Analysis of the ownership of passenger cars in the UK reveals an increasing trend from 2013 to 2023. The yearly variation indicates an overall positive growth, though with certain fluctuations. From 2013 to 2019, the growth remained steady with slight yearly increases. A notable dip occurred in 2020, likely due to the COVID-19 pandemic, but the market rebounded strongly in 2021. By 2023, ownership stood at 501.45 units per thousand persons, up by 0.48% from the previous year. The CAGR over the last five years is 0.51%.
Looking ahead, the forecast from 2024 to 2028 shows a continued moderate growth with an average annual increase of 0.4%, projecting a 2.02% total growth over the five years. Future trends to watch for include the impact of electric vehicle adoption, government policies on emissions, and changes in urban mobility preferences.
