The income generated by UK car exports has more than doubled in the past 10 years, that’s according to figures just released by the Society of Motor Manufacturers and Traders (SMMT).
Last year alone, markets across the world spent a total of £24.8 billion on UK-built cars, a staggering figure which highlights the importance of exports to the UK economy. The total is even more impressive when you consider that figure was £12 billion, just 10 years ago.
The likes of Nissan’s Qashqai and Juke, along with the Honda Civic will have contributed to the outstanding figure, but the SMMT points to the growth of luxury and premium models as the primary reason for success.
Indeed, in the past decade, the average export value of a car has risen from £10,200 to £20,640, largely thanks to the popularity of luxury cars made in Britain. In 2013, Jaguar Land Rover enjoyed a record-breaking year, as did Bentley and Rolls-Royce.
And we shouldn’t underestimate the contribution made by smaller-scale manufacturers, such as Caterham, Morgan and McLaren. In 2004, just under a third of exports were made up of premium and specialist vehicles, but this had jumped to 42.4% last year.
SMMT Chief Executive, Mike Hawes, said: “Countries around the world are spending twice what they were 10 years ago on UK-built cars. This reflects the thriving nature of our domestic industry and our global reputation for engineering expertise.
“With booming production volumes and the increasing value of UK car manufacturing, we are enjoying healthy demand from both growing and established markets. We want this success to continue but urgently need more young people to join our industry, working in every area from design and engineering to manufacturing and retail.”
The SMMT also expects UK car manufacturers to break the two-million units barrier by 2017, eclipsing the 1.5 million cars built last year. Around 80% of these cars will be exported, half of which to neighbouring countries in the EU.
Further proof that, thanks to UK automotive PLC, Britain is booming.