automotive manufacturing in the uk
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United Kingdom - Automotive Manufacturing 0183 - 2606 - 2010
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INDUSTRY PROFILE
Automotive Manufacturingin
the United Kingdom
Reference Code: 0183-2606
Publication Date: May 2011
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EXECUTIVE SUMMARY
United Kingdom - Automotive Manufacturing 0183 - 2606 - 2010
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EXECUTIVE SUMMARY
Market value
The United Kingdom automotive manufacturing industry grew by 27.8% in 2010 to reach a value of $16.7billion.
Market value forecast
In 2015, the United Kingdom automotive manufacturing industry is forecast to have a value of $25.5
billion, an increase of 52.7% since 2010.
Market volume
The United Kingdom automotive manufacturing industry grew by 26.4% in 2010 to reach a volume of 1.4
million units.
Market volume forecast
In 2015, the United Kingdom automotive manufacturing industry is forecast to have a volume of 1.9
million units, an increase of 36.4% since 2010.
Market segmentation I
Cars is the largest segment of the automotive manufacturing industry in the United Kingdom, accounting
for 82.8% of the industry's total value.
Market segmentation II
The United Kingdom accounts for 5.6% of the European automotive manufacturing industry value.
Market rivalry
The UK automotive industry was severely affected by the economic downturn, with a decline in revenues
being recorded in 2008 and 2009. However, 2010 saw a strong rebound with revenues growing for the
first time since 2007.
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CONTENTS
United Kingdom - Automotive Manufacturing 0183 - 2606 - 2010
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TABLE OF CONTENTS
EXECUTIVE SUMMARY 2
MARKET OVERVIEW 7
Market definition 7
Research highlights 8
Market analysis 9
MARKET VALUE 10
MARKET VOLUME 11
MARKET SEGMENTATION I 12
MARKET SEGMENTATION II 13
FIVE FORCES ANALYSIS 14
Summary 14
Buyer power 15
Supplier power 16
New entrants 17
Substitutes 18
Rivalry 19
LEADING COMPANIES 20
Ford Motor Company 20
Honda Motor Co., Ltd. 24
Toyota Motor Corporation 29
MARKET FORECASTS 33
Market value forecast 33
Market volume forecast 34
MACROECONOMIC INDICATORS 35
APPENDIX 37
Methodology 37
Industry associations 38
Related Datamonitor research 38
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CONTENTS
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Disclaimer 39
ABOUT DATAMONITOR 40
Premium Reports 40
Summary Reports 40
Datamonitor consulting 40
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CONTENTS
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LIST OF TABLES
Table 1: United Kingdom automotive manufacturing industry value: $ billion, 200610 10
Table 2: United Kingdom automotive manufacturing industry volume: million units, 200610 11
Table 3: United Kingdom automotive manufacturing industry segmentation I:% share, by value,
2010 12
Table 4: United Kingdom automotive manufacturing industry segmentation II: % share, by value,
2010 13
Table 5: Ford Motor Company: key facts 20
Table 6: Ford Motor Company: key financials ($) 22
Table 7: Ford Motor Company: key financial ratios 22
Table 8: Honda Motor Co., Ltd.: key facts 24
Table 9:
Honda Motor Co., Ltd.: key financials ($) 26
Table 10: Honda Motor Co., Ltd.: key financials () 26
Table 11: Honda Motor Co., Ltd.: key financial ratios 27
Table 12: Toyota Motor Corporation: key facts 29
Table 13: Toyota Motor Corporation: key financials ($) 31
Table 14: Toyota Motor Corporation: key financials () 31
Table 15: Toyota Motor Corporation: key financial ratios 31
Table 16: United Kingdom automotive manufacturing industry value forecast: $ billion, 201015 33
Table 17: United Kingdom automotive manufacturing industry volume forecast: million units,
201015 34
Table 18: United Kingdom size of population (million), 200610 35
Table 19: United Kingdom gdp (constant 2000 prices, $ billion), 200610 35
Table 20: United Kingdom gdp (current prices, $ billion), 200610 35
Table 21: United Kingdom inflation, 200610 36
Table 22: United Kingdom consumer price index (absolute), 200610 36
Table 23: United Kingdom exchange rate, 200610 36
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CONTENTS
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LIST OF FIGURES
Figure 1: United Kingdom automotive manufacturing industry value: $ billion, 200610 10
Figure 2: United Kingdom automotive manufacturing industry volume: million units, 200610 11
Figure 3: United Kingdom automotive manufacturing industry segmentation I:% share, by value,
2010 12
Figure 4: United Kingdom automotive manufacturing industry segmentation II: % share, by value,
2010 13
Figure 5: Forces driving competition in the automotive manufacturing industry in the United
Kingdom, 2010 14
Figure 6: Drivers of buyer power in the automotive manufacturing industry in the United Kingdom,
2010 15
Figure 7:
Drivers of supplier power in the automotive manufacturing industry in the UnitedKingdom, 2010 16
Figure 8: Factors influencing the likelihood of new entrants in the automotive manufacturing
industry in the United Kingdom, 2010 17
Figure 9: Factors influencing the threat of substitutes in the automotive manufacturing industry in
the United Kingdom, 2010 18
Figure 10: Drivers of degree of rivalry in the automotive manufacturing industry in the United
Kingdom, 2010 19
Figure 11: Ford Motor Company: revenues & profitability 23
Figure 12:
Ford Motor Company: assets & liabilities 23
Figure 13: Honda Motor Co., Ltd.: revenues & profitability 27
Figure 14: Honda Motor Co., Ltd.: assets & liabilities 28
Figure 15: Toyota Motor Corporation: revenues & profitability 32
Figure 16: Toyota Motor Corporation: assets & liabilities 32
Figure 17: United Kingdom automotive manufacturing industry value forecast: $ billion, 201015 33
Figure 18: United Kingdom automotive manufacturing industry volume forecast: million units,
201015 34
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MARKET OVERVIEW
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MARKET OVERVIEW
Market definition
The automotive manufacturing industry comprises of the production of trucks, passengers cars andmotorcycles. The truck manufacturers market comprises of the production of light commercial vehicles
(LCVs), heavy trucks, and buses & coaches. LCVs weigh up to 7 tons, heavy trucks weigh greater than 7
tons, and buses & coaches weigh greater than 7 tons. Sports utility vehicles and similar vehicles are not
included. T Passenger cars are defined as motor vehicles with at least four wheels, used for the transport
of passengers, and comprising no more than eight seats in addition to the driver's seat. Motorcycle
manufacturers are producers of powered two-wheelers (PTWs) that are available to the public. All
designs and engine capacities, including low-powered bikes referred to as mopeds, are included as well
as on-road (street legal), racetrack only and off-road motorcycles. The automotive manufacturing industry
value is calculated in terms of manufacturer selling price (MSP), and excludes all taxes and levies. All
currency conversions are at constant average annual 2010 exchange rates.
