BIGGER vans are carrying off more sales, according to the latest CV registrations analysis.
Commercial vehicle market grew 25.3% in March to 67,965 units, due to positive van and truck performance. Van registrations led by 2.5 – 3.5t vans were up 23.8% to 34,007 in March.
It was also the third consecutive month of increased truck demand which has resulted in 41.0% growth in three months.
“Demand for commercial vehicles remains buoyant in 2015, with both vans and trucks achieving a strong first quarter performance yet again,” said Mike Hawes, SMMT Chief Executive.
The UK commercial vehicle market is continuing to grow at a greater rate than the majority of Europe.
“This continued upturn, and the third month of consecutive growth, can be attributed to higher levels of consumer and business confidence.”
“In the van and truck markets, there has been a clear shift towards the larger vehicles in the sector in the first three months of the year. Both 2.5 – 3.5t vans and 3-axle artic trucks have seen a sharp increase in registrations as operators seek to make their fleets as flexible and cost-effective as possible.”
The boost confirms last week’s figures from the European Automobile Manufacturers Association which show that that the UK commercial vehicle market is continuing to grow at a greater rate than the majority of Europe.
While overall registrations in the EU grew 8.0% in the first two months of 2015, many markets were unable to keep pace with British CV demand, which over the same period increased by 21.9%.
The UK’s strong performance was driven by consistently high van trade, which grew by 20.2% in January and February – more than double the 8.6% growth seen in the rest of Europe. The British truck market has also seen a return to form so far in 2015, up 35.3% compared to 4.4% in the EU.
This reflects a wider trend: with confidence returning to UK businesses in 2014, UK commercial vehicle registrations grew 11.0% last year, outpacing Europe by 3.6 percentage points (7.4%).
UK van and truck registrations: 2015 and % change on 2014