August 2024 New LCV Registrations

Thursday 5 September, 2024

The UK’s new light commercial vehicle (LCV) market returned to growth in August, rising 1.7% to record the best performance for the month since 2021 after two months of decline.¹ According to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT), 16,575 vans, 4x4s, pickups and taxis joined the road in what is traditionally a low volume month ahead of September’s plate change.

The market for smaller-sized vans, weighing up to and including 2.0 tonnes, continued to increase, up 24.5% to 427 units as new models drove demand. Registrations of medium-sized vans, weighing greater than 2.0 to 2.5 tonnes, grew by 1.9% to 2,771 units, while those of the largest vans, weighing greater than 2.5 to 3.5 tonnes, increased by 1.8% to 11,753 units, remaining the most popular segment with a 70.9% market share. Deliveries of 4x4s and pickups, meanwhile, declined by -12.9% and -2.5% respectively to make up a combined 1,624 units.

Despite the overall market growth, battery electric van (BEV) registrations fell for a third successive month this year and fifth time overall,² with 908 registered, down -30.3% year on year.³ BEVs accounted for just 5.5% of all new vans in August, a fall from 7.9% in August 2023. Over the year-to-date, volumes have fallen by -9.5% and market share has declined to 5.1% – essentially half the 10% zero emission vehicle mandate target, despite increasing numbers of manufacturers introducing all-new zero emission vehicles to expand operator choice.⁴

Year-to-date, the van market is up 2.7% to 218,884 units, with all segments recording growth.

Mike Hawes, SMMT Chief Executive, said,

A return to growth for Britain’s new van sector is encouraging as the market continues its post-Covid recovery. Manufacturers continue to produce a range of new models, with many of these zero emission. However, such a significant and sustained drop in demand for electric vans is of deep concern given the ambitious and mandated sales targets required this year and beyond. There is a pressing need to stimulate operator confidence which means providing long term certainty over the Plug-in Van Grant, maintaining fiscal incentives, and accelerating the rollout of van-suitable charging infrastructure. Without these measures, the ability of the UK to meet its net zero goals while driving economic growth will be put under pressure.

Notes to editors

1 CV registrations, August 2021: 20,582 units
2 CV registration declines: June 2024: 1,476 units (-16.8%) and July 2024: 1,368 units (-8.1%)
3 Battery electric van registrations, August 2023: 1,303 units
4 Data reflects the Vehicle Emissions Trading Scheme with BEV vans weighing >3.5-4.25t contributing towards each manufacturer’s target, in addition to LCVs ≤3.5t.