HGV registrations fall 2.3% due to supply chain and economic issues

HGV registrations fall 2.3% due to supply chain and economic issues

24 May 2022 Posted By James Evison

The registrations of HGVs has declined by 2.3% in the first quarter of the year, according to new figures.

The registrations of HGVs has declined by 2.3% in the first quarter of the year, according to new figures.

The data, from the Society of Motor Manufacturers and Traders (SMMT), reveals 9,837 units – a decline of 227 on the first quarter last year.

But 2021 also saw the impact on businesses of the lockdown and general economic turbulence – with the overall sector still some way behind a full recover on 2019 figures – the last full quarter before the pandemic – with current registrations 17% down on Q1 2019.

Shortages

Although demand was high for HGVs, especially in the construction industry, the shortages of semiconductors and raw materials – particularly steel and aluminium – has restricted deliveries.

Registrations of rigid trucks fell by -10.1% to 4,975, accounting for just over half (50.6%) of the market, while those of articulated trucks rose by 7.4% to 4,862 units.

There was increased demand for tractors – up 8.3% – and almost half of the market (49.1%).

Overall decline

But all other segments saw a decline, including box vans (-13.7%), tippers (-16.0%), curtain-sided trucks (-12.4%) and refuse disposal vehicles (-31.3%).

According to the SMMT, fleet renewal cycles are more visible in these segments – with registration levels likely to be “artificially impacted by supply shortages”.

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