The number of vans on BVRLA members’ fleets has increased by 3.3% year-on-year, according to the rental and leasing industry body’s latest Leasing Outlook Report.

A total of 516,253 LCVs are now on-fleet, while there has also been a 25% year-on-year increase in take-up of LCV fleet management.

However, the report states that there are still issues facing the sector, with some supply chain bottlenecks remaining, particularly with regard to conversions, despite the overall vehicle supply situation having improved.

Other issues include concerns over rising vehicle prices, and the introduction of the UK Government’s ZEV mandate.

The overall number of vehicles, including cars, on BVRLA members’ leasing fleets has reached the highest level seen since 2017, with over 1.9 million vehicles now on-fleet.

BVRLA director of corporate affairs Toby Poston said: “Stability and certainty breed growth, and the leasing sector is reaping these benefits when it comes to vehicle supply and [company car] BIK tax.

“As ever, a more detailed analysis shows that some motor finance products are doing better than others, while new supply chain challenges continue to appear. 

“The BVRLA will continue to work with policymakers and colleagues from across the automotive industry to try and deliver positive market momentum across all segments.”