Forecast: Turnover in Manufacture of Motor Vehicles Sector in the UK

The forecasted turnover in the UK's Manufacture of Motor Vehicles sector shows a steady increase from 2024 to 2028, starting at 69.34 billion pounds in 2024 and reaching 75.23 billion pounds in 2028. This represents an average year-on-year growth rate of approximately 1.9% from 2024 to 2028. In 2023, the actual turnover stood at 67.96 billion pounds, indicating a growth trend of 2.01% over the last two years. The Compound Annual Growth Rate (CAGR) for the period 2024-2028 is approximately 1.93%.

Future trends to watch for include the impact of advancements in electric vehicle technology, shifts in consumer preferences towards more sustainable transport solutions, and potential regulatory changes aimed at reducing carbon emissions in the automotive sector. Additionally, economic factors such as supply chain stability and trade agreements post-Brexit may also play significant roles in shaping the industry's performance.