This week’s release of Light Commercial Vehicle registrations show the industry stepping forward – albeit with many unknowns ahead. Q1 2021 saw LCV registrations rise 43% compared to the same period last year just before the pandemic hit, with most of the growth concentrated in the heavy van sector; consistent with the long-term trend. Although the market is still behind where the industry expected to be, it is still a big step in the right direction.
While the figures reflect the still uncertain times we live in, recent discussions with members indicates there is a lot of confidence out there, particularly in the supply chain. Some convertors, for example, have order books stretching into the second half of the year. However, with increasing demand, factories still not fully open and container ships in the wrong place, we understand that some businesses are starting to experience shortages of components and materials such as steel.
Demand may well be up, and that is encouraging. However, I suspect we will not have a true picture of where the market really is until autumn of this year. Here’s hoping it will be good news.