- First-off-the-blocks Cox Automotive are the first (and only) industry experts to outline 2024 forecasts for the new and used car markets
- Insight Report 2023/24 includes analysis of current trends and the road ahead
- Forecasts predict a period of stabilisation for new and used markets for 2024
Cox Automotive, the leading automotive services provider, today unveils a wealth of industry data and understanding with the long-awaited Insight Report, produced in collaboration with Grant Thornton.
A valued resource for anyone seeking to understand the status quo and learn more about future trends – Cox Automotive’s 2023/24 Insight Report includes extensive analysis from automotive voices in the UK, Europe and around the world. Cox Automotive remains the only industry player to provide detailed predictions for both the new and used car markets for 2024 – which are included in the report.
Chief among its contents are forecasts for the UK’s new vehicle sector which foresee a baseline scenario of 2,020,050 new vehicle registrations in 2024. That’s a 4.3% year-on-year increase albeit a continued steep decline compared to the 2000-2019 average. For the used sector the baseline scenario figures are new registrations of 7,350,205 which is a 2.8% year-on-year increase but a 0.3% decrease compared to the 2001-2019 average. The calculations suggest that 2024 will be a period of stabilisation in the automotive sector generally, followed by a notable rise in registrations in successive years.
The baseline scenario is one of three scenarios published by Cox Automotive and is the scenario it expects to play out. The report also includes upside and downside scenarios. Hypotheses guiding the baseline prediction include figures for new car registrations will be dictated by continuing economic pressures, the agency sales model transition and the stabilising of global production volumes. Used market numbers for 2024 will be shaped by issues including a gradual adoption of used battery electric vehicles (BEVs), a moderately recovering economy and a “carefully managed” growth in the supply of used vehicles – the report concludes.
Insight Report author and Cox Automotive’s Insight Director, Philip Nothard, said: “It gives me great pleasure to publish Cox Automotive’s fifth Insight Report, a labour of love that again contains a wealth of information, data and insight that’s designed to aid the strategies and business decisions of our partners and stakeholders.
“Recent years in the automotive sector have seen a period of unprecedented change and tumult that are being driven by economic forces, geopolitics and technological innovation. In our latest Insight Report, we closely examine these factors and outline how we think the future will pan out for dealers, the EV market and much more.
“We are also proud to continue leading the pack with our new and used forecasts. Our latest forecast accuracy averages 99.1%, meaning ours are outlooks that can be relied on. We anticipate that the market will eventually be split between manufacturers who want profitability at the cost of volume and market share; and those who will return to a 'push' market at the cost of profit for volume and market dominance.”
Insight Report 2023/24 also features discussion of trends that are shaping the industry such as the agency sales model, omnichannel, the unstoppable rise of EVs, battery management and sustainability. Find out more by downloading your copy here.
Martin Forbes, President, Cox Automotive International, said: “In the UK and key markets throughout the world, Cox Automotive retains a privileged place at the heart of the automotive sector. From the factory gate to the scrapyard, there are few aspects of a vehicle’s lifecycle that we do not touch, influence or experience. That’s why we have once again collaborated with Grant Thornton for this year’s Insight Report.
“It has been six years since we first published our new and used car market forecasts, together with key issues facing automotive. Much has happened since our first Insight Report and there is much more to come. That’s why it’s important to remain informed, agile and customer focused.
“I’m grateful to all contributors who have helped make our Insight Report such a vital document and feel confident that it will help businesses shape their strategies for what lies ahead.”