New LCV registrations suffer worst January since 2012
New LCV registrations fell by 7.8% to 17,562 units in January, according to the Society of Motor Manufacturers and Traders (SMMT).
This makes it the weakest start to a year since 2012 and reflects weak business confidence constraining fleet investment.
The decline was driven by a 57% slump in new pickup sales to 1,206 units, while demand for medium vans fell by 27.4% to 2,547 units and the small van segment contracted by 39.8% to 402 units. Only large vans and 4x4s posted growth, up 10% to 12,696 units and 33.9% to 711 respectively.
Meanwhile, electric van registrations rose 26% to 1,844 units to account for a market share of 10.4%. However, demand must more than double to meet the mandated target of 24% this year.
Based on these the figures, the SMMT has revised down the outlook for the year to 321,000 units, with electric vehicle predictions cut from 14% of the market to 13.1%.
Mike Hawes, SMMT chief executive, said: “January’s decline in new van uptake reflects ongoing economic and fiscal conditions which are limiting demand, particularly for pickups, as industry had warned.
“Rising EV uptake is encouraging but delivering the UK’s world-leading ambition is coming at huge cost to industry amid overall market contraction. With an even steeper 2026 target that is further still from real-world demand, government’s review of the transition must come urgently, recognising additional action is needed to deliver on ambition.”
