For the first time in two years, new truck registrations have decreased, showing an almost 4% decline in the first quarter.
- Operators registered 11,068 new HGVs in Q1, a decline of 449 units compared to the same period last year.
- The market share for rigid HGVs increased by 8.4%, while articulated HGV registrations fell by 16.5%.
- Regional uptake varied significantly, with the South West seeing the largest growth, whereas East Anglia experienced the most substantial decline.
- Zero emission vehicle registrations remain low but showed a 56.3% increase in volume compared to last year.
In a noteworthy downturn, the registration of new trucks has fallen by almost 4% in the first quarter of the year, marking the first such decline in two years. A total of 11,068 new HGVs were registered between January and March, which is 449 fewer than in the corresponding period last year. This downturn comes after what was considered the strongest start to a year since the pandemic, according to the SMMT.
Despite the overall decline, rigid HGVs witnessed a robust 8.4% increase in registrations, reaching 6,327 units. Conversely, the demand for articulated HGVs decreased by 16.5%, falling to 4,741 units. The market now sees rigids dominating with six in every ten new registrations, a shift attributed to the fulfilment of previously pent-up demand. The preference for rigid vehicles illustrates a rebalancing within the market dynamics.
Diverse regional performances were recorded across the UK, with the South West leading with an 11.8% increase in new HGV registrations, totalling 994 units. In stark contrast, East Anglia bore the brunt of reductions, witnessing a significant 26.4% decrease down to 457 units. Despite a minor 2.7% decline, the South East remains the frontrunner, accounting for over 20% of new registrations with 2,351 vehicles.
Zero emission HGVs are gradually gaining traction, yet they still comprise only a small fraction of total HGV registrations at 0.5%. Nevertheless, this segment has seen a 56.3% improvement in volume compared to the same quarter last year. The SMMT underscores the need for reform in grants and the establishment of a national infrastructure plan to encourage further adoption of zero emission vehicles.
SMMT Chief Executive Mike Hawes highlighted the need for continued efforts to support green fleet renewal and decarbonisation within UK road transport. He remarked that while the market maintains stability, further action is essential to motivate operators to transition towards zero emission trucks, especially with the impending end of sales for fossil fuel HGVs. Hawes stated, “The truck sector currently stands steady… more action is needed to sustain green fleet renewal to decarbonise UK road transport.”
The recent trends in HGV registrations indicate changing market dynamics with a subtle shift towards more sustainable transport solutions.
