Press Release Summary = The commercial vehicles market forms part of the UK\'s motor industry and is an important part of UK manufacturing as a whole.
Press Release Body = Commercial Vehicles - Market Report
The commercial vehicles market forms part of the UK\'s motor industry and is an important part of UK manufacturing as a whole. Key Note estimates that the apparent UK market for commercial vehicles was worth some £4.41bn in 2004, up from £3.93bn in 2003.
The commercial vehicles market has three distinct sectors: light commercial vehicles (LCVs), heavy goods vehicles (HGVs), and buses and coaches. LCVs are the largest sector of the market and also the strongest growing in terms of new vehicle registrations. New vehicle registrations of HGVs have also shown some growth since 2000, but new registrations of buses and coaches have declined.
The sustained period of economic growth and stability experienced by the UK has aided the development and continued growth of the commercial vehicles market. However, government legislation, including the End of Life Vehicles Regulations, the introduction of a truck toll tax and a climate change levy are expected to impact on the sector up to 2010.
Demand for LCVs has been strong since 2000. Many types of organisation can use them, they are relatively inexpensive to buy and are easily disposed of when sold in the second-hand market. The HGV market is less dynamic, as these tend to have a fairly long life and there can be a considerable time lag before operators need to purchase replacements. The new buses and coaches sector is mature and the market has been fairly subdued since 2000. The export market has developed strongly since 2000, and is expected to develop further in the future.
The commercial vehicles market is expected to show continued growth in 2005 and then, supported by a strong economy, demonstrate further expansion up to 2009. Environmental and political pressures will increasingly affect the industry and influence the future design and development of commercial vehicles.
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