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LCV Registrations Continue to Grow, While Electric Vehicles Hit an Impressive Milestone

UK light commercial vehicle (LCV) registrations grew for the 13th month, according to the latest data from the Society of Motor Manufacturers and Traders (SMMT). Registrations were up 8.4% to 23,962, marking the highest January since 2021.

This growth was mainly due to the increase in registrations of medium vans, between 2.0t and 2.5t. Medium van registrations grew from 3,133 to 5,040 year-on-year, an increase of 60.9%. Large vans, between 2.5t and 3.5t, continued to make up the bulk of LCV registrations, but they decreased slightly. Large van registrations dropped from 15,538 the previous January to 14,839, a reduction of 4.5%.

Pickups and 4x4s increased strongly, up by 18.2% and 62.4% respectively, while small van registrations dropped 19.8% to 439 vehicles.

The numbers continue to show that large vans are the vehicle of choice for most drivers and companies, with 62% of all registrations falling in the 2.5t to 3.5t category. Medium van registrations made up 21% of the total registrations, compared to 14% last year, which is a fairly significant change.

Battery Electric Vehicle (BEV) registrations increased 19.4% year-on-year, growing the market share slightly from 4.5% to 4.9%. As a result, BEV registrations have passed the 60,000 mark since 2018.

Despite the increase in BEV registrations, the SMMT opinion is that demand is not increasing fast enough, with a 10% market share target mandated by the government. This is not likely to occur without significant investment in EV charging and maintenance infrastructure.

Mike Hawes, SMMT Chief Executive, said, “More than a year of growth shows the importance of vans to Britain’s economy, and surpassing 60,000 electric vans is a crucial step in our net zero journey. Industry is ready to deliver a mass market transition but buyer demand must increase massively, requiring everyone to play their part. Ramping up dedicated public van charging infrastructure in particular is essential for all UK businesses to be confident of making the switch, sooner rather than later.”