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In the midst of the ongoing COVID-19 pandemic and Brexit uncertainties, the UK automotive market has been hit hard. According to the latest data from the Society of Motor Manufacturers and Traders (SMMT) and forecasts by Autovista Group, the new-car registrations for 2020 are expected to see a substantial drop compared to previous years.
Historically, new-car registrations in the UK have seen a dramatic fall in the first eight months of 2020. The pandemic-related lockdowns and economic uncertainty have led to a significant contraction, especially during the early and mid-2020 months. However, some recovery has been noted starting from the summer months, albeit still well below pre-pandemic levels.
SMMT's detailed figures for 2020 registrations by month and forecast updates have shown a steep drop in registrations in the early months (March-May 2020). A partial market recovery started in June and July 2020, but the estimated annual registrations for 2020 are projected to fall significantly compared to 2019 levels, with a forecast often reflecting a drop greater than 20-30%.
Interestingly, sales of battery electric vehicles (BEVs) have grown noticeably within the UK market in 2020, accounting for a large portion of the electric vehicle (EV) segment’s upward momentum despite the overall decline in total registrations.
The specific September 2020 SMMT forecast update, which would reflect this scenario, is not contained in the retrieved data. However, earlier forecasts from SMMT and Autovista Group suggest a downgraded outlook for 2020, with a 23% decline forecast in May and a 20% decline forecast in April.
These trends mirror those seen in the EU, where the automotive market has also been affected by the pandemic and economic uncertainties. As the UK navigates its way through these challenges, the new-car registrations market is expected to remain volatile in the coming months.
The article was first published on an unspecified date in June 2020, with the data for the article being released on September 4, 2020. The location of the article's publication was not mentioned. It is important to note that this article is not an advertisement.
Technology has taken a unique turn in the UK, with the growth of smart-home devices and gadgets becoming increasingly popular, as the new-car registrations market grapples with ongoing declines. The adoption of electric vehicles (EVs), particularly battery electric vehicles (BEVs), is a notable shift, growing noticeably in the UK market despite the overall decline in total vehicle registrations.
