Annual report highlights industry struggles

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【Summary】The IMI annual report reveals challenges in the automotive industry, with a decrease in businesses and job roles, but a rise in vacancies to a 21-year high. The report highlights that there are 758,000 jobs in the sector, with 78% in retail and 22% in automotive. The number of businesses has fallen to 98,500, with 97% in automotive retail. Only 19% of the sector is female and 39% are under 35.

FutureCar Staff Aug 13, 2023 11:25 PM PT

Annual report highlights industry struggles

The annual Institute of the Motor Industry (IMI) Baseline Report has highlighted some significant trends in the automotive industry. According to the report, while the number of businesses and job roles has decreased, vacancies have reached a 21-year high.

In terms of employment, there are currently 758,000 jobs in the automotive sector, a slight increase from 742,600 in 2022. Out of these jobs, 78% are within retail and the remaining 22% are in the automotive field.

On the other hand, the number of businesses in the industry has fallen from 100,000 in 2022 to 98,500. The majority of these businesses, 97%, are involved in automotive retail. Additionally, the report shows that the number of job roles has decreased from 218 to 213 due to advancements in technology.

One concerning finding of the report is the lack of diversity within the sector. Only 19% of the workforce is female, while 39% are under the age of 35.

Steve Nash, the CEO of the IMI, expressed his concerns about the current situation. He emphasized the need to address the growing skills gap and the importance of upskilling to keep up with evolving automotive technology. Nash also stressed the importance of diversity, stating that a more diverse sector would be stronger, more successful, and better equipped to serve customers.

In order to ensure that the automotive industry can continue to meet the needs of customers and adapt to technological advancements, urgent action is needed to fill the skills gap. This includes providing more support and training for the existing and future workforce. Additionally, efforts should be made to increase diversity and attract a wider range of talent to the sector.