LCV market slumps by 18%

The UK’s new light commercial vehicle (LCV) market fell by 18.4% in October, with 22,386 of the latest vans joining Britain’s roads.

Despite robust demand, registrations were at the lowest level for October since 2012, and 16.5% below the pre-pandemic five-year average as supply shortages continue to restrict global production and availability.

Meanwhile, BEV volumes are up 52.9% this year and represent 5.5% of all LCV registrations. They are expected to grow as new models come to market, but their anticipated share in 2023 has been revised to 8.7%, down from the 9.2% expected in our last outlook in July.

Mike Hawes, SMMT chief executive, said: “The UK’s van market continues to be shackled by supply shortages amid difficult operating conditions, which will likely continue into 2023, easing over the course of the year. Demand for zero emission vans remains robust despite these challenges, but a successful net zero transition will require measures targeted at long-term operator confidence.”