LCV market endures 86% slowdown
The UK new light commercial vehicle (LCV) market declined 86.2% in April as nearly all registrations stopped due to coronavirus lockdowns.
According to the latest figures released by the Society of Motor Manufacturers and Traders (SMMT), just 3,387 LCVs joined UK roads in April, 21,217 fewer than in the same month last year.
SMMT’s latest forecast expects an overall LCV market decline of 28% for 2020, equivalent to a market of 263,000 units by the end of the year. Although registrations are expected to recover in 2021, the expectation is still for a 6.1% decline on 2019, which was a particularly healthy year.
Mike Hawes, SMMT chief executive, said: “These figures, while not surprising, are still shocking. Restoring business confidence and delivering the safe restart of retail operations will be key to kick-starting demand. Getting this important market moving again will be critical to the wider automotive sector’s recovery and provide a boost to the UK economy as we begin emerge from this crisis.”
