The plastics industry can benefit from the growing opportunities offered by the UK's automotive manufacturing industry, suggests the new report
The UK’s automotive industry had a bumper 2015, with new car registrations hitting 2.6 million units for the first time, sealing four years of consecutive growth.
The recent figures released from the Society of Motor Manufacturers and Traders (SMMT) will come as welcome news for the UK’s automotive supply chain, with the performance marking the fourth consecutive year of growth and expectations for 2016 set to continue in the same vein.
“The new car market defied expectations in 2015, hitting an all time record driven by strong consumer and business confidence,” commented Mike Hawes, SMMT Chief Executive.
“Buyers took advantage of attractive finance deals and low inflation to secure some of the most innovative, high tech and fuel efficient vehicles ever produced.
“The past four years have seen a remarkable period of sustained growth, and the outlook remains positive with every reason to expect the market to hold broadly steady in 2016.”
Gains were reported across all fuel types, with petrol and diesel registrations up 8.4% and 3% respectively with equal market shares.
Alternatively fuelled vehicle (AFV) demand, meanwhile, grew 40.3%, securing the biggest ever market share of 2.8% for a year. Plug-in hybrids experienced “phenomenal growth”, says SMMT, with volumes more than doubling, while pure electric vehicles saw an uplift of around 50%.