% annually. The Compound Annual Growth Rate (CAGR) over the forecasted period is negative, reflecting a shift away from self-employment in this industry.

Future trends to watch for:

The continued evolution of automotive technology, including electric vehicles, which may require changes in repair and service businesses.
Regulatory impacts on business operations, such as environmental policies and safety standards.
Shifts in consumer behavior towards online vehicle purchasing and their impact on traditional retail trade dynamics.
Potential impacts from economic conditions, such as inflation and interest rates, on self-employment sustainability.