New light commercial vehicle (LCV) registrations fell by 7.8% in the first month of 2026 with 17,562 vans, pickups and 4x4s joining UK roads, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT). This is the weakest start to a year since 2012’s 16,049 registrations and reflects a tough economic environment, with weak business confidence constraining fleet investment.
The decline was driven by a 57.0% slump in demand for new pickups to 1,206 units, following government fiscal changes to treat double cabs as cars for benefit in kind and capital allowance purposes, which industry warned would heap additional costs onto buyers. Demand for medium vans also fell, 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 10.0% to 12,696 units and 33.9% to 711 respectively.
Headline growth in electric van registrations was also positive, with uptake rising 26.0% to 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.
Mike Hawes, SMMT chief executive, said: “January’s decline in new van uptake reflects ongoing economic and fiscal conditions which are limiting demand, particularly for pickups, as industry had warned. Rising EV uptake is encouraging but delivering the UK’s world-leading ambition is coming at huge cost to industry amid overall market contraction. With an even steeper 2026 target that is further still from real-world demand, government’s review of the transition must come urgently, recognising additional action is needed to deliver on ambition.”
