Commercial registrations and activity
Tentative recovery for light commercials
10 Feb 2021
Our take on the latest Commercial registrations and activity (Wed 10 Feb 2021)
New light commercials grew 9.2%pa in January
New medium commercials up 1.4%pa
New very heavy commercials tumble 43%pa
The key numbers...
- A total of 3,985 new commercial vehicles were registered in January, 5.9%pa more than January last year.
- Light commercials are making a tentative comeback, growing 9.2%pa in January. According to the Motor Industry Association’s (MIA) Common Segmentation report most of this growth came from private buyers, although business demand (the largest component) has also recovered, growing 4.6%pa.
- Heavier vehicles are still weak, with new very heavy commercials plummeting 43%, their largest drop since April 2020. However, new medium commercial registrations managed some growth, up 1.4% on a year prior.
Light commercial registrations
Annual running total
...and our reaction
- Demand for light commercials continues to benefit from strong activity in the construction sector and the substitutional spending away from overseas travel.
- Our February forecasts paint a brighter outlook, especially for 2021, with the improved labour market outlook providing strong private demand for vehicles.
- Disruptions to trade routes and vehicle imports continue to create supply pressure for commercial vehicles, with recent news showing computer chip shortages may further add to the supply shortage.
Latest updates
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