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New LCV registrations down 15.1% in October – SMMT

SMMT said the decline follows a robust September market and reflects a contraction in fleet renewal across 2025, down 10.2% to 264,160 units YTD.

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UK deliveries of new light commercial vehicles (LCVs) fell by 15.1% in October with 22,896 vans, pickups and 4x4s registered, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT).

SMMT said the decline follows a robust September market and reflects a contraction in fleet renewal across 2025, down 10.2% to 264,160 units in the year to date, amid weak business confidence and a tough economic environment.

Declines were recorded across all van sizes during the month, with volumes of the largest LCVs down 7.0% to 16,443 units but still representing the majority (71.8%) of the overall market.

Registrations of new medium and small vans also fell, by 41.2% and 23.4% to 3,347 and 523 units respectively. There was growth in the smaller volume 4×4 segment, with registrations up 88.0% to 440 units.

Demand for new pickups, however, declined by 20.2% to 2,143 units, reflecting the impact of new fiscal measures to treat double cabs as cars for benefit-in-kind and capital allowance purposes.

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Volumes of new battery electric vans (BEV) also declined for the first time in 13 months, by 5.8% to 2,132 units, although the BEV market share edged up to 9.2%, given the overall market’s steeper contraction.

In the year-to-date, BEV volumes have increased by almost half (47.4%) to 24,250 units, with growth bucking the trend of overall market decline due to manufacturers investing heavily in new model rollouts.

Still, BEVs represent just 9.1% of all new registrations in 2025 – well below the 16% share mandated which rises to 24% in 2026.

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Non-zero emission and plug-in hybrid vans for sale up to 2035, the extension of the Plug-in Van Grant, the new Depot Charging Scheme, and last month’s proposal to reform planning rules for private charger installations will all help the sector to decarbonise in line with market realities.

SMMT urged that these changes be implemented urgently to ensure mandated ambitions are deliverable.

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Planning reform must also go further, specifically to support depot-based operators who require grid connections before switching fleets to electric.

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Given such operators often face grid connection wait times of up to 15 years, a fast-tracked approval process, such as that afforded to data centres and wind farms, would help give business confidence to invest in a timely transition.

Mike Hawes, chief executive of SMMT, said: “While October’s decline is unsurprising amid the intense economic pressure facing businesses, returning the van market to growth is essential – especially to underpin new investment in zero emission models, which until now had bucked wider trends.

“Every lever must be pulled to get the market back on track, and transitioned at mandated levels. Accelerating infrastructure rollout and grid connections, in particular, will help ensure government targets are not just an aspiration but are actually deliverable for manufacturers and operators alike.

The latest market outlook continues to expect the new LCV market to reach 321,000 units in 2025, a decline of -8.7% on last year.

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“Uptake is anticipated to grow 4.2% to 334,600 units in 2026 and a further 0.6% in 2027. Uptake of zero emission LCVs weighing up to 3.5 tonnes is anticipated to grow by 47% this year to achieve a 9.7% market share, growing to 14% in 2026.”

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Helen Thorne, spokesperson for the Leasing Broker Federation (LBF):

“With the cold nights now drawing in, October signals an aptly dark month for new van registrations with a striking decline of -15.1%.

“This difficulty highlights the challenging environment facing businesses, with cost pressures and uncertain demand continuing to affect fleet renewal decisions.

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“In these tricky conditions, leasing brokers pay a pivotal role in keeping businesses on the road, providing flexible, dynamic and cost-effective finance solutions at a time when cashflow management is proving challenging for businesses and consumers alike.

“Even with slower demand, brokers are supporting the market by ensuring business can access the right vehicles and finance options to stay productive.”

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