For the purposes of this report, Europe consists of Western Europe and Eastern Europe.
Western Europe comprises Belgium, Denmark, France, Germany, Greece, Italy, the Netherlands,
Norway, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Eastern Europe comprises the Czech Republic, Hungary, Poland, Romania, Russia, and Ukraine.
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MARKET OVERVIEW
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Research highlights
The UK automotive manufacturing industry generated total revenue of $16.7 billion in 2010, representing
a compound annual rate of change (CARC) of -3.3% between 2006 and 2010.
Industry production volumes decreased with a CARC of -4.5% between 2006 and 2010, to reach a total of
1,406.4 thousand units in 2010.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 8.9% for the five-
year period 2010 - 2015, which is expected to drive the industry to a value of $25.5 billion by the end of
2015.
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MARKET OVERVIEW
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Market analysis
The UK automotive manufacturing industry suffered market declines in 2008 and 2009, as the effects of
the recession were felt. The market gained momentum in 2010 and is expected to sustain this recovery
over the course of the forecast period, posting strong growth up to and including 2015
The UK automotive manufacturing industry generated total revenue of $16.7 billion in 2010, representing
a compound annual rate of change (CARC) of -3.3% between 2006 and 2010. In comparison, the French
industry declined with a CARC of -7.3%, while the German industry grew with a CAGR of 2.3%, over the
same period, to reach respective values of $32 billion and $112.6 billion in 2010.
Industry production volumes are forecast to decrease with a CARC of -4.5% between 2006 and 2010, to
reach a total of 1,406.4 thousand units in 2010. The industry's volume is expected to rise to 1,917.8
thousand units by the end of 2015, representing a CAGR of 6.4% for the 2010-2015 period.
The Cars segment was the industry's most lucrative in 2010, with total revenue of $13.8 billion, equivalent
to 82.8% of the industry's overall value. The Trucks segment contributed revenue of $2.6 billion in 2010,equating to 15.9% of the industry's aggregate value.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 8.9% for the five-
year period 2010 - 2015, which is expected to drive the industry to a value of $25.5 billion by the end of
2015. Comparatively, the French and German industries will grow with CAGRs of 5.8% and 2.8%
respectively, over the same period, to reach respective values of $42.4 billion and $129.6 billion in 2015.
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MARKET VALUE
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MARKET VALUE
The United Kingdom automotive manufacturing industry grew by 27.8% in 2010 to reach a value of $16.7
billion.
The compound annual rate of change of the industry in the period 200610 was -3.3%.
Table 1: United Kingdom automotive manufacturing industry value: $ billion, 200610
Year $ billion billion billion % Growth
2006 19.1 12.4 14.4
2007 21.0 13.6 15.8 10.0%
2008 20.3 13.1 15.3 (3.4%)
2009 13.0 8.4 9.8 (35.7%)
2010 16.7 10.8 12.6 27.8%
CAGR: 200610 (3.3%)
Source: Datamonitor D A T A M O N I T O R
Figure 1: United Kingdom automotive manufacturing industry value: $ billion, 200610
Source: Datamonitor D A T A M O N I T O R
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MARKET VOLUME
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MARKET VOLUME
The United Kingdom automotive manufacturing industry grew by 26.4% in 2010 to reach a volume of 1.4
million units.
The compound annual rate of change of the industry in the period 200610 was -4.5%.
Table 2: United Kingdom automotive manufacturing industry volume: million units, 200610
Year million units % Growth
2006 1.7
2007 1.8 5.6%
2008 1.7 (5.5%)
2009 1.1 (33.9%)
2010 1.4 26.4%
CAGR: 200610 (4.5%)
Source: Datamonitor D A T A M O N I T O R
Figure 2: United Kingdom automotive manufacturing industry volume: million units, 200610
Source: Datamonitor D A T A M O N I T O R
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MARKET SEGMENTATION I
United Kingdom - Automotive Manufacturing 0183 - 2606 - 2010
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MARKET SEGMENTATION I
Cars is the largest segment of the automotive manufacturing industry in the United Kingdom, accounting
for 82.8% of the industry's total value.
The trucks segment accounts for a further 15.9% of the industry.
Table 3: United Kingdom automotive manufacturing industry segmentation I:% share, by value,
2010
Category % Share
Cars 82.8%
Trucks 15.9%
Motorcycles 1.3%
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 3: United Kingdom automotive manufacturing industry segmentation I:% share, by value,
2010
Source: Datamonitor D A T A M O N I T O R
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MARKET SEGMENTATION II
United Kingdom - Automotive Manufacturing 0183 - 2606 - 2010
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MARKET SEGMENTATION II
The United Kingdom accounts for 5.6% of the European automotive manufacturing industry value.
