New light commercial vehicle registrations fell by 25% in the month of May compared to the same time last year, as the global semiconductor shortage and other factors continue to cause supply issues.
LCV registration figures are published by the Society of Motor Manufacturers and Traders (SMMT), who admit that this decline in light van sales is amplified by the fact that 2021 had the highest May registrations total in history, and so things may not be as dramatic as they seem.
Nevertheless, the number of LCVs registered in May, totalling 22,000, is still 22% smaller than the pre-pandemic average, and this is the fifth month of consecutive sales decline for the LCV market. Like April’s registration figures, every segment of the LCV market shrank in May (year-on-year), with an 81% drop in 4×4 sales and a 53% drop in sales of vans under two tonnes.
When looking at the entirety of 2022 so far, the LCV market has contracted by 25% so far this year when compared to the same time last year.
Climbing sales for electric LCVs, but not enough to match electric car market
Though May 2021 was a record-breaking month, there were more new electric light van sales (BEVs) this time around, as BEV registrations rose by 47% in May 2022 – with a total of 869 all-electric registrations.
As the sales of new electric light vans surge month-on-month, the BEV market is now 63% bigger than it was in May 2021, with over 6,000 new electric vans registered so far in 2022.
That said, the SMMT is keen to point out that these figures still lag behind the electric car market – the total market share for electric models in the light van market stands at just over 5%, while 14% of new car registrations are all-electric.
A survey conducted by the SMMT last month suggested that 58% of existing van owners would be encouraged to switch to an EV if there were more public charging points, while 57% of participants said that government incentives such as reduced tax or grants towards purchase would help them to transition to electric.
Good month, bad month
Just like the passenger car market, the LCV industry has been hindered by supply shortages for well over a year now, and each van manufacturer has been dealing with supply issues to varying degrees.
Although it has a comparatively small share of the new van market, Maxus more than doubled its LCV registrations year-on-year in May, while Ssangyong saw a registration increase of over 50%. Market leaders Ford also outperformed the overall market by 10% in May, as did Isuzu, LEVC, and Toyota, who had a particularly good month of sales as well.
On the other hand, it was a rather sorry story for the likes of Citroën, Fiat, Peugeot, Nissan and Volkswagen in May. All of these brands underachieved compared to the overall market by at least 10% (and in some cases, by a lot more than that).
Ford Transit lockout continues in sales rankings
The Ford Transit Custom and Transit were the most popular LCV options with UK buyers again in May. Around 3,000 models of each were sold last month across the UK, while rivals like the Mercedes-Benz Sprinter and Vauxhall Vivaro could only muster monthly sales of just over 1,200 each.
Looking at the annual sales chart so far, the Ford Transit Custom now holds a commanding lead, with over 20,000 registrations already to the end of May. The Transit Custom is also the UK’s most popular vehicle of any kind, outselling the best passenger car (the Vauxhall Corsa) by more than 3,000 units after five months.
