New light van registrations grew by a modest 2% last month – a three-year October high that coincides with a surge in demand for electric vans.
According to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT), nearly 27,000 new LCVs arrived on British roads last month, which is over 3,500 more registrations than the same month last year.
A large amount of this sales growth comes from the mid-sized van market (between two and two-and-a-half tonnes) which grew by 50%. The surge in small van registrations (under two tonnes) also continued, up 56% year-on-year.
Pickup and 4×4 sales fell by 19% and 62% respectively, while large vans (between two-and-a-half and three-an-a-half tonnes) – which account for the large majority of the sales uptick – also fell by 3% in October.
The SMMT, which lobbies the UK government on behalf of automotive manufacturers, has warned that future demand for new pick-ups “is now at serious risk”, due to the government’s decision to tax double-cabs as cars for benefit-in-kind and capital allowances purposes beyond April 2025. Whether this new policy, which was announced in the latest budget, will carry ‘serious’ sales consequences remains to be seen.
A slither of hope for stagnating BEV market
The electric van sales (BEVs) grew by a rather significant 57% in October, this being the first time that the BEV market has recorded a positive sales result in five months.
Following 30% and 19% sales nosedives for the electric van sector in August and September respectively, this notable sales increase is a bit of an unexpected surprise, as there were nearly 800 more new electric vans joining UK roads last month when compared to the same month last year.
While this is promising, the government’s Vehicle Emissions Trading Scheme has targeted a BEV market share of 10% for each brand by the end of 2024. Electric vans still only account for just over 5% of the overall new LCV sales, and this market share is currently 0.4% lower than the BEV market share a year ago.
So, why is the BEV market not growing like the electric car market? With each manufacturer now mandated to achieve a minimum proportion of zero-emission registrations every year, this has been a worrying development for the BEV sector. The SMMT has praised the government’s decision to extend the Plug-in Van Grant into the next financial year, but argues that increasing the rollout of charging stations – including van-specific charging infrastructure – will increase consumer BEV interest.
Good month, bad month
Some LCV manufacturers recorded great sales wins last month, while a few others failed to keep pace.
Holding the biggest market share, Ford’s sales grew by 14% year-on-year. The likes of Fiat, MAN, Iveco and Nissan also increased their registration numbers by 10% or over in October year-on-year. Peugeot had a particularly impressive month, with 116% more sales than Octovar last year.
Conversely, it wasn’t a healthy month of sales for the likes of Volkswagen, Citroën, Toyota and Mercedes-Benz. All of these brands underachieved compared to the overall market by at least 10% (and in some cases, by a lot more than that).
Should we just hand the award out now?
One LCV model dominated the sales charts in 2023, and the same van has an even more comfortable lead this year. As of October 2024, the Ford Transit Custom now holds a rather ridiculous 24,000-model sales lead over its closest market competitor, the Vauxhall Vivaro.
Its larger Transit sibling remains in second place, and the Ford Ranger – the UK’s most popular pickup model by a country mile, sits in third. Ford is dominating the sales race with all three podium positions currently held, but can competing models from other brands snatch a place in the top three before the end of 2024?
The Mercedes-Benz Sprinter – which directly rivals the sales of the Ford Transit – is showing more consistent sales form, and holds on to fourth in the annual race after October.
The race for the ‘it’s-not-a-Ford’ title is still relatively close outside of the top three, with the Sprinter followed by the Vivaro and the Volkswagen Transporter in fifth and sixth respectively. The Renault Trafic, Peugeot Partner, Vauxhall Combo and Citroën Berlingo complete the annual sales standings, as the Ford Transit Connect remains outside the top ten.
