- SMMT figures on new van and pick-up registrations show an increase of 14.1% to 28,494 units in October.
- Growth driven by rise in demand for large vans weighing 2.5-3.5t, up 27.6%.
- However, year-to-date market down -1.6% as monthly demand for LCVs continues to fluctuate.
IN contrast to new car registrations, October new van registrations went on the up, according to the latest figures released today by the Society of Motor Manufacturers and Traders (SMMT).
There was a 14.1% increase in van registrations compared to October 2017. More than 28,000 vans and pick-ups were registered in October.
The SMMT said that growth was driven by a rise in demand for heavy vans from 2.5-3.5 tonnes, up 27.6% to take a 70.1% share of the market, while demand for pick-ups increased 3.2%.
On the other hand, small and medium-sized vehicles both experienced declines, down -24.9% and -14.8% respectively. The rise follows months of fluctuating registrations caused by variations in fleet buying cycles and business confidence.
Year-to-date, 302,741 new LCVs have been registered, representing a drop of -1.6% on the first 10 months of 2017. SMMT said this was in line with current forecasts.
Mike Hawes, SMMT Chief Executive, commented:
“While it is positive to see a boost for new vans in October, the growth comes on the back of a turbulent 10 months, with ongoing fluctuations in demand. Although the sector remains strong, we expect this trend to play out over the remainder of the year, as ongoing political uncertainty affects business confidence and hence operator investment.”
Russell Adams, Commercial Vehicle Manager at Lex Autolease, added:
“New commercial vehicles remain an essential requirement for fleet operators. The cost of having a van off the road is a minimum of £500 a day, meaning that maintaining older vehicles often becomes a false economy. The increase in year on year van registrations in October is testament to that fact.
“Businesses are considering how best to reduce their emissions, whether by upgrading to the latest Euro 6 diesel engines for high mileage users or investigating how electric vehicles can support different job roles: 65% of our conversations with operators are now focused on how and when they can incorporate electric vehicles into their fleets.”