Germany accounts for a further 37.9% of the European industry.
Table 4: United Kingdom automotive manufacturing industry segmentation II: % share, by
value, 2010
Category % Share
Germany 37.9%
Spain 12.7%
France 10.8%
Italy 5.9%
United Kingdom 5.6%
Rest of Europe 27.0%
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 4: United Kingdom automotive manufacturing industry segmentation II: % share, by
value, 2010
Source: Datamonitor D A T A M O N I T O R
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FIVE FORCES ANALYSIS
United Kingdom - Automotive Manufacturing 0183 - 2606 - 2010
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FIVE FORCES ANALYSIS
The automotive manufacturing market will be analyzed taking manufacturers of cars, trucks and
motorcycles as players. The key buyers will be taken as car, truck and motorcycle dealerships, and
manufacturers of raw materials and ready made components as the key suppliers.
Summary
Figure 5: Forces driving competition in the automotive manufacturing industry in the United
Kingdom, 2010
Source: Datamonitor D A T A M O N I T O R
The UK automotive industry was severely affected by the economic downturn, with a decline in revenues
being recorded in 2008 and 2009. However, 2010 saw a strong rebound with revenues growing for the
first time since 2007.
Buyer power in this industry is weakened by the high switching costs faced by dealerships and customer
loyalty with respect to dominating brands. Amongst the suppliers there are providers of commodity items
such as metals, and their power is boosted due to their large size, consolidation of the industry and the
fact that automotive manufacturers account for only a small proportion of their revenues. For new entrantsto the industry, setting up a production facility involves large capital outlay thus constituting a significant
entry barrier and high fixed cost. Furthermore the global tightening of emission standards is ramping up
costs further. Substitutes present a moderate threat in the form of used vehicles and other modes of
transport. Rivalry is boosted by the presence of large, international incumbents.
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FIVE FORCES ANALYSIS
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Buyer power
Figure 6: Drivers of buyer power in the automotive manufacturing industry in the United
Kingdom, 2010
Source: Datamonitor D A T A M O N I T O R
Main buyers within this industry as a whole are dealerships. However, end-user pull-through is important.
Dealerships tend to have exclusive contractual agreements with manufacturers and as such switching
costs are very high. Manufacturers rarely sell end to end consumers and tend to use a dealership to
reach the end market. This strengthens buyer power to an extent as manufacturers are reliant on
dealerships. However, similarly dealerships are also highly dependent on manufacturers the product is
almost completely indispensible to them, which further undermines buyer power. This industry is
dominated by large international players such as Hyundai and Suzuki. This means that buyers within the
industry face a relatively low concentration of players, indicating a lower level of choice. However, the
concentration of the automotive industry varies significantly between countries and regions. There is a
relatively large number of buyers within the industry, which coupled with a high level of product
differentiation weakens buyer power further. Dealers are forced to sell brands and models preferred by
consumers, which tends to reduce the power even more. It is also unlikely for dealers to integrate
backwards into the manufacturers' operating area due to the different nature of the business, although it
should be noted that many of the dealerships are examples of the manufacturer forward integrating.
Overall, buyer power is assessed as relatively weak in this industry.
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FIVE FORCES ANALYSIS
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Supplier power
Figure 7: Drivers of supplier power in the automotive manufacturing industry in the United
Kingdom, 2010
Source: Datamonitor D A T A M O N I T O R
Key inputs required by automotive manufacturers are typically commodity items, such as metals and
more differentiated inputs like fabricated components. These items tend to be produced by other
companies rather than being manufactured in-house. Amongst the providers, there are large, multi-
nationals with a strong presence within global markets which boosts their power. To ensure timely
delivery of such materials, market players often sign contracts with their providers, thus strengthening
their power. With fairly low differentiation of raw materials, there is often little to distinguish between some
suppliers, which reduces supplier power. However, the importance of high quality raw materials and
components to manufacturers (particularly in relation to safety concerns) can increase supplier power.
Typical suppliers are likely to sell to a wide variety of manufacturing companies, with the automotive
market likely to be contributing only a small share of total supplier revenues. This further strengthens the
position of suppliers. Overall, supplier power is moderate.
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FIVE FORCES ANALYSIS
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New entrants
Figure 8: Factors influencing the likelihood of new entrants in the automotive manufacturing
industry in the United Kingdom, 2010
Source: Datamonitor D A T A M O N I T O R
Brand strength and reputation are highly important in the automotive manufacture industry, and it is
therefore quite difficult for new players to directly enter a particular country's market. Those that succeed
often do so through the introduction of successful foreign brands. Setting up a production facility involves
large capital outlay thus constituting a significant entry barrier and resulting in high fixed costs.
Additionally, leading automotive brands such as Ford and Volkswagen enjoy an exceptionally high level of
brand recognition, which is reflected in their high sales volumes and market dominance. Due to the
existing strength of such brands it is difficult for new entrants to introduce their products into the market.
However, sales are sometimes sensitive to price and it may be possible for manufacturers to enter
markets through the sale of budget vehicles. For example, the Chinese Qianjiang group has had a high
degree of success entering European markets with the sale of its Keeway brand of budget motorcycles.
Furthermore, the global tightening of emission standards is ramping up costs further as automotive re-
designs are required to conform to new emissions laws. Such a trend can trigger the demand for newer,
more economical engines, involving higher costs of R&D spending. The EU has some of the strongest
emissions guidelines having adopted Euro V in 2010. Currently member states are not allowed to sell
vehicles that do not meet the standards. The global economic downturn impacted this industry heavily in
2008 and 2009 with a sharp fall in revenues recorded. However, the industry appears to be recovering
well. Overall, the likelihood of new entrants to this industry is assessed as weak.
