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Viewing report
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Commercial Vehicles Market Report 2011
Key Note Publications Ltd, Oct 2011
The automotive industry was hit hard by the recession and the commercial vehicles sector suffered as a result, particularly during 2008 and 2009. As production and new registrations plummeted across all three major market sectors, the apparent market for commercial vehicles declined by 39.1% from £4.37bn 2006 to £2.66bn in 2009. The return to growth in 2010, however, provided a significant boost to the industry, with the apparent market growing by an estimated 37.6% in the same year. Key Note estimates that the commercial vehicle market was worth £3.66bn in 2010.
The commercial vehicle market consists of three main sectors — light commercial vehicles (LCVs) weighing up to 3.5 tonnes, heavy goods vehicles (HGVs) weighing between 3.5 to 44 tonnes, and buses and coaches. LCVs are the dominant market sector, accounting for almost 82.3% of all new registrations in 2010. In 2009, all three sectors experienced large falls in demand as the overall volume of new registrations declined by 19.6%. 2010 saw the LCV and HGV sectors return to growth, while buses and coaches continued to decline.
The recession has been the most significant factor affecting the commercial vehicle market over the past few years. Production in westernised economies has declined, with many manufacturers turning to developing economies for manufacturing and consumer growth. Environmental concerns have also led to stricter regulations regarding vehicle emissions and these are set to become even more stringent in the coming years, forcing manufacturers to improve engine efficiency.
The UK’s manufacturing output fell during the recession and manufacturer LDV entered administration in 2009. Ford announced that the panel version of its Transit model would cease production in 2011. However, this has been extended to 2012, when production will move to Turkey. Vauxhall confirmed that the Vivaro will continue to be produced in Luton until at least 2020. In a bid to secure the long-term future of motor manufacturing in the UK, the Government is keen to develop the industry into a leader in low-carbon vehicle production.
The Society for Motor Manufacturers and Traders (SMMT) has forecast that LCV registrations should continue to increase in 2011 and 2012. With strong mid-year results, HGV registrations are also set for growth in 2011. However, buses are set to continue to decline. In the medium- to long-term, economic uncertainty may continue to be a problem, although current forecasts indicate that the commercial vehicle market in the UK should grow modestly in the coming years.
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