The Car Industry in Numbers: All You Need to Know

As it has been just over a year since the start of the very first lockdown due to the coronavirus pandemic, we’re feeling rather reflective. And so, we thought now would be the perfect time to look at the automotive industry throughout recent years.

From the most popular car colour to the industry’s worth and market size, this blog will cover it all and everything in between.

How much is the car industry worth?

Luckily for us, the car industry is one that is somewhat of a necessity. Many people need a car to be able to commute to work, take their children to school and run errands, whilst also allowing them to travel freely.

Because of this, the UK automotive industry is worth more than £78.9 billion. Not only that, but it adds an impressive £15 billion value to the UK economy.

But, if we’re talking globally, the industry is set to be worth just under nine trillion US dollars by the year 2030 – impressive, right?

With the UK having an estimated 32.7 million license holders alone, it comes as no surprise.

Buy vs lease

And over the last decade or so, the industry has adapted and moved with the times, taking the needs and desires of consumers into great consideration.

It is no secret that cars are expensive, and whilst they are an investment, they can often be trend-driven, too.

More and more people are seeking to switch out their cars on a more frequent basis, therefore, they are often left with the decision on whether to buy or lease.

With cars being such a hefty cost when bought outright, many people opt to lease a car instead. This limits any restrictions on swapping their car, and also provides them with the opportunity to drive around in a much more premium and luxurious car, but at an affordable price.

Continuing to rise in popularity, in 2018, more than 1.6 million motorists leased a car in the UK. And we expect this number to have increased quite significantly over the last three years, too.

Are cars getting bigger or are parking spaces getting smaller?

No, your eyes aren’t deceiving you! Cars are actually getting bigger – although this does make it slightly trickier when parking in a busy car park.

On average, cars are bigger now than they have been previously. Take the Mini Cooper for example. The latest model, the Mini Hatch One, is around 53% bigger than the original, which was made more than 60 years ago.

Car parking spaces have remained the same size – 2.4m by 4.8m. Whilst cars are getting bigger, spaces haven’t quite yet followed suit!

Brit’s favourite car colour

Really think about it. Is there a colour of car that you see on the road more than others? And, if so, is it what you expected?

Grey remains at the top spot for the most popular new car colour. For the third year, grey proves its popularity amongst motorists with an 8% increase in market share in the UK, making it now 24.4% for 2020.

Also, for the third year running, black comes in at the second most popular, followed by white, blue and red.

Electric cars

Whilst the car and automotive industry is growing at a rapid pace, it does come as some cost to the environment.

However, with more motorists seeking to reduce their carbon footprint and lead a more sustainable lifestyle, the industry has worked hard to manufacture brand-new electric cars.

With that in mind, global sales of electric cars increased significantly in 2020, with a 43% increase. Adapting to both consumer needs and that of the environment, the industry and its electric car market is growing at a rapid pace.

The future of the industry

The industry doesn’t seem be to slowing down and despite the effects of the coronavirus pandemic, it is continuing to strive.

But what does the future hold?

We expect to see much more leasing of premium cars, as well as those that are electric.

And, if we’re lucky – car parking spaces may even get a little bigger, too!

For more information on our car leasing options, contact our friendly team today. Our experts will be able to assist you in choosing the ideal car for you, whilst helping you to settle on a lease deal that suits your specific budget.