The Society of Motor Manufacturers and Traders (SMMT) report highlights the UK’s automotive remanufacturing sector as a key economic opportunity, able to reduce raw material usage by up to 88%. The industry is valued at £500m and could grow to £31bn globally. Policy reforms are needed for expansion.

With 41.9 million vehicles on UK roads, including many over ten years old, and a rising fleet of 1.6 million electric vehicles, the UK is poised to become a hub for remanufacturing. SMMT’s CEO calls for supportive policies to drive job creation, economic growth, and environmental benefits in the sector.

The SMMT document calls for changes in end-of-life vehicle regulations, trade agreements, and waste regulations to support remanufacturing. These reforms could clarify processes, boost economic growth, enhance trade, and attract new investments in infrastructure and skills development for the UK.

Recent positive trends in the UK automotive industry show a 13.7% increase in new car registrations in September, the highest since 2020, with 312,891 vehicles registered. The UK’s diverse automotive manufacturing industry could strengthen sustainability and global competitiveness by enhancing remanufacturing capabilities.

Read more at Yahoo Finance: UK’s automotive remanufacturing industry could drive economy: SMMT