The recent data released by the Society of Motor Manufacturers and Traders (SMMT) reveals a decrease of 3.9% in new heavy goods vehicle (HGV) registrations in the first quarter of 2024, marking the first decline in two years. During January to March, operators registered 11,068 new HGVs, showing a slight reduction of 449 units compared to the same period in 2023, which notably commenced on a robust note post-pandemic.1
The growth was observed in rigid HGVs, with an overall increase of 8.4% year over year, totaling 6,327 units, and representing the most significant growth in the weight category of six to sixteen tonnes compared to the first quarter of the previous year. On the contrary, the registration of articulated HGVs experienced a decline of 16.5% year on year, totaling 4,741 units. This shift in the market balance saw rigids accounting for nearly six in 10 new registrations, signaling a return to the market’s regular pattern after the release of pent-up demand over the past year.
The demand for tractor units, which represents the largest sector of the market, recorded a decrease of 16.7%, while tipper registrations also saw a decline of 6.3%. In contrast, significant growth was witnessed in curtainsiders (up 23.1%), flat lorries (21.6%), and box vans (20.6%). The geographical distribution of new registrations varied, with the South West showing the highest growth in the UK, accounting for 994 new HGVs, marking an 11.8% increase from the previous year. East Anglia saw the most substantial decline, dropping by 26.4% to 457 units. Despite a 2.7% decline, the South East remained the largest investor in new heavy vehicles, with 2,351 registrations, surpassing a fifth of all new registrations.
With a diverse range of available models, the market share of zero emission vehicles (ZEVs) rose to 0.5% of the total registrations, up from 0.3% in the same period last year. Although still comparably low in relation to the car and van markets, this signifies a notable 56.3% volume increase compared to the previous year. However, the growth remains constrained due to a lack of operator confidence exacerbated by an elaborate grant system established nearly a decade ago, rendering less than half of all ZEV models currently eligible.
The United Kingdom faces a scarcity of dedicated HGV charging points, with only one specialized truck charging unit located at the M61 southbound service station, hindering long-haul operators from transitioning to greener options.2
The enactment of reforms to the grant system and the establishment of a national infrastructure plan would facilitate a larger number of businesses adopting zero emission HGVs, suitable for a wide array of business needs, and contribute to a significant reduction of around 19 million tonnes of CO2 emissions annually.3
Mike Hawes, Chief Executive of SMMT, remarked,
Presently, the truck sector remains stable, with a minor downturn in registrations compared to the robust performance observed in the previous year’s quarter. Despite two consecutive years of market growth, further measures are necessary to sustain the transition to environmentally friendly fleet solutions for decarbonizing road transport in the UK. While the adoption of zero emission trucks remains marginal, with the first phase of the phase-out of fossil fuel HGVs approaching in just over a decade, operators need compelling incentives and improved infrastructure to expedite their investments.
1 Q1 2019: 11,859 units.
2 A 360kW charger and extended HGV bays situated at the southbound Rivington Services on the M61.
3 Calculated based on replacing all vehicles in the UK HGV fleet with zero emission models – Annual CO2 emissions from the 2022 UK HGV fleet – National Statistics
SOURCE: SMMT