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The UK new car market is set to see steady improvement for the rest of 2023, according to Cox Automotive.
The data firm's latest baseline prediction for UK registrations in 2023 is 1,921,436, which would represent a 20% increase compared with last year, but would still be 16.9% down on pre-pandemic levels. It is also slightly lower than Cox's previous prediction of 1,942,667 registrations, issued in May.
Cox said that recovering vehicle production levels would more adequately meet customer demand and prevent significant imbalances.
It said its prediction, published in its latest AutoFocus newsletter, was based on the UK's projected economic recovery remaining on track, and the entry of new OEMs into the UK market having a limited impact on pricing and volumes for long-standing OEMs.
Cox Automotive insight and strategy director Philip Nothard said: "The new car market is going through arguably its most significant change in decades, an evolution driven by electrification, new players entering the arena and changes to how new cars are sold.
"This sector has faced numerous challenges over the past three years and the shoots of recovery that it showed at the beginning of the year will, we think, characterise what remains of these 12 months."
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