HGV market reaches eight year high

The heavy goods vehicle (HGV) market has reached an eight year high, with year-to-date registrations up 12.9 per cent.

11,000 new vehicles were register in Q2 alone, with growth driven by a rise in demand for rigid drive vehicles, which are up 22.3 per cent compared to Q2 last year.

It marks the fifth quarter of consecutive growth for the sector, with total registrations of 21,434 thus far in 2016, the highest volume for the period since 2008.

Mike Hawes, SMMT chief executive, said, “It’s encouraging to see HGV operators continuing to invest following the growth seen last year – the result of pent-up demand created by regulatory upheaval in 2014. We're now seeing fleet renewal patterns return to normal and all the signs point towards further growth, albeit at a steadier rate. Maintaining business confidence must now be a priority to ensure this crucial sector’s ongoing success.”

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