- New LCV registrations up 2.2% in February 2024 compared to this time last year
- Supply is good and customer satisfaction as a result is up
- But disappointment in the e-LCV sector
- Electric vans look like the sector’s problem child at the moment
DESPITE an increase in new van registrations in February, electric LCV registrations for the month fell both in number and percentage of the market.
Total LCV registrations for February were up 2.2% on the same month last year to hit 17,934 units. The increase takes the year-to-date total to 41,896, up 5.7% on 2023.
Retailers who spoke to Broker News have reported that since supply has now returned to pre-pandemic levels, commercial vehicle sales have been strong and orders fulfilled without excessive lead times leading to happier buyers and stronger business performance.
Full electric vans accounted for just 4.7% of the market in February this year, down from 5.5% in February 2023. The February EV mix is also down on the year-to-date figure of 4.9%.
Source: SMMT
A spokesperson for the Zero Emission Van Plan – a coalition led by the BVRLA which includes Logistics UK, Recharge UK, the Association of Fleet Professionals (AFP), and The EV Café – said:
“Cost is a major barrier to adoption. The discrepancy between affordability of EVs vs diesel equivalents is prohibitive. The Zero Emission Van Plan is clear in how that gap can be closed.”
Manufacturers are bound by the same Zero Emission Vehicle Mandate that impacts the car market. However, while car brands need to hit a mix of 22% BEV this year, for LCVs it’s 10%. Failure to reach the target will result in a £15,000 fine for every vehicle short of the target.
So far this year, diesel accounts for 92.9% of the light commercial vehicle market.
“We’re seeing a shift in the market where smaller companies and owner operators are struggling to justify the cost of a new van in the current economic climate.
“However, larger fleets who have held back on renewals and maybe extended contracts now need to replace their vehicles. These bigger businesses, because they’re ordering in larger volumes, can command greater discounts and OEMs are doing those deals.”
The Crusader Vans’ MD went on to add:
“The year-to-date figures show that EV demand isn’t where the manufacturers need it to be. This is mainly because of the higher initial costs plus the lack of reliable infrastructure and the range of electric vans. Currently it’s mostly only those companies that have specific environmental requirements that are buying these vehicles.”
Brand performers in February
Ford remains the market leader this year with a year-to-date market share of 28%. However, its leadership is being eroded. A year ago it had 32% of the LCV market.
Arguably Ford is still waiting for new product, which could account for the drop. However, the majority of rivals, with the exception of Renault and Peugeot, are gaining ground.
Second place Vauxhall may only have 10.4% of the market year-to-date, but it’s up more than 10%.
Volkswagen, in third spot, has 10.1% of the market and is up more than 7% this year. Similarly, the next three biggest LCV brands Citroen, Toyota and Mercedes are also all up by 14%, 57% and 22% respectively.
Read our analysis of January 2024’s LCV registration figures
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Tristan Young is an award winning journalist with more than 25 years’ experience reporting on the automotive industry focussing predominantly on fleet and retail. As a self-confessed petrol-head, Tristan has a weakness for car classifieds. When he’s not writing about the automotive industry, he can usually be found outdoors with a small pack of border collies.
