November 2024 New LCV Registrations

Thursday 5 December, 2024

The new light commercial vehicle (LCV) market recorded its fourth consecutive month of growth as registrations rose by 10.5% in November, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). With 30,300 new vans, pick-ups and 4x4s registered, it was the second biggest November in history for the market.¹

Growth was recorded across all van weight classes, with small van volumes up 128.6% to 999 units, medium vans rising by 9.8% to 4,999 units, while large vans saw volumes increase by 13.5% with 20,504 reaching the road. Registrations of 4x4s also saw a boost, up by 33.4% to 786 units, but pick-up registrations fell by -20.4% to 3,012 units. While uptake has been in decline across the year, last month’s Budget has put that segment in further danger.

With double-cab pick-ups set to be taxed as cars for benefit in kind and capital allowances purposes after April 2025, businesses that rely on these vehicles, such as construction, farming, utilities and the self-employed, will face further cost pressure. Given the impact this would have on the market and these sectors in particular, the industry urges government to reconsider and uphold HMRC’s decision of February this year, to avoid damaging growth prospects.

Electric van uptake grew for the second consecutive month after four months of decline, rising by more than a third (36.7%) to 2,322 units, in part supported by the Plug-in Van Grant, which will now continue for the next financial year. Market share also rose, from 6.1% to 7.7%. However, government has mandated that 10% of each brand’s new van registrations must be zero emission this year and year-to-date market share has reversed compared with 2023, down from 5.9% to 5.8%.²

Massive industry investment means that half of all van models are now available as zero-emission, providing operators with a huge choice.³ With no obvious plan for a national network of van-specific chargepoints, however, companies and traders continue to lack the confidence to switch in greater volumes. The latest market outlook expects volume growth of more than 85% in 2025 – but this would still leave the BEV share of the market at just 10.6% next year against a mandated target of 16%.

As the year draws to a close, concerns over the impact of the zero emission vehicle mandate on buyer choice, volume delivery and UK industrial competitiveness are mounting. Government’s decision to review the regulation has, therefore, been welcomed by industry which remains committed to delivering decarbonisation against the current market realities.

Mike Hawes, SMMT Chief Executive, said,

The UK light commercial vehicle market continues to build back after a challenging start to the year, delivering the best performance since 2021 and the unleashing of pent-up demand. Britain’s appetite for zero emission vans continues to lag behind government ambition, however, and market share this year is heading in the wrong direction. With warnings over UK competitiveness now translating into tangible impacts, a fast-tracked review of market regulation is essential to ensure manufacturers can deliver the choice, growth and decarbonisation the nation needs.

Notes to editors

1 November 2021: 31,320 units.
2 SMMT’s BEV LCV registration data reflects the Vehicle Emissions Trading Scheme, in which BEVs weighing >3.5-4.25t contribute towards each manufacturer’s target, in addition to those weighing ≤3.5t.
3 33 BEV models available; 63 LCV models available in total.