Van Drivers in UK and Europe Behind the Wheel of Growth
- Created: 13 May 2019
Recent rises in commercial vehicle manufacture and purchase in Britain and Europe are likely to be reflected by a growth in the any driver van insurance sector over the remainder of the year.
Figures from The Society of Motor Manufacturers and Traders (SMMT) this month revealed that British commercial vehicle manufacturing plants completed 9,233 vehicles in February, more than a 53 per cent increase on the previous month. This includes a growth in manufacture for the domestic market by 57.3 per cent and 51.9 per cent growth in the manufacture of vans for the export market. However, it is the export market that continues to be the main driver of growth as it is responsible for nearly 70 per cent of commercial vehicles manufactured in the UK.
In fact, February proved to be the most productive month for van manufacture in the UK since 2012 – a sign that British and European Union incentives have proved successful in stimulating the sector.
However, it is predicted that growth may slow over the coming months. Mike Hawes from SMMT comments, "While the positive news continues for UK CV manufacturing, it's important to highlight that this low volume industry is cyclical and experiences large percentage swings when compared month on month.
"Although both demand at home and overseas has seen double-digit growth, still almost two thirds of British-built CVs are destined for export, the majority to the EU."
Furthermore, Hawes expressed concern that unless Brexit is properly managed and any driver van insurance customers in the EU continue to have free access to UK-manufactured vehicles, UK industry could suffer. "This signifies just how vital a deal that retains free and frictionless trade with the EU is for this sector."
A Buoyant EU Market
The European Automotive Manufacturers Association has revealed that European markets rose in March by 4.1%.
Registrations rose in all commercial vehicle weight categories, with the highest risers Germany up 11.3 per cent, followed by the UK at 10.6 per cent.
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