That’s according to a new forecast report launched today (13 October) by The Society of Motor Manufacturers and Traders (SMMT).

Annual car production is expected to pass the two million milestone by 2020 – breaking the current record of 1.92 million cars, which was set in 1972, when the most popular car was the Ford Cortina rather than today’s top-seller, the Ford Fiesta.

The SMMT said that key to the sector’s success is the ‘shift to premium’ – in other words, the increasing value of the vehicles made in – and exported by – British manufacturers. In 2010, 37% of UK car production was by premium manufacturers; this is projected to rise to 54% by 2020 in line with increasing global demand for premium vehicles.

Mike Hawes, SMMT chief executive, said: “This report is further proof of the growing stature of the UK as a global destination for high quality vehicle manufacture. The automotive industry has made tremendous strides in recent years, as significant investment, along with partnership with government, has driven huge growth in production and employment.”

He added: “Future growth in a fiercely competitive global market will rely upon continued government support, as well as an attractive business environment which drives investment and stimulates innovation.”