UK light commercial vehicle registrations fell 18.4% last month, hitting their lowest level for October in a decade.
A total of 22,386 vans joined UK roads last month; down from 27,420 in October 2021, according to the latest SMMT stats.
The decline comes despite robust demand and remains solely the result of continued supply shortages. The market is now some 16.5% below the pre-pandemic five-year average.
Registrations of large vans – the most popular market segment – fell 7.6% but mid-weight vehicles weighing up to 2.5 tonnes plummeted 50.7%. And small vans weighing 2.0 tonnes or under were hardest hit and crashed 80.7%. Meanwhile, there was growth in registrations of pick-ups for the first month this year and 4x4s for the second month in a row.
Deliveries of battery electric vans however continued to soar, rising 52.5% year-on-year in October to represent 7.6% of the market – up from 4.1% in the same month last year.
For the year to date, BEV volumes are up 52.9%, representing 5.5% of all LCV registrations this year.
The overall LCV market has, however, declined in the year to date; down 19.9% to 235,962 units – some 24.1% below the pre-pandemic five-year average.
As a result, the market outlook for the full year has been downgraded to 290,000 units, down 18.5% on 2021 and 20.8% lower than 2019.
The LCV market is expected to rally in 2023 to 330,000 units, rising to 351,000 units during 2024 – but these totals would still be below pre-pandemic levels.
Worryingly, the anticipated share for BEV registrations has also been cut back – revised to 8.7%, down from the 9.2% expected in the last outlook in July. In 2024, BEVs are expected to represent 11.0% of the market.
The SMMT added that continued eLCV take-up depends on a strong, flexible market, supported by fiscal measures that ensure robust BEV demand, as well as attractive incentives and action to drive the rapid roll-out of suitable van charge point stations across all regions of the UK.
Mike Hawes, SMMT chief executive, said: “The UK’s van market continues to be shackled by supply shortages amid difficult operating conditions, which will likely continue into 2023, easing over the course of the year. Demand for zero-emission vans remains robust despite these challenges, but a successful net zero transition will require measures targeted at long-term operator confidence.”
