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 are female and 39% are under 35.

FutureCar Staff Aug 21, 2023 4:50 PM PT

Annual report highlights industry struggles

The annual Institute of the Motor Industry (IMI) Baseline Report has revealed some interesting trends in the automotive industry. While the number of businesses and job roles has fallen, there has been a significant increase in vacancies, reaching a 21-year high.

According to the report, there are currently 758,000 jobs in the automotive sector, which is a slight increase from the previous year's figure of 742,600. Of these jobs, 78% are within the retail sector, while the remaining 22% are in other areas of the automotive industry.

On the other hand, the number of businesses in the automotive industry has seen a decline. In 2022, there were 100,000 businesses, but this number has dropped to 98,500. The report highlights that 97% of these businesses are in automotive retail. Additionally, the number of job roles has also decreased from 218 to 213, primarily due to the increased use of technology.

One concerning finding from the report is the lack of diversity within the sector. Only 19% of the workforce are female, while 39% are aged under 35. This raises concerns about the need for greater inclusivity and attracting a more diverse range of talent.

Steve Nash, CEO of the IMI, expressed his concerns about the skills gap and the impact it has on the industry. He emphasized the importance of upskilling to meet the evolving demands of automotive technology. Nash also stressed the need for more support and training to equip the existing and future workforce.

In order to address the skills gap and ensure the sector's success, Nash called for increased diversity. He highlighted the importance of attracting more women to the industry and creating a more balanced workforce. Nash believes that a more diverse sector will be stronger, more successful, and better able to serve all motorists in the UK.

The IMI Baseline Report provides valuable insights into the current state of the automotive industry. It highlights the challenges faced by the sector, such as the skills gap and the decline in businesses. By addressing these issues and promoting diversity, the industry can adapt to technological advancements and continue to meet the needs of customers in the future.