New Van registrations hit a 25-year February high

New van registrations in the UK hit a 25-year February high according to the SMMT as supply-chain shortages begin to ease.

We’ve seen car prices rise since Covid as car makers struggle with inflation, the Covid hangover, supply-chain shortages and more, but we’re now seeing regular increases in new car registrations as supply-chain issues ease and manufacturers get better at managing them.

But it’s not just car makers struggling with a plethora of issues, van makers are too. But things seem to be improving.

The latest figures from the Society of Motor Manufacturers and Traders (SMMT) reveal that van (LCV) registrations in February were the highest February numbers since the bi-annual plate change came in in 1998, following a rise in numbers in January too.

When it comes to powertrain preferences things are very different for LCVs, with diesel taking a 92.8 per cent share of February registration and electric vans falling to just 996 in February – down by 44.5 per cent on February 2022.

The 25-year high February figures are partly down to van manufacturers chipping away at order backlogs as supply-chain issues reduce, but nevertheless, an increase of 8.5 per cent to 17,540 is positive news and, despite price increases, van lease deals are still affordable for business users.

Following a torrid 2022, the UK van market is returning to sustained growth that is exceeding even pre-pandemic levels. Given the importance of vans to keeping the British economy and society on the move, this growth is good news.