New van demand dips in March as UK LCV market stabilises

Light commercial vehicle registrations dipped in March, as the market stabilised following a sustained period of strong growth and record demand, according to figures releasedy by the Society of Motor Manufacturers and Traders (SMMT).

Some 63,316 light commercial vehicles hit British roads last month, representing a small fall of -0.9%, and the first decline in March for five years.

Pick-ups and heavier vans experienced an increase in demand in March, up 23.0% and 3.6% respectively. However, figures for smaller vans painted a different picture, with registrations of vehicles weighing less than 2.0 tonnes down by -31.6% and vans between 2.0-2.5 tonnes falling -4.0%.

Mike Hawes, SMMT Chief Executive, said, “The new van market has experienced strong levels of demand in recent years and this dip in registrations represents a natural rebalancing of the market. Despite the decline, demand remains at an historically high level with year-to-date registrations matching 2015’s performance, which was only exceeded by demand in 2016. We expect demand to remain stable at this high level throughout the year.”