The Society of Motor Manufacturers and Traders (SMMT) has revised its 2012 new car registration forecast to 2.013 million units, up 3.7% on the 2011 total.
The SMMT is predicting growth in the new car market over the next couple of years with a 2013 full year new car market of 2.015 million units and a 2014 new car market of 2.062 million units.
The first forecast for 2012 was 1.920 million units, down 1.1% on the 2011 total.
The SMMT’s forecasts are revised on a quarterly basis in January, April, July and October and are based on an average of these forecasts from members’ analysts own company views.
The latest survey of SMMT’s members own views was done during October 2012.
The light commercial vehicle market is predicted to by 6.5% down to 243,200 units this year. However, the SMMT believes the van market will return next year with a 3.2% increase to 250,900 units in 2013 and then up by 4.5% in 2014 to 262,300 units.