LONDON, UNITED KINGDOM--(Marketwire - Feb. 11, 2013) - A recent report from market research company Euromonitor International, 'Demographic And Consumer Lifestyle Trends Driving Right-Sizing in the UK Car Market' indicates changing lifestyle trends in the UK have created a shift towards smaller cars.
Small car segments accounted for less than 30% of the UK passenger car market until 1999, but passed the 40% mark ten years later in 2009.
"Even without the stimulus of a scrappage incentive scheme, consumers continue to switch from lower medium cars to offerings in the supermini and even mini segments. Combined, they increased their share of the market again in 2012 - back up to 40%. As vehicles have grown in size, right-sizing is a more appropriate term than down-sizing," explains Neil King, automotive industry analyst at Euromonitor International.
The proliferation of households with one or two people, women maintaining an independent lifestyle until their first marriage and the continued growth of the UK's younger generation - to expand to one in seven Britons by 2030 - are all signs of a major shift that is shaping automotive demand in the UK.
"There are plenty of opportunities for car manufacturers to capitalize on this growing automotive market trend. Small but distinctive cars such as the Citroen DS3, Nissan Juke and the Mini are just some of the successful small models in mature markets such as the UK," King adds.
"European mainstream carmakers, in a similar way as FIAT with the FIAT 500 and, most recently, GM with the Vauxhall/Opel Adam, should rightly look to extend their portfolio of aspirational small cars."
For further information on the report: http://www.euromonitor.com/demographic-and-consumer-lifestyle-trends-drive-right-sizing-in-the-uk-car-market/report.
About Passport Automotive
Passport: Automotive builds on Euromonitor's data and analysis around consumer lifestyles, income and expenditure and household profiles in over 200 countries as well as related industries such as Consumer Electronics, Consumer Finance and Travel and Tourism to offer a detailed understanding of the future automotive environment.
With the diversity of existing content in Passport, Euromonitor's leading online research database, the company is ideally positioned to meet the automotive industry's evolving information needs.
About Euromonitor International
Euromonitor International is the world's leading provider for global business intelligence and strategic market analysis. We have more than 39 years of experience publishing international market reports, business reference books and online databases on consumer markets.
We deliver market research solutions to support strategic planning for today's increasingly international business environment. Our research offers in-depth market analysis on consumer goods and services industries worldwide, as well as economic, demographic and socio-economic data and insight on countries and consumers.
Euromonitor International is headquartered in London, with regional offices in Chicago, Singapore, Shanghai, Vilnius, Santiago, Dubai, Cape Town, Tokyo, Sydney and Bangalore, and has a network of over 800 analysts worldwide.