HGV market achieves second year of growth

New HGV registrations increased by 9.6% in 2022, as 40,716 vehicles were registered.

It marks the second year of growth for the sector and reflects an easing in the supply constraints caused by the coronavirus pandemic.

Figures from the Society of Motor Manufacturers and Traders (SMMT) show registrations remain 16.1% down on pre-pandemic levels, however.

HGV registrations 2022Growth in 2022 was driven by articulated truck deliveries, up 21.9% to 19,414 units, while rigid truck registrations increased by 0.3% to 21,302 units.

Tractors remained by far the most popular segment, rising by 21.7% to 19,076 units, followed by box vans, which grew 0.2% to 4,062 units. Demand for curtain-sided lorries was also up, by 5.9%, while there were declines in registrations of tipper (-0.8%), dropside (-3.1%) and refuse vehicles (-14.8%).

Mike Hawes, SMMT Chief Executive, said, “Another year of growth in HGV registrations marked by a strong second half performance shows that operators have an increasing appetite to invest, with deliveries enabled by the easing of supply and logistics disruptions. As manufacturers deliver more zero emission vehicles to market, there must be policy certainty and infrastructure assurance to inspire further fleet renewal. This will be essential to the UK’s ability to deliver its decarbonisation agenda, while keeping the British economy and society on the move.”

HGV registrations rose in all UK nations, with the vast majority recorded in England (87.7% of the market), followed by Scotland (6.8%), Wales (3.1%) and Northern Ireland (2.4%). Regionally, South East England recorded the most HGV registrations (22.6%), ahead of the West Midlands (12.9%) and North West (11.9%).

Demand for the latest lower and zero emission trucks is growing as the entire sector prepares to make the transition. Truck manufacturers are already investing heavily to bring a range of electric, hydrogen and other new technology models to market.

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