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The UK's light-commercial vehicle (LCV) market experienced growth in October 2024, with a total of 26,974 LCVs delivered to UK customers, marking a 2.4% increase year on year.

The plug-in hybrid (PHEV) van market continued to grow slowly, with 534 registrations recorded in October. Meanwhile, battery-electric vehicle (BEV) registrations in the LCV market surged 57.3%, with 2,143 BEVs registered up to 3.5 tonnes gross-vehicle weight (GVW). LCVs weighing between 2 and 2.5 tonnes GVW also saw a significant increase, with 5,688 deliveries, a rise of 49.6% compared to October 2023. New vans weighing below 2 tonnes GVW surged 55.9%, reaching 683 registrations in October.

Vans weighing between 2.5 and 3.5 tonnes GVW remained the most popular LCV sector, holding a 65.6% market share in October. However, demand was down in this segment compared to other LCV categories, except for pickups.

The move in the Autumn Budget could potentially cause order cancellations or further costs for the farming, construction, utilities industries, and the self-employed. The Budget confirmed that double-cab pickups would be taxed as cars for benefit-in-kind and capital allowances, effective from April 2025.

Four manufacturers are on track to meet the 10% zero-emission vehicle (ZEV) mandate sales share target for 2024: BYD, Peugeot, Nissan, and Maxus. Seven LCV brand manufacturers appeared likely to meet the 2024 target of at least 10% ZEV sales. However, Toyota, Vauxhall, VW, Renault, Mercedes-Benz, and Citroën have work to do to meet the ZEV mandate. BEVs made up 4.9% and 4.8% of their LCV sales respectively.

First-time conversion rates improved by 8.6% to 81.8% overall in October, 5.2% higher than 12 months ago. The best conversion rates in October were achieved in the 4x4 pickup sector at 85.4%. The lowest conversion rate was in the medium panel van sector at 79.9%.

Used vehicles observed for sale in the retail market last month remained stable at 46,530 units. Diesel models made up 93.6% of this total, while BEVs accounted for 3.5% and 0.6% were PHEVs. The average age of all vehicles in October remained static at 57 months. Meanwhile, average mileage fell to 57,825 miles, a drop of 2% compared to September.

In summary, the UK's LCV market showed growth in October 2024, with a rise in BEV and smaller LCV registrations. However, some segments, such as vans weighing between 2.5 and 3.5 tonnes GVW, saw a decrease in demand. The move in the Autumn Budget could potentially impact the LCV market, particularly for the farming, construction, utilities industries, and the self-employed.