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In line with the wider automotive industry, the premium and luxury car segment has been severely impacted by the COVID-19 crisis since March 2020. Dealerships were forced to shut their doors in March as a nationwide lockdown came into force, effectively turning off the taps on customer orders.
The dominance of COVID-19 in the news may have pushed the UK’s departure from the European Union to the back of consumers’ minds, but for premium and luxury car manufacturers the risk of the UK exiting the transition period without a trade deal in place remains very much top of mind. With eight out of every 10 cars produced in the UK exported, the prospect of tariffs and higher import taxes would not only have severe consequences for exports (the EU alone accounts for almost 55% of UK car exports) but would also heavily disrupt the ability of local manufacturers to operate in an industry made up of complex and tightly integrated global supply chains.
Strong demand for electric vehicles has continued to drive the segment despite the challenges brought on by the COVID-19 pandemic. In September 2020, hybrid and electric vehicles all posted impressive year-to-date (YTD) growth of registered vehicles in contrast to the heavy decline in the overall car industry.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in United Kingdom with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Cars industry in United Kingdom, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.