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LCV Registrations are Down in February

LCV registrations for February are down 6% over the previous year, according to data from SMMT. 16,165 LCVs were registered in February 2022 compared to 17,205 in February 2021. The year-to-date numbers show a greater drop overall, from 41,234 in 2021 to 33,731 in 2022.

Electric LCV registrations have shown a marked increase. Only 389 BEV registrations were made in February 2021. This has increased to 1,741 for the same month in 2022, a change of 347.6%. While there is still a lot to do to encourage businesses to switch to zero-emissions vehicles, this is a promising statistic.

Breaking down the numbers even further, we see that medium van registrations in the 2.0 to 2.5 ton range have increased by 37% while the other van categories have had fewer registrations than the previous year. This is likely due a much to supply and availability than to customer and business requirements 

Looking at the wider picture, the numbers are overall still positive. Compared to pre-pandemic levels, LCV registrations are showing a 14.6% increase. This shows a strong recovery from the low numbers caused by lockdown and furlough, with many businesses unable to trade.

These numbers provide confidence in the continuation of the recovery of the market, showing that the market is strengthening despite ongoing issues with the supply chain. Parts shortages and the situation in Ukraine are both contributing to production and the lack of available vehicles, and yet the LCV registration numbers remain strong.

Mike Hawes, SMMT Chief Executive, said:

LCV registrations have had a slightly slower start compared to last year’s bumper performance, reflecting the cyclical nature of fleet operator investment, but remain strong. Global supply shortages and economic headwinds remain a challenge, however, and the sector’s switch to zero emission vehicles must become mainstream. More electrified models are coming onto the market this year but we need the chargepoint rollout to accelerate, giving more operators greater confidence to transition to the latest electric vans.