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Despite a fall in June, the LCV market has recorded the best first half to a year since 2021.
The market for new LCVs (light commercial vehicles) has remained strong throughout the first half of 2024; it is up by 4.5% year on year representing 177,620 new vehicles on the roads.
New figures from the Society of Motor Manufacturers and Traders (SMMT) reveal the continued growth in the industry, with all categories of vehicle enjoying an increase from last year.
|
|
YTD 24 |
YTD 23 |
% Change |
|
Pickups |
19,008 |
18,353 |
3.6% |
|
4x4s |
4,297 |
3,848 |
11.7% |
|
Vans < 2.0t |
3,753 |
2,871 |
30.7% |
|
Vans 2.0 – 2.5t |
33,398 |
30,522 |
9.4% |
|
Vans 2.5 – 3.5t |
117,164 |
114,332 |
2.5% |
|
All vans up to 3.5t |
177,620 |
169,926 |
4.5% |
|
Rigids 3.5 – 6.0t |
3,957 |
2,469 |
60.3% |
Rigids have done the best by far, with their numbers increasing by 1,488 to 3,957 (a 60.3% increase year on year).
At the other end of the size spectrum, the next biggest growth can be found in small vans less than 2.0 tonnes. They increased by 882 to 3,753 representing a 30.7% rise.
The largest number of registrations by a significant margin is large vans between 2.5 and 3.5 tonnes. This category also enjoyed a year on year increase of a more modest 2.5%.
June 2024 marked a slight fall in registrations compared to other months. About half of vehicle categories including pickups, 4x4s and large vans (a category that accounts for two thirds of the market) suffered a drop in registrations, bringing the total down by 1,564 (4.5%). Contrary to the trend, small vans (under 2.0t) enjoyed a 58.7% month on month increase, with medium vans (2.0 – 2.5t) and rigids also enjoying slightly more modest increases.
SMMT speculate that June’s decline may be artificially inflated compared with 2023 which saw the best June performance for four years as the industry caught up with pent up demand following Covid.
