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SMMT increases car and van registration forecasts

Forecasts for 2010 full year car and van registrations have been increased by the Society of Motor Manufacturers and Traders (SMMT) following a better than anticipated first quarter.

The SMMT today announced an improved forecast for 2010 registrations, increasing its outlook by 107,000 units since the last projection made in January this year.

The 2010 new car forecast is 1,924,000; 2011 it's 1,957,000 and 2012 2,062,000.

New vans forecasts are for 2010 202,000, 2011 216,000 and 2012 234,000.

The 5.6% (car) and 7.7% (van) increases in expected annual totals is a positive sign for industry, reflecting increased confidence and stability and a sustained level of consumer demand.

Despite the revised figures showing a greater number of registrations than first anticipated in January this year, the full year car figure is still 3.6% down on 2009 levels.

Largely unaffected by the scrappage incentive, van registrations are set to be about 8.6% up on 2009 reflecting greater business confidence.

SMMT chief executive Paul Everitt said: “Our latest forecasts reflect the better than expected results in the first quarter and improving consumer confidence.

"The coming months will be challenging now that the scrappage scheme has ended, but industry remains cautiously optimistic.

"Sustaining the economic recovery and improving access to more and better priced finance for businesses and consumers should be the priority for any new government.”

SMMT revises its forecasts on a quarterly basis with a panel of industry market analysts.

The next forecast is due in July 2010.


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