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FIVE FORCES ANALYSIS
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Substitutes
Figure 9: Factors influencing the threat of substitutes in the automotive manufacturing industry
in the United Kingdom, 2010
Source: Datamonitor D A T A M O N I T O R
The main substitute threatening players in this industry is used vehicles. Dealerships which sell both new
and used vehicles are likely to have sold more of the latter during the global economic downturn as
consumers avoid making big purchases, e.g. new cars. On the other hand, new emission standards,
together with technological solutions, may lead to a situation where it may be more economical in the long
run (e.g. in terms of tax, fuel costs etc.) to purchase a new vehicle. A further substitute is alternative
modes of transport. For example, consumers may use public transport as opposed to having a personal
vehicle, or businesses may choose road or rail transport for goods as opposed to owning a truck. Overall,
the threat of substitutes is moderate.
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FIVE FORCES ANALYSIS
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Rivalry
Figure 10: Drivers of degree of rivalry in the automotive manufacturing industry in the United
Kingdom, 2010
Source: Datamonitor D A T A M O N I T O R
The automotive manufacturing market consists of a relatively small number of large-scale companies.
The market is fairly consolidated, as companies have looked to increase their market share in the face of
limited growth in large but mature markets, e.g. Western Europe. Rivalry is slightly reduced due to a
degree of differentiation, with several different segments within the industry, for example luxury vehicles
and budget vehicles. Fixed costs and exit barriers are of significant meaning within this industry and
leaving it requires substantial divestment of highly specific assets. Companies utilize a high level of
design and marketing to promote their product. Some companies occupy more than one segment by
utilizing different brands, for example Fiat (Fiat and Ferrari) and BMW (BMW and Mini). The automotive
market was one of the most severely hit by the global economic downturn, with automotive manufacturers
experiencing record losses, culminating in General Motors and Chrysler having to file for bankruptcy in
2009. It should be noted however, that the industry is showing good signs of recovery. Overall, rivalry
within this industry is assessed as strong.
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LEADING COMPANIES
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LEADING COMPANIES
Ford Motor Company
Table 5: Ford Motor Company: key facts
Head office: One American Road, Suite 1026, Dearborn, Michigan 48126, USA
Telephone: 1 313 845 8540
Fax: 1 313 845 6073
Local office: Ford Motor Co Ltd, PO Box 10726, Brentwood, CM14 9HE, GBR
Website: www.ford.com
Financial year-end: December
Ticker: F
Stock exchange: New York
Source: company website D A T A M O N I T O R
Ford Motor Company (Ford) is one of the largest automotive manufacturers in the world. The company
manufactures and distributes automobiles across six continents. With 80 manufacturing facilities
worldwide, the company's core and affiliated automotive brands include Ford, Lincoln, Mercury and Volvo.
The company conducts its business through two divisions: automotive and financial services. Within these
divisions, Ford's automotive business is further classified into reportable segments based upon its
geographical and organizational structure.
The automotive business division consists of the design, development, manufacture, sale and service of
cars, trucks and service parts. Through this division, Ford produces a wide range of vehicles including
cars for the small, medium, large and premium segments; trucks; buses/vans (including minivans); full-
size pickups; sport utility vehicles (SUV) and vehicles for the medium/heavy segments. In FY2009, the
company sold approximately 4.8 million vehicles at wholesale throughout the world. The company's
automotive business is organized into the following segments: Ford North America, Ford South America,
Ford Europe, Ford Asia Pacific and Africa, and Volvo.
The Ford North America segment primarily includes the sale of Ford, Lincoln and Mercury brand vehicles
and related service parts in North America (the US, Canada and Mexico), together with the associated
costs to design, develop, manufacture and service these vehicles and parts. This segment also included
the sale of Mazda6 vehicles through its consolidated subsidiary, AutoAlliance International (AAI). This
business was sold in January 2010.
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LEADING COMPANIES
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The Ford South America and Ford Europe segment includes primarily the sale of Ford brand vehicles and
related service parts in South America and in Europe (including all parts of Turkey and Russia),
respectively. Ford Asia Pacific and Africa segment primarily includes the sale of Ford-brand vehicles and
related service parts in the Asia Pacific region and South Africa. The Volvo segment includes primarily the
sale of Volvo brand vehicles and related service parts throughout the world (including in North America,
South America, Europe, Asia Pacific, and Africa).
In addition to producing and selling cars and trucks, Ford also provides a range of after sales services
and products through its dealer network. In addition to the products that are sold to dealers for retail sale,
Ford also sells cars and trucks to its dealers for sale to fleet customers, including daily rental car
companies, commercial fleet customers, leasing companies and governments. The company provides
services such as maintenance and light repair, heavy repair, collision, vehicle accessories and extended
service warranty. In North America, the company markets these products and services under several
brands, including Genuine Ford and Lincoln-Mercury Parts and Service, Ford Custom Accessories, Ford
Extended Service Plan, and Motorcraft. At the end of December 2009, the number of dealershipsdistributing Ford's vehicle brands worldwide was approximately 17.1 thousand (including 11.6 thousand
for Ford, 2.2 thousand for Volvo, 1.7 thousand for Mercury, and 1.4 thousand for Lincoln).
The financial services division operates through the company subsidiary, Ford Motor Credit (Ford Credit).
Ford Credit offers a wide variety of automotive financing products to, and through automotive dealers
throughout the world. The predominant share of Ford Credit's business consists of financing Ford
vehicles and supporting the company's dealers. Ford Credit's primary financial products fall into three
categories: retail financing, wholesale financing, and other financing.
