SMMT report highlights aftermarket strength

Study reveals aftermarket contribution to UK economy

Published:  07 June, 2016

According to figures just released by the SMMT, British cars are the best maintained in the world with UK motorists spending a collective £21.1 billion a year on servicing and repair.

A new report: The Importance of the Aftermarket to the UK Economy, commissioned by SMMT from independent research consultancy Frost & Sullivan, reveals that UK consumers spend an average £695.39 on car maintenance every year – some 12% higher than the average global spend per car of £621.62.2 The report also states that compared with other markets there are fewer cars in disrepair, generating excess pollution or needing new brakes on British roads.<

The report also reveals the significant economic contribution made by the UK automotive aftermarket, which delivers an annual £12.2 billion direct to the UK economy and supports more than 345,000 British jobs. As the number and age of vehicles on UK roads increases, thanks to a healthy new car market, ever-improving quality and ever-more advanced servicing techniques, by 2022 the UK aftermarket is projected to be worth some £28 billion with an employee base of around 400,000.<

Mike Hawes, SMMT Chief Executive, comments: “The UK’s aftermarket is one of the most competitive in the world and plays a critical role in keeping Britain’s 30 million-plus cars3 roadworthy. Robust competition and a strong independent sector have helped reduce the cost of vehicle ownership in the UK and provided greater choice to consumers. For this growth to be sustained, however, the sector must stay abreast of evolving vehicle technologies and changing mobility patterns.”<

The UK aftermarket is already the fourth largest in Europe by car parc size, with more than 30 million vehicles in use requiring regular servicing and maintenance work, and it is set to overtake France to take third place by 2022. By the same measure, it is also the eighth largest sector of its kind in the world; bigger than those in Brazil, Korea, Canada, and even India.<

You can read more on this story in the July issue of Aftermarket Magazine, out on June 27th.

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