HGV market experiences dip
The new heavy goods vehicle (HGV) market declined -3.6% in the third quarter of 2016, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT).
The fall in demand follows five consecutive quarters of growth, and year-to-date the market remains strong, with registrations up 6.6% against the same period in 2016.
Demand for rigid vehicles continued to increase in quarter three, with registrations of vehicles in the six to 16T and over 16T segments recording growth, up 6.1% and 5.3% respectively. Continuing a trend set in 2016, registration of three-axle artics fell by -17.3% following substantial growth of 38.6% in this segment the previous year.
Mike Hawes, SMMT chief executive, said, ‘Disruption to fleet renewal patterns, triggered by regulatory changes, resulted in a significant rise in registration volumes last year. Therefore it’s no surprise to see a comparative decline in the truck market at this point in 2016. Despite the decline, the HGV market remains strong, with year-to-date registrations ahead of the same period last year, and now at the highest level in eight years. Maintaining economic certainty for operators will be key to the sector’s ongoing success.’