The Society of Motor Manufacturers and Traders (SMMT) data shows the weakest January for the LCV market since 2012, reflecting a tough economic environment, with weak business confidence constraining fleet investment.
LCV Data: January 2026
LCV registrations in the UK declined by 7.8% in the first month of 2026, with 17,562 vans, pickups and 4x4s joining UK roads, according to the SMMT data. Demand for medium vans also declined by 27.4% to 2,547 units, while the lower volume small van segment contracted by 39.8% to 402 units. Only large vans and 4x4s posted growth, up by 10.0% to 12,696 units and 33.9% to 711, respectively.
Electric van registrations grew by 26% in January 2026, reaching 1,844 units. With a market share of 10.4%, however, demand would have to more than double to meet the mandated target of 24% in 2026. Delivering such growth in a weak overall market, and despite more than half of all models now available as EVs, with unprecedented discounts on their sale, poses an immense challenge.
The latest industry outlook for 2026 has been revised downwards, with 321,000 units expected to be delivered this year – still a 1.9% increase on 2025, but a significant softening from the 335,000 anticipated in the previous October outlook. Similarly, while the latest BEV outlook expects over 50% growth this year, the market share has been revised down to 13.1%, from the 14.0% share expected in the last outlook.
Mike Hawes, Chief Executive, SMMT, said: “January’s decline in new van uptake reflects ongoing economic and fiscal conditions which are limiting demand, particularly for pickups, as the industry had warned. Rising EV uptake is encouraging, but delivering the UK’s world-leading ambition is coming at a huge cost to industry amid overall market contraction. With an even steeper 2026 target that is further still from real-world demand, the government’s review of the transition must come urgently, recognising that additional action is needed to deliver on the ambition.”
