July CV registrations climb to record high

July CV registrations climb to record high

CV registrations bounced back in July after the decline in June. July registrations

rose 11.7 per cent to 25,392 units, their highest ever July total. July registrations

have grown rapidly since the introduction of the twice-yearly registration change.

The month now typically accounts for seven per cent of annual volume, rather

than three per cent under the annual August plate change system.

CV registrations over the first seven months of 2002 were up 3.6 per cent,

or 6,386 units, to 184,369 units. The growth is mainly from the LCV sector,

but bus and coach volumes are also running well ahead of 2001 levels.

The 12 month moving annual total climbed to 319,778 units, some 6.4 per cent

ahead of last year’s level and SMMT expects the 2002 full-year total will be

just over 310,000.

Van registrations continued strongly, supporting the overall growth, especially

in the heavier van sector from 2.6-3.5 tonne GVW. Here new models and intense

competition coincided with sustained growth in consumer spending. Pick-ups also

did well in July, though 4×4 registrations slipped for a second successive month.

The bus and coach sector continues to rise over weak 2001 levels. Truck registrations

dipped again and show few signs of early recovery.

The UK’s GDP growth rebounded in the second quarter, following two consecutive

quarters of negligible growth. Consumer spending remains robust, although, according

to retail sales data, its pace has slowed a little.

While recent figures show the manufacturing sector remains depressed, it is

hoped that recession may now be bottoming out. At the same time the construction

sector has performed well. The generally positive economic environment seems

to be supporting CV demand, although the pace of growth in the market is above

expectations. Operators seem keen to take advantage of good deals, buoyed by

low cost finance, and intense competition.

Light CV registrations jump 15.1 per cent

LCV registrations, at 20,718 units, rose by 15.1 per cent or 2,712 units in

July. This was the fifth month CV registrations grew in 2002. LCVs now account

for 81.6 per cent of all CV registrations, compared with 79.2 per cent a year

ago.

Heavy vans, from 2.6 – 3.5 tonnes showed the biggest registration increase

in July. Volumes rose 29.9 per cent to take 56 per cent of the LCV market, up

from 50 per cent last year.

In the LCV sector, pick-up registrations grew a healthy 10.6 per cent, whilst

the light van registrations, up to 1.8 tonnes, were up 2.2 per cent.

Demand for 4×4 utilities slipped 4.5 per cent during the month. Despite July’s

figures, 4×4 utility registrations saw one of the best improvements over the

first seven months of the year, up 13.4 per cent to 5,491 units.

The main volume of growth in the LCV sector over the first seven months of

2002 came from the medium and heavy van sector, 1.8 – 3.5tonnes, where volumes

climbed 8.6 per cent or 7,960 units to 100,499 units. Light van registrations

dropped 1.7 per cent over the January – July period.

New truck registrations dip 2.7 per cent

UK truck registrations dipped for the sixth straight month in July, down 2.7

per cent to 4,371 units. However, this was the smallest downturn of the year,

thus far. Rigid registrations fell 1.8 per cent during the month, although the

decline was entirely concentrated in the 7.4-7.5 tonne two-axle rigid sector,

down 20.3 per cent. Registrations of heavier and multi axle rigids grew. Three-axle

artic tractor registrations were up in July while two-axle artic tractor registrations

fell by almost a quarter.

Truck registrations fell 5.5 per cent through the first seven months of the

year, down 1,690 units to 29,143. The sector has cooled from the very high levels

sustained in recent years. SMMT expects the market to slip back to its long-term

average of some 51,500 units in 2002, compared with 55,524 in 2001.

Bus & coach registrations rise on 2001 levels, but still down on 2000 rates

Bus and coach registrations rose 30 per cent in July to 303 units, this growth

rate flattered by the very weak 2001 volumes. The gains over the 2001 level

came from the fare stage PSV sector. Coach volumes were lower during July.

Bus and coach registrations over the first seven months of 2002 climbed 11

per cent to 2,543 units, with almost identical growth rates across both PSVs

and coach markets. The SMMT expects volumes will hit almost 4,000 units this

year, some 250 units more than in 2001.

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