New vehicle registrations recorded only modest growth in Europe during 2024. In EU markets, the European Automobile Manufacturer’s Association (ACEA) noted a 0.8% year-on-year increase to 10.6 million units, while the UK Society of Motor Manufacturers and Traders estimated 2.6% to 1.95 million.
Despite relatively little movement in the mass market, luxury players are noticing opportunities to capitalise on rising demand for personalisation. On 8 January 2025, Rolls-Royce announced a £300m (US$374m) expansion plan for its Goodwood site, which will create additional space for bespoke vehicle projects. 19 days later, Jaguar Land Rover (JLR) stated it would invest £65m in its luxury paint operations.
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