EVs failing to find traction in LCV market

The National Franchised Dealers Association (NFDA) has called for fresh incentives to drive EV growth in the light commercial vehicle market after new figures revealed that market share has remained largely static for 12 months.

Figures from the Society of Motor Manufacturers and Traders revealed that 2,906 EVs joined the LCV market last month. This figure represents a 5.5% market share, which is only a slight improvement on the 5.3% market share EVs held in March 2022.

This comes despite the wider LCV market building on the best performing February in 26 years with another month of growth in March, when 52,916 new vans joined UK roads.

Sue Robinson, chief executive of the NFDA, said: “Following the best February performance in 26 years experienced by the new light commercial van market, it is positive to see that the market has continued this trend with another month of growth.

“Although electric vehicles in the LCV market have seen a slight increase it is somewhat concerning to see these figures hovering around a similar market share to that of the same period last year.

“Following a disappointing Spring Budget, in which price incentives were largely ignored, there still remains concerns amongst van drivers about EV range anxiety, charging infrastructure plus the high price of our-right purchase and the unknown second-hand values, should the vehicle no longer suit their business operations.

“If ZEV targets are to be met it seems imperative that price incentives are put in place as well as addressing concerns about charging by expanding suitable charging infrastructure for vans throughout the UK. Additionally, the fourfold higher VAT cost on public charging compared to private or home charging creates another challenge for businesses aiming to shift to a net-zero fleet.