UK LCV Market Analysis for 2024
The UK’s new light-commercial vehicle (LCV) market experienced a decline at the end of 2024, with registrations dropping by 8.3% in December compared to the previous year. Despite this, the full-year 2024 registrations showed a 3% increase, reaching 351,834 units. The market was affected by various factors, including changes in tax policies for double-cab pickups.
Registration Trends
- The van segment weighing less than 2 tonnes GVW saw a 13.6% year-on-year increase in registrations.
- Vans between 2 and 2.5 tonnes GVW recorded a 4.1% decline.
- The most popular segment (2.5-3.5 tonnes GVW) remained dominant despite a 2.2% decline, accounting for 64.8% of all LCV registrations in December.
- The pickup sector experienced a significant drop of 28.1% in December compared to the previous year.
Electric LCV Registrations
- Battery-electric vans weighing up to 3.5 tonnes GVW saw a 10.4% increase in registrations in December, reaching 3,271 units.
- For the full year 2024, all-electric van registrations totaled 20,509 units, up 1.3% from 2023.
- Ford led the electric LCV market with a 43.6% share in December, followed by Volkswagen and Maxus.
- The Ford E-Transit Custom was the top-registered all-electric van in December, claiming a 38% market share.
Auction Attendance and Used LCV Market
- Attendance at physical auctions continued to rise as lower prices attracted more buyers.
- The first-time conversion rate at auctions increased to 83.8% over the year.
- Sales of used electric vans remained static at 0.9% of the overall market.
- The average age of sold stock decreased to 80.3 months, while average mileage increased to 80,058 miles.
Market Outlook
