We welcome the figures that show an increase in the number of commercial vehicles registered in 2014.
We expect to see van registrations continue to grow with the economy
According to the Society of Motor Manufacturers and Traders (SMMT), there were 363,155 new commercial vehicles registered in 2014. This was an 11% growth on 2013 and marks a seven-year record. Vans were responsible for 88.5% of all CV registrations in 2014, and registrations grew 18.7% on 2013.
Our figures from the British Vehicle Rental and Leasing Association (BVRLA) back these statistics up, showing that the LCV fleet leasing sector also had a good year, with volumes rising around 10%.
We expect to see van registrations continue to grow with the economy.
The van sector is seeing a growing popularity for vehicle finance – largely thanks to the development of flexible rental and leasing finance, and ‘driveaway’ products that dramatically reduce the lead-times on pre-fitted out vans.
The van market is also benefiting from a continued trend for operators to downsize from larger trucks.
We also expect the post Euro VI lull in the truck market seen during 2014 to peter out, with a rise in truck registrations in 2015.