The UK is set for growth in the automotive sector

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The UK has a long history of manufacturing, but in recent years the economy has moved on from secondary industries to focus more on the tertiary (services) sector. Many companies relocated their operations overseas to benefit from lower labour and transportation costs. Even with these moves, there is still potential for the remaining industries, particularly in the automotive market. Demand for parts made in the UK is very high, and a recent report suggests there is a great deal of room for growth, particularly for companies supplying direct to vehicle manufacturers.

The report was conducted by the Automotive Council and was recently released at a SMMT open forum event. It suggests that in the UK there is a capacity for growth in the local supply of components and materials. Instead of companies importing parts from around the world, they could be made right here in the UK, providing lower costs for car markers, more automotive recruitment for manufacturing jobs, and profit potential for producers. It is claimed that the growth could be worth anywhere up to an extra £2 billion.

In Europe, particularly in Germany, France and Italy, a large number of parts used to manufacture vehicles are produced within the host country. The UK can follow suit on this and increase its current production (around a third of all components) to bring it closer to these countries. Some are suggesting the growth could result in almost 60% of total components being produced in Britain rather than imported.

The UK automotive sector is in the spotlight, and has been experiencing a great deal of success with automotive recruitment. Producers are optimistic and forecasting more growth in the future. If these conditions materialise there is likely to be new jobs created and more economic benefits.

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