New light commercial vehicle registrations grew by 2.4% in October, as 26,974 new vans, pickups, and 4x4s were registered.
The latest figures, published by the Society of Motor Manufacturers and Traders (SMMT), record the third consecutive month of growth in the LCV market, and the best October in three years.
This latest increase comes on the back of strong business that has trended upwards since 2022, with only the occasional month of slow or negative growth.
Year on year, October 2024 shows a rare decline in large van registrations, down 2.7% on the previous October, though large vans still represent the majority (65%) of LCV registrations. This reduction was countered by a strong increase in medium vans (between 2.0 and 2.5t).
Medium van registrations increased from 3,801 in October 2023, to 5,688 units in October 2024, representing a 49.6% increase on the previous year. Small vans (under 2.0t) similarly had an increase in registration numbers, from 438 in October 2023 to 683 in October 2024.
Pickups registrations are falling, which could be related to last week’s Budget announcement to tax double-cabs as cars for benefit in kind and capital allowance purposes form April 2025. These pickups were popular due to being able to be treated as commercial vehicles for tax purposes, and this might result in a sharp drop in registrations going forward. While the industry has urged the government to reconsider, the decision currently stands.
Battery electric vehicle (BEV) registrations rose for the first time in five months, and strongly, with a 62% increase over the previous October. This has pushed the monthly market share up to 7.9%, from the year-to-date average of 5.1%. If this is the beginning of an upward trend, the BEV market could begin to look quite healthy.
There is still work to do to make commercial BEVs viable, including significantly improving the charging infrastructure for electric vans, but this is a hopeful result.
Mike Hawes, SMMT Chief Executive, said, “The continued growth in demand for new vans is encouraging given this sector is a barometer of the health of Britain’s businesses. Industry has invested huge sums delivering cutting-edge technology, including zero emission vehicles, but low demand raises serious doubt over the ability of the UK to achieve its ambitious green targets. There must be an urgent review of the market, regulation and support in place, else the cost will soon be felt in reduced UK investment, economic growth, jobs and decarbonisation.”
