The number of LCVs on BVRLA members’ fleets has fallen by 3.6% year-on-year.
According to the rental and leasing industry body’s latest Industry Outlook report, which uses data running up to Q3 of 2024, the sector has seen decline for three consecutive quarters.
The latest reduction is said to have brought the size of the overall BVRLA LCV fleet below 500,000 for the first time since 2022.
It also comes in contrast to growth in the overall new LCV market, which according to the report suggests that leasing is losing share in the funding market.
The report also states that with 26% of BVRLA members’ fleets now made up of LCVs, compared with 22% before the Covid-19 pandemic, falls in numbers have a bigger impact on the overall fleet.
Despite the LCV decline however, the size of the overall BVRLA vehicle fleet was up by 1.4% year-on-year, due chiefly to growth in the business car market.
In terms of fuel mix, the report states that electric LCV uptake remains extremely limited, with even leasing companies with eLCV penetrations above the UK Government’s ZEV mandate level attributing demand to a handful of major fleets trying to make the technology work.
The BVRLA has welcomed a government consultation on fully aligning 3.5t diesel and 4.25t eLCV regulations, which it says could shift demand.