Ford Credit also services the finance receivables and leases that it originates and purchases, makes
loans to affiliates, purchases receivables from company subsidiaries, and provides selected insurance
services. Ford Credit's revenues are earned primarily from payments made under retail installment sale
contracts and retail leases, and from payments made under wholesale and other dealer loan financing
programs. Ford Credit does business in all states in the US and in all provinces in Canada through
automotive dealer financing branches and regional business centers. Outside US, FCE Bank (FCE) is
Ford Credit's largest operation. FCE's primary business is to support the sale of Ford's vehicles in Europe
through its dealer network. FCE offers a variety of retail, leasing and wholesale finance plans in most
countries in which it operates; FCE does business in the UK, Germany and most other European
countries. Ford Credit, through its subsidiaries, also operates in the Asia Pacific and Latin American
regions. In addition, FCE, through its worldwide trade financing division, provides financing to dealers in
countries where typically Ford has no established local presence.
Led by the Fiesta, Focus and Ka, Ford strengthened its position as Europes second highest-selling brand
in 2009. Ford Europes market share of 9.1% was a half point increase for the year and set an 11-year
high.
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LEADING COMPANIES
United Kingdom - Automotive Manufacturing 0183 - 2606 - 2010
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Key Metrics
The company recorded revenues of $118,308 million in the fiscal year ending December 2009, a
decrease of 19.1% compared to fiscal 2008. Its net income was $2,717 million in fiscal 2009, compared to
a net loss of $14,672 million in the preceding year.
The volume of units sold in Fords Europe segment in 2009 amounted to 1.5 million. This represents a
percentage change of -13.8% on the previous years figure of 1.8 million.
Table 6: Ford Motor Company: key financials ($)
$ million 2005 2006 2007 2008 2009
Revenues 176,835.0 160,065.0 172,455.0 146,277.0 118,308.0
Net income (loss) 1,440.0 (12,613.0) (2,723.0) (14,672.0) 2,717.0Total assets 275,936.0 279,196.0 279,264.0 218,328.0 194,850.0
Total liabilities 262,494.0 281,502.0 272,215.0 235,639.0 201,365.0
Employees 300,000 283,000 224,000 213,000 176,000
Source: company filings D A T A M O N I T O R
Table 7: Ford Motor Company: key financial ratios
Ratio 2005 2006 2007 2008 2009
Profit margin 0.8% (7.9%) (1.6%) (10.0%) 2.3%
Revenue growth 2.6% (9.5%) 7.7% (15.2%) (19.1%)
Asset growth (7.9%) 1.2% 0.0% (21.8%) (10.8%)
Liabilities growth (7.0%) 7.2% (3.3%) (13.4%) (14.5%)
Debt/asset ratio 95.1% 100.8% 97.5% 107.9% 103.3%
Return on assets 0.5% (4.5%) (1.0%) (5.9%) 1.3%
Revenue per employee $589,450 $565,601 $769,888 $686,746 $672,205
Profit per employee $4,800 ($44,569) ($12,156) ($68,883) $15,438
Source: company filings D A T A M O N I T O R
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Figure 11: Ford Motor Company: revenues & profitability
Source: company filings D A T A M O N I T O R
Figure 12: Ford Motor Company: assets & liabilities
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
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Honda Motor Co., Ltd.
Table 8: Honda Motor Co., Ltd.: key facts
Head office: 1-1, 2-chome, Minami-Aoyama Minato-ku, Tokyo, 107-8556, JPN
Telephone: 81 3 3423 1111
Fax: 81 3 5412 1515
Local office: Honda Motor Europe Ltd, 470 London Road, Slough, Berkshire, SL38QY, GBR
Telephone: 44 01753 590590
Fax: 44 01753 590000
Website: world.honda.com
Financial year-end: March
Ticker: HMC; 7267
Stock exchange: New York; Tokyo
Source: company website D A T A M O N I T O R
Honda Motor Company Limited (Honda) is one of the leading manufacturers of automobiles and the
largest manufacturer of motorcycles in the world. The company also provides a range of financial services
to its customers and dealers. The company has a total of 396 subsidiaries and 105 affiliates all over the
world.
The company operates through four business divisions: automobile, motorcycle, financial services, and
power products and others.
The automobiles business division manufactures passenger cars, multi-wagons, minivans, sport utility
vehicle, sports coupe, and mini vehicles. Honda's automobiles use gasoline engines of three, four or six-
cylinder powered, diesel engines, and gasoline-electric hybrid systems. The company also offers
alternative fuel-powered vehicles such as natural gas, ethanol, and fuel cell vehicles.
The company's popular passenger car models include Legend, Accord, Inspire, Civic, Insight, City, Acura
RL, Acura TL, Acura TSX, and Acura CSX. In the multi-wagons, minivans, sport utility vehicle, and sports
coupe segments, the popular models include Elysion, Odyssey, Step Wagon, Stream, FREED, Edix/FR-
V, Airwave, Fit/Jazz, Partner Pilot, Ridgeline, CR-V, Element, Crossroad, S2000, Acura MDX, and Acura
RDX. The mini cars are marketed under Life, Zest, Vamos, and Acty models.
Honda manufactures its automobiles at two sites in Japan: the Saitama factory and the Suzuka factory.
The company's other major production sites are located in the US (Ohio, Alabama, and Indiana), Canada
(Ontario), UK (Swindon), Thailand (Ayutthaya) India (Uttar Pradesh), and Brazil (Sao Paulo).
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LEADING COMPANIES
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Yachiyo Industry Co, one of the company's consolidated subsidiaries, assembles Mini cars for the
Japanese domestic market.
In FY2009, the company recorded total sales of 3.5 million car units, as compared to unit sales of 3.9
million in FY2008. This represents a decrease of 10.4% compared to FY2008. Out of the total sales, the
company sold 556 thousand in Japan; 1.5 million in North America; 350 thousand in Europe; 793
thousand in Asia; and the remaining 322 thousand in other regions.
The motorcycle business division produces a range of motorcycles, from the 50 cc class to the 1800 cc
class cylinder displacement. Honda's motorcycle line consists of scooters, electric-motor-assisted
bicycles, sports bikes, and large touring cycles. The motorcycles use gasoline engines developed by the
company that are air or water cooled, two or four cycled, and single, two, four, or six cylinder powered.
