07 January 2014 11:00 [Source: ICIS news]
LONDON (ICIS)--New car registrations in the UK increased by 10.8% year on year in 2013, making it the strongest year for automotive sales in the country since before the recession, UK-based trade body the Society of Motor Manufacturers and Traders (SMMT) said on Tuesday.
According to the SMMT, 2.26m cars were registered in the country, representing a level not seen since 2007 and an additional 600 cars registered per day than in 2012.
Europe’s second-largest car market, after Germany, the UK was the only European country where registrations grew consistently throughout the year. According to the SMMT, the jump in purchase levels is likely to stabilise, and will grow by around 1% year on year in 2014.
Spanish sales volumes grew by 2.1% year on year in 2013 supported by a scrappage scheme, the SMMT said. German sales fell by almost 5% year on year, and France and Italian registration levels fell by 7% over the same period, the association added.
The automotive sector is a key end market for many chemicals producers.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections