11:28 am, September 5, 2022
The LCV market fell by 24.6 per cent to 15,520 units last month, the SMMT said today, with August’s registration volumes the lowest recorded for the month since 2017’s figure of 15,619.
But the trade body said the scale of the decline was artificially inflated versus last year, as August 2021’s total of 20,582 was the second-best performance on record since the introduction of the two-plate system – August 2019’s figure remains the best at 23,120.
Global supply chain challenges have acted as a handbrake on 2022’s registrations, said the SMMT, with the impact unevenly distributed across vehicle segments. It added that the growing economic headwinds were also a worry.
Every LCV class recorded a decline, with registrations of vans weighing more than 2.5 tonnes falling by 14 per cent, vans weighing 2.0 tonnes to 2.5 tonnes down 45.3 per cent, and those equal to or less than 2.0 tonnes down by 44.1 per cent.
The biggest drop was recorded in pick-ups, which saw registrations fall by 52.2 per cent, while 4x4s, the smallest segment by volume, declined by 49.7 per cent.
Battery-electric vehicle registrations, however, rose by 14.7 per cent to reach a 6.1 per cent market share from four per cent a year ago. BEV volumes are up 50.6 per cent over the year to date to 9,809.
The SMMT said that with August traditionally a low-volume month as operators choose to delay buying new vehicles until September, next month will be crucial for the industry struggling to repeat the success it saw in 2021.
Year to date, LCV registrations are down by 24.2 per cent on 2021 to 178,626 and down 27.2 per cent on the pre-pandemic 2019 figure of 245,400.
Mike Hawes, SMMT chief executive, said: ‘Last year’s bumper LCV market meant it was always going to be challenging to repeat that success in 2022, and increasingly strong economic headwinds and supply chain challenges continue to test the market.
‘Good progress is being made in the transition to electric, but accelerating the switch will need action from the new prime minister to tackle energy costs and inflation, while also encouraging greater charging infrastructure rollout, so that businesses can have greater confidence to upgrade their van fleets to the cleanest, greenest models.’
The top-selling LCV in August was the Ford Transit Custom, pictured, at 1,903 units.
Source: SMMT