Honda's motorcycles are produced at the Kumamoto factory in Japan. The company also produces its
motorcycles through its subsidiaries in Italy, Spain, Thailand, Vietnam, the Philippines, India, Brazil, and
Argentina.
In FY2009, the company recorded total sales of 10 million units of motorcycles, as compared to the unit
sales of 9.3 million in FY2008. This represents an increase of 8.5% over FY2008. Out of the total sales,
the company sold 232 thousand in Japan; 320 thousand in North America; 276 thousand in Europe; 7.5
million in Asia; and remaining 1.8 million in other regions.
With an aim of providing sales support for its products, Honda offers a variety of financial services to its
customers and dealers through finance subsidiaries in countries including Japan, the US, Canada, the
UK, Germany, Brazil, and Thailand. The services of these subsidiaries include retail lending, leasing to
customers, and other financial services, such as wholesale financing to dealers.
Honda's power products and other businesses division manufactures a range of power products including
power tillers, portable generators, general purpose engines, grass cutters, outboard marine engines,
water pumps, snow throwers, power carriers, power sprayers, lawn mowers, and lawn tractors (riding
lawn mowers). Honda also manufactures the major components and parts used in its products, including
engines, frames, and transmissions.
The company also makes engines for light business jets as well as automobile fuel cells. Honda also
manufactures ASIMO (humanoid robots), which can offer many useful functions such as greeting visitors
and informing personnel of the visitor's arrival by transmitting messages and pictures of the visitor's face,
and guide visitors to a predetermined location.
Concerning the economic environment surrounding Honda, economic conditions in the United States
showed moderate recovery, as evidenced by improvement in consumer spending, a bottoming out of
private capital investment and other developments, despite concerns about the continuation of the credit
contraction, deterioration in the employment situation and other factors.
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The economies of Europe also bottomed out, despite concerns such as economic stagnation as a result
of the credit contraction, a sales slump following the end of measures supporting new car purchases and
a deterioration in employment conditions.
Key Metrics
The company recorded revenues of $97,681 million in the fiscal year ending March 2010, a decrease of
14.3% compared to fiscal 2009. Its net income was $6,081 million in fiscal 2010, compared to a net
income of $1,560 million in the preceding year.
Unit sales of motorcycles and automobiles for Europe in 2010 amounted to 448,000. This represents a
percentage change of -28.4% on the previous years figure of 626,000.
Table 9: Honda Motor Co., Ltd.: key financials ($)
$ million 2006 2007 2008 2009 2010
Revenues 112,810.3 126,235.3 136,661.6 113,985.8 97,680.6
Net income (loss) 6,797.3 6,743.8 6,831.9 1,559.9 6,081.0
Total assets 120,365.9 137,044.9 143,637.8 134,567.6 132,406.5
Total liabilities 73,391.6 86,007.0 90,283.2 87,540.4 79,563.4
Employees 144,785 167,231 178,960 181,876 176,815
Source: company filings D A T A M O N I T O R
Table 10: Honda Motor Co., Ltd.: key financials ()
million 2006 2007 2008 2009 2010
Revenues 9,908,000.0 11,087,100.0 12,002,834.0
10,011,241.0
8,579,174.0
Net income (loss) 597,000.0 592,300.0 600,039.0 137,005.0 534,088.0
Total assets 10,571,600.0
12,036,500.0 12,615,543.0
11,818,917.0
11,629,115.0
Total liabilities 6,445,900.0 7,553,900.0 7,929,472.0 7,688,573.0 6,987,962.0
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
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Table 11: Honda Motor Co., Ltd.: key financial ratios
Ratio 2006 2007 2008 2009 2010
Profit margin 6.0% 5.3% 5.0% 1.4% 6.2%Revenue growth 14.5% 11.9% 8.3% (16.6%) (14.3%)
Asset growth 13.5% 13.9% 4.8% (6.3%) (1.6%)
Liabilities growth 6.9% 17.2% 5.0% (3.0%) (9.1%)
Debt/asset ratio 61.0% 62.8% 62.9% 65.1% 60.1%
Return on assets 6.0% 5.2% 4.9% 1.1% 4.6%
Revenue per employee $779,157 $754,856 $763,643 $626,723 $552,445
Profit per employee $46,948 $40,326 $38,176 $8,577 $34,392
Source: company filings D A T A M O N I T O R
Figure 13: Honda Motor Co., Ltd.: revenues & profitability
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
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Figure 14: Honda Motor Co., Ltd.: assets & liabilities
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
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Toyota Motor Corporation
Table 12: Toyota Motor Corporation: key facts
Head office: 1 Toyota-cho, Toyota city, Aichi Prefecture 471-8571, JPN
Telephone: 81 565 28 2121
Fax: 81 565 23 5721
Local office: Toyota Motor Europe, Curzon Square, 25 Park Lane, London W1K1RA, GBR
Telephone: 44 020 7290 8500
Fax: 44 020 7290 8502
Website: www.toyota.co.jp
Financial year-end: March
Ticker: TM; 7203
Stock exchange: New York;Tokyo
Source: company website D A T A M O N I T O R
Toyota Motor Corporation (Toyota) is the largest automobile manufacturer in the world. The company is
engaged in the design, manufacture, assembly and sale of passenger cars, minivans and trucks and
related parts and accessories. The company also provides financing to dealers and their customers for
the purchase or lease of Toyota vehicles. Toyota and its affiliates produce automobiles and related parts
and components through more than 50 manufacturing companies in 26 countries and regions.
