New van registrations dip for second consecutive month

While this represents the second consecutive month of decline, the van sector remains 2.3% up on the five-year pre-pandemic average for the month of October, with 2021 proving to be a strong year for LCV sales to date.

The heavier end of the LCV sector suffered the steepest declines. Registrations of vans which weigh more than 2.5 tonnes fell by 8.9%, while pickups and vans weighing between 2-2.5 tonnes declined by 16.9% and 16.6% respectively. The news was brighter for the lighter segment of the LCV market, however, with registrations of 4x4s and vans weighing less than 2 tonnes more than doubling, with increases of 114.7% and 100.5% respectively.

Year-to-date, registrations of LCVs have increased by 24.4% to 294,656 units, compared to 2020 when COVID-related issues were more widely felt. However, the market remains 5.2% down on the pre-pandemic five-year average. This equates to more than 16,000 fewer vans being sold, which SMMT largely attributes to the global shortage of semiconductor chips.

These ongoing challenges have led SMMT to downgrade its outlook for the LCV market by more than 20,000 to 340,000 units registered in 2021. While this remains higher than 2020, it represents a net decline against 2019 sales, with the market not expected to recover until 2023.

“While it’s disappointing to see the number of new vans registered during October decline, demand has remained strong over the course of the year,” said Mike Hawes, SMMT Chief Executive, “The commercial vehicle sector, however, is not immune to the challenges faced by the industry as a whole, most notably the semiconductor shortage. Manufacturers are working hard to fulfil orders to ensure fleets can continue to be renewed and the latest models, including zero emission products, hit UK roads.”

*www.smmt.co.uk

Published On: 11/11/2021 16:00:19

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