The new LCV market fell by 26.9% in the first month of 2022 compared with a bumper January last year, according to the SMMT. While this was the weakest start to a year since 2013, January has historically been a volatile month due to the intermittent nature of fleet renewal. 

Newly registered small vans more than halved at 53.9%, while medium sized fell by 29.8%. Medium sized vehicles (those weighing over 2.5 tonnes) represent ⅔ of the LCV market. Sales of pickup trucks also declined by 17.4%, while 4x4s rose 196.8% though remaining a small fraction of the market. 

Diesel remained the dominant fuel type for commercial vehicles (market share of 94.3%), but demand for battery-powered vans grew 21.4%. Electric vans are predicted to increase significantly this year with new model launches expected. It is estimated that 1/16 new vans will be fully electric at the end of 2022.

SMMT forecasts that the LCV market will grow 2% in 2022. For further information, please visit https://www.smmt.co.uk/2022/02/lcv-market-declines-in-january-but-electric-van-uptake-grows/