Toyota produces automotives in two categories: conventional engine vehicles and hybrid vehicles. The
company's product line-up includes sub-compact and compact cars, mini-vehicles, mid-size, luxury,
sports and specialty cars, recreational and sport-utility vehicles, pickup trucks, minivans, trucks and
buses. The company sells its products under Toyota, Lexus, Hino and Daihatsu brands. Under the Toyota
brand, the company includes models such as the Camry, the Corolla and the Avensis. Lexus is the luxury
car division of Toyota, and is operated as an entity separate from the Toyota brand. Lexus also produces
the luxury sports utility vehicle, the RX330. Hino produces and sells commercial vehicles. Daihatsu Motor
produces and sells mini-vehicles and compact cars. In Japan, the company sells luxury cars under the
brand name Crown and the Century limousine. The Prius is the company's mass-produced hybrid car.
Toyota's sub-compact and compact cars include the four-door Corolla sedan, which is one of Toyota'sbest selling models. The Yaris, marketed as the Vitz in Japan, is a sub-compact car, designed particularly
for European consumers. The company's sport-utility vehicles includes the Sequoia, the 4Runner, the
RAV4, the Highlander, the FJ Cruiser and the Land Cruiser; and the Tacoma and Tundra are pickup
trucks. Toyota's models for the minivan market include the Alphard, Sienna, Estima, Hiace, Regius Ace,
the Noah, the Voxy and the Isis.
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LEADING COMPANIES
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In FY2009, the company recorded total sales of 7.5 million units, as compared to the unit sales of 8.9
million in FY2008. Out of the total sales, the company sold 2.2 million vehicles in North America; 1.9
million in Japan; 1.06 million in Europe; 904,000 in Asia; and a remaining 1.4 million in other countries.
Also, the company produced a total of 7.05 million units in FY2009, as compared to 8.5 million in FY2008.
Toyota's financial services business segment provides finance to dealers and their customers for the
purchase or lease of Toyota vehicles. The segment also provides retail financing, retail leasing, wholesale
financing, credit cards, housing loans and insurance services. Some of the financial service subsidiaries
of the company include Toyota Finance in Japan, Toyota Financial Services, Toyota Credit Canada,
Toyota Finance Australia, Toyota Kreditbank and Toyota Financial Services (UK). The company's
network of financial services covers 32 countries and regions.
In FY2009, the company's net finance receivables outstanding for all of Toyota's dealer and customer
financing operations were JPY9.5 trillion ($108 billion) representing a decrease of 7.1% as compared to
FY2008. The majority of Toyota's financial services are provided in North America.
The company's other business segment includes various non-automotive business activities, such as
intelligent transport systems, information technology and telecommunications, e-TOYOTA, housing,
marine, and biotechnology and forestation businesses.
Toyota Motor Europe NV SA (TME) oversees the wholesale sales and marketing of Toyota and Lexus
vehicles, parts and accessories, and Toyotas European manufacturing and engineering operations.
Toyota directly and indirectly employs around 80,000 people in Europe and has invested over E7 billion
since 1990. Toyotas operations in Europe are supported by a network of 31 National Marketing and
Sales Companies across 56 countries, a total of around 3,000 sales outlets, and nine manufacturing
plants.
Key Metrics
The company recorded revenues of $215,772 million in the fiscal year ending March 2010, a decrease of
7.7% compared to fiscal 2009. Its net income was $2,385 million in fiscal 2010, compared to a net loss of
$4,975 million in the preceding year.
Consolidated vehicle sales in Europe during 2010 declined 19.2%, or 204 thousand units, to 858
thousand units.
Toyotas European market share (25 countries) was 5.7%. Lexus sales totaled approximately 26thousand units. Consolidated production declined 10.2%, to 433 thousand units.
Net revenues decreased 28.7%, or JPY866.1 billion ($9.9 billion), to JPY2.1 trillion ($23.4 billion).
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LEADING COMPANIES
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Table 13: Toyota Motor Corporation: key financials ($)
$ million 2006 2007 2008 2009 2010
Revenues 239,521.6 272,667.7 299,323.5 233,745.2 215,771.6Net income (loss) 15,623.3 18,718.6 19,559.4 (4,974.9) 2,384.8
Total assets 327,131.6 370,889.3 369,563.3 330,894.0 345,550.3
Total liabilities 200,179.8 236,126.1 234,419.5 216,339.3 221,098.7
Employees 285,977 299,394 324,537 320,808 320,590
Source: company filings D A T A M O N I T O R
Table 14: Toyota Motor Corporation: key financials ()
million 2006 2007 2008 2009 2010Revenues 21,036,909.
023,948,091.0 26,289,240.
020,529,570.
018,950,973.0
Net income (loss) 1,372,180.0 1,644,032.0 1,717,879.0 (436,937.0) 209,456.0
Total assets 28,731,595.0
32,574,779.0 32,458,320.0
29,062,037.0
30,349,287.0
Total liabilities 17,581,566.0
20,738,687.0 20,588,793.0
19,000,830.0
19,418,844.0
Source: company filings D A T A M O N I T O R
Table 15: Toyota Motor Corporation: key financial ratios
Ratio 2006 2007 2008 2009 2010
Profit margin 6.5% 6.9% 6.5% (2.1%) 1.1%
Revenue growth 13.4% 13.8% 9.8% (21.9%) (7.7%)
Asset growth 18.1% 13.4% (0.4%) (10.5%) 4.4%
Liabilities growth 18.9% 18.0% (0.7%) (7.7%) 2.2%
Debt/asset ratio 61.2% 63.7% 63.4% 65.4% 64.0%
Return on assets 5.2% 5.4% 5.3% (1.4%) 0.7%
Revenue per employee $837,556 $910,732 $922,309 $728,614 $673,045
Profit per employee $54,631 $62,522 $60,269 ($15,507) $7,439
Source: company filings D A T A M O N I T O R
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MARKET FORECASTS
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MARKET FORECASTS
Market value forecast
In 2015, the United Kingdom automotive manufacturing industry is forecast to have a value of $25.5billion, an increase of 52.7% since 2010.
