Key Market Indicators
The British commercial vehicle market is expected to witness a decline over the next five years, with registrations projected to drop to approximately 214,000 units by 2028, down from around 244,000 units in 2023. This represents an annual decrease of 2.1% on average. The decline follows a longer-term trend, with the market shrinking by 7.8% annually since 2010. In terms of global rankings for 2023, the United Kingdom stood at 17th place. Notably, Kuwait surpassed the UK with similar registration figures, while Canada, Mexico, and Argentina occupied the second, third, and fourth positions, respectively. Similarly, commercial vehicle production in the UK is forecasted to decline, expected to reach nearly 69,000 units by 2028 from about 75,000 units in 2023, marking an annual reduction rate of 1.4%. Contrasting this trend, British commercial vehicle supply has increased by 3.2% annually since 2002. In 2023, the UK was ranked 20th globally in production, with Russia overtaking it at around 75,000 units. The top spots were held by Mexico, China, and Canada, in that order.