September is a key month, representing about 13.5 per cent of the final 2003 annual total. “Eight straight months' business investment growth confirm confidence and transport investment,” said Christopher Macgowan, SMMT chief executive: “September is an important month in the registrations calendar reflecting vehicle sales in late spring and early summer but giving an early indicator to the year-end total. In this case we expect the best annual total since 1989.”
The SMMT notes the 13.9 per cent growth in September compared to the same month in 2002 and the 13,7 per cent growth for the YTD underline the very positive position for the UK CV market. In Western Europe the UK market stands out as a relative oasis of growth, especially for light CVs up to 3.5t gvw. Strong business demand, an attractive supply of many new models, good prices and finance terms combine to make for a lively and rapidly growing market. Recent revisions to GDP growth estimates confirm it is better than originally thought and picking-up. On the back of this, the UK CV market should hold firm in the near term despite some global concerns. For more analysis of individual CV sectors, see www.smmt.co.uk.