HGV market on road to recovery

By Categories: NewsPublished On: Monday 24 May 2021

New HGV registrations were up by 9.5 per cent in the first three months of this year, according to the latest figures from the Society of Motor Manufacturers & Traders (SMMT).

Some 10,064 trucks were registered in Q1 – demonstrating an improvement against a weak first quarter in 2020, which saw subdued demand due to fluctuations in the fleet renewal cycle, and lockdown measures introduced partway through March.

The key driver of growth this year has been increased demand for artics, says SMMT, which are up 25.3 per cent, with 4,528 units registered in the first quarter.

Rigids decreased, however, by 0.8 per cent to 5,536 units.

Mike Hawes, chief executive of SMMT, said the overall rise in registrations was “welcome news”, but added that: “it does not yet signify full recovery, especially as it’s in comparison with a quarter when the first lockdown was introduced.”

He continued: “Likewise, the nature of the fleet buying cycle for the HGV market can mean that a large fleet order can have a significant impact on any quarterly figures.

“However, fleet renewal remains the quickest way to get more of the newest, cleanest vehicles on UK roads, particularly as we strive to meet our collective environmental goals.

“A plan for a charging and refuelling network suitable for HGVs is pivotal for the transition to these new technologies.”