The compound annual growth rate of the industry in the period 201015 is predicted to be 8.9%.
Table 16: United Kingdom automotive manufacturing industry value forecast: $ billion, 201015
Year $ billion billion billion % Growth
2010 16.7 10.8 12.6 27.8%
2011 18.1 11.7 13.7 8.9%
2012 19.5 12.6 14.7 7.6%
2013 21.7 14.0 16.3 11.0%
2014 23.0 14.9 17.3 6.1%
2015 25.5 16.5 19.2 10.9%
CAGR: 201015 8.9%
Source: Datamonitor D A T A M O N I T O R
Figure 17: United Kingdom automotive manufacturing industry value forecast: $ billion, 201015
Source: Datamonitor D A T A M O N I T O R
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MARKET FORECASTS
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Market volume forecast
In 2015, the United Kingdom automotive manufacturing industry is forecast to have a volume of 1.9
million units, an increase of 36.4% since 2010.
The compound annual growth rate of the industry in the period 201015 is predicted to be 6.4%.
Table 17: United Kingdom automotive manufacturing industry volume forecast: million units,
201015
Year million units % Growth
2010 1.4 26.4%
2011 1.5 4.5%
2012 1.6 5.8%
2013 1.7 9.2%
2014 1.8 3.8%2015 1.9 8.8%
CAGR: 201015 6.4%
Source: Datamonitor D A T A M O N I T O R
Figure 18: United Kingdom automotive manufacturing industry volume forecast: million units,
201015
Source: Datamonitor D A T A M O N I T O R
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MACROECONOMIC INDICATORS
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MACROECONOMIC INDICATORS
Table 18: United Kingdom size of population (million), 200610
Year Population (million) % Growth
2006 60.6 0.6%
2007 61.0 0.7%
2008 61.4 0.7%
2009 61.8 0.6%
2010 62.1 0.6%
Source: Datamonitor D A T A M O N I T O R
Table 19: United Kingdom gdp (constant 2000 prices, $ billion), 200610
Year Constant 2000 Prices, $ billion % Growth
2006 1,719.6 2.8%
2007 1,765.7 2.7%
2008 1,764.6 (0.1%)
2009 1,678.3 (4.9%)
2010 1,704.3 1.6%
Source: Datamonitor D A T A M O N I T O R
Table 20: United Kingdom gdp (current prices, $ billion), 200610
Year Current Prices, $ billion % Growth
2006 2,430.7 7.4%
2007 2,827.8 16.3%
2008 2,713.2 (4.1%)
2009 2,225.3 (18.0%)
2010 2,332.4 4.8%
Source: Datamonitor D A T A M O N I T O R
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MACROECONOMIC INDICATORS
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Table 21: United Kingdom inflation, 200610
Year Inflation Rate (%)
2006 3.2%2007 4.3%
2008 3.7%
2009 2.2%
2010 3.2%
Source: Datamonitor D A T A M O N I T O R
Table 22: United Kingdom consumer price index (absolute), 200610
Year Consumer Price Index (2000 = 100)2006 116.3
2007 121.3
2008 125.8
2009 128.5
2010 132.6
Source: Datamonitor D A T A M O N I T O R
Table 23: United Kingdom exchange rate, 200610
Year Exchange rate ($/) Exchange rate (/)
2006 0.5435 0.6820
2007 0.4999 0.6840
2008 0.5449 0.7973
2009 0.6416 0.8921
2010 0.6475 0.8589
Source: Datamonitor D A T A M O N I T O R
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APPENDIX
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APPENDIX
Methodology
Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated,analyzed, cross-checked and presented in a consistent and accessible style.
Review of in-house databases Created using 250,000+ industry interviews and consumer surveys
and supported by analysis from industry experts using highly complex modeling & forecasting tools,
Datamonitors in-house databases provide the foundation for all related industry profiles
Preparatory research We also maintain extensive in-house databases of news, analyst
commentary, company profiles and macroeconomic & demographic information, which enable our
researchers to build an accurate market overview
Definitions Market definitions are standardized to allow comparison from country to country. The
parameters of each definition are carefully reviewed at the start of the research process to ensure they
match the requirements of both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest
industry events and trends
Datamonitor aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools Datamonitor has developed powerful tools that allow quantitative
and qualitative data to be combined with related macroeconomic and demographic drivers to create
market models and forecasts, which can then be refined according to specific competitive, regulatory
and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and
up-to-date
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APPENDIX
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Industry associations
Society of Motor Manufacturers and Traders Ltd. (SMMT)
Forbes House, Halkin Street, London SW1X 7DSTel.: 0044 20 7235 7000
Fax: 0044 20 7235 7112
www.smmt.co.uk
International Organization of Motor Vehicle Manufacturers (OICA)
4 rue de Berri, 8me arrondissement, Paris, France
Tel.: 0033 1 4359 0013
Fax: 0033 1 4563 8441
www.oica.net
European Automobile Manufacturers' Assocation (Association des Constructeurs Europens
d'Automobiles, ACEA)
Avenue des Nerviens 85, B-1040, Brussels, Belgium
Tel.: 0032 2 732 55 50
Fax: 0032 2 738 73 10
www.acea.be
Related Datamonitor research
Industry Profile
Global car manufacturers
Car manufacturers in Asia-Pacific
Car manufacturers in Europe
Car manufacturers in France
Car manufacturers in Germany
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APPENDIX
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Disclaimer
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form
by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior
permission of the publisher, Datamonitor plc.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed.
Please note that the findings, conclusions and recommendations that Datamonitor delivers will be
based on information gathered in good faith from both primary and secondary sources, whose
accuracy we are not always in a position to guarantee. As such Datamonitor can accept no liability
whatever for actions taken based on any information that may subsequently prove to be incorrect.
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