Last month saw the best February performance since 1998, with light commercial vehicle registrations up 8.5%. Figures published by the Society of Motor Manufacturers and Traders (SMMT) show that 17,450 units were registered in February, building on January’s strong month to show a solid start to the 2023.
The growth comes despite February being historically volatile, with many customers holding out for the new registration plate in March.
A large proportion of the registrations were large vans, with the 2.5t to 3.5t category showing a 14% increase, from 10,638 to 12,125 units.
Electric units suffered a decline in registrations from the previous year, -44.5% compared to last February, and -18% when looking at the year-on-year totals, reducing the market share to around 5%.
As BEV registrations are smaller volume, these large fluctuations are not necessarily as significant as they may seem. New models are due to hit the market in the next few months, and the new registration plate is launched in March, so growth is expected as the year goes on. The SMMT market outlook predicts a 64.5% rise in BEV registrations to around 28,000 units by the end of the year.
All of this depends on additional factors, however, such as the development of a strong EV infrastructure around charging and maintenance.
Mike Hawes, SMMT Chief Executive, said, “Following a torrid 2022, the UK van market is returning to sustained growth that is exceeding even pre-pandemic levels. Given the importance of vans to keeping the British economy and society on the move, this growth is good news. With the ZEV market still at a very early stage, however, a concerted effort by all stakeholders to accelerate van-suitable chargepoint installation must become an urgent priority, enabling long-term net zero fleet investment at the scale necessary.”
Van Ninja is showing a gradual increase in stock levels, although model variety remains limited. While stock levels will continue to improve, it is unlikely that make and model availability will expand in the short term.
