Off-Highway Research has updated its 2016 study on The Impacts of Brexit on the UK construction equipment. The new report highlights areas where OEMs and component suppliers should be prepared for significant changes, once the transition period ends.
The UK left the EU on 31st January 2020. This change will take full effect form 1st January 2021 following the end of the transition period. Off-Highway Research managing director, Chris Sleight said, “Brexit will have a range of practical implications for the trade in equipment and components, both into and out of the UK. It will have a bearing on overall equipment demand in the UK, and it should also be noted that significant questions also remain over the technical requirements and regulatory regime in the UK from next year.
He continued, “Even at this late stage it is not clear what Brexit will look like, in terms of the UK-EU trading relationship and in terms of some of the practical arrangements of how businesses will have to operate to access the UK market. It is important that businesses understand which areas of life will change and that they plan for the different eventualities.”
The report, which is aimed at equipment producers and components suppliers among others, includes and analysis of the international trade in construction equipment into and out of the UK, with commentary on how the practicalities of this will change in light of new tariff and customs declaration requirements. It also includes a highly detailed five-year market forecast for the UK equipment market, which considers the impacts of Brexit, the Covid-19 pandemic and the UK’s departure from the Common Agricultural Policy.
Click here for more information about Off-Highway Research’s new report on Brexit.