UK LCV Market.

Government statistics put the total number of vans on the roads in the UK in 2016 at around 4m, so a conservative estimate based on 50% being ‘transit’ sized would be 2m vehicles. Research carried out as part of the VEPS project found that 43% of such vans were fitted with roof racks or bars, giving a target market in the region of 850,000 vehicles .

If we consider this potential market in context, there are 433 Local authorities in the UK, 1147 Housing associations in England alone, and 109 Universities across the UK, all of whom may be expected to have significant fleets of such vehicles. It is much harder to estimate specific figures for various sectors of the Construction industry, but plumbing, heating, ventilation, Joinery, roofing and electrical contractors etc. all operate using such vehicles, as well as the more general ‘all trades’ contractors . Fleet sizes across such organisations vary from the sole trader to the UK / international PLCs. One satellite TV company has a fleet of several hundred vans.

Another relevant market comparison can be drawn from the Mobile Access Equipment industry – particularly the mobile access tower market. Actual unit sales figures are not readily available, but the AMA research report for 2011­-15 puts the value of this area of the market at £28-­30m (Overall non powered access market, including Ladders and Scaffolding, is estimated at £130m.) Growth is estimated to be approx. 4%.

On this basis, VEPS early projections of securing just 1% of it's potential market, with an anticipated RRP in the order of £550-600, would equate to a figure well within the scope of the current mobile access tower market. Clearly there is a large and direct correlation between VEPS and this market ( Indeed, many such devices are transported via van mounted roof racks) so this relatively modest target allows significant scope for growth.