October’s UK new car market grew by 14.3% to reach 153,529 registrations, 7.2% above pre-pandemic levels and marking the best performance for the month since 2018, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).
The 15th month of consecutive growth was driven almost entirely by large fleet registrations, which grew 28.8% to reach 87,479 units. Private demand was stable at 62,915 vehicles, a 0.3% increase, while the much smaller business sector saw registrations fall -15.2% to 3,135 units.
With the sustained increase in new car registrations, overall vehicle uptake is now up 19.6% in the first 10 months, with the market currently enjoying its best year since 2019.
CT Automotive plc (LON:CTA) designs, develops and manufactures automotive interior finishes and complex kinematic assemblies for the most well-known automotive brands on the planet. These critical components are managed through an intricate global network of reactive supply chains to arrive JIT (Just in Time) at their respective OEM manufacturing plants.