Two-thirds (66%) of UK vehicles (cars and vans) currently
operated by private and public sector organisations are ready to go
electric and save money
- In its 'Taking Charge' report, Geotab analysed driver data from
1.3 million vehicles across seven countries over 12 months
- Electric vehicles (EVs) could prevent the use of 2.2 billion
gallons of fuel while avoiding approximately 19 million metric tons
of CO2 emissions over the next seven years
- The UK has by far the biggest potential for EV fleet adoption
among countries covered, yet it has some of the poorest government
incentives on offer
- Two-thirds (66%) of UK vehicles are 'EV suitable,' meaning two
things: they are range capable, and switching to electric would
save companies' money - an average of £13,279 per vehicle over
seven years (a typical replacement cycle for a fleet vehicle)
- The UK's EV suitability compares favourably to other markets
covered in the report: Canada
(50%), Spain (43%), the United States (38%), Germany (35%), Italy (28%), France (20%)
LONDON, April 17, 2024 /PRNewswire/
-- Geotab Inc. ("Geotab"), a global market
leader in connected transportation solutions, has found that
two-thirds of vehicles (cars and vans) operated by private and
public sector organisations in the UK are ready to go electric —
contrary to increasing industry and media pessimism around electric
vehicle (EV) adoption.
Geotab's 'Taking Charge: On the Road to an EV Future'
report analysed driver data from 1.3 million vehicles across seven
countries over 12 months. It found that fleets switching to EVs
could reduce 2.2 billion gallons of fuel from conventional vehicles
while avoiding approximately 19 million metric tons of CO2
emissions over the next seven years.
From the analysis, the UK was also singled out as by far the
most 'EV suitable' market in Europe. That is despite having some of the
poorest national EV incentives on offer compared to the other
European countries in the report. France, Germany, Italy and Spain all currently offer EV buyers up-front
purchase incentives*, whereas the UK government withdrew the
Plug-in Car Grant in 2022.
Geotab found that 66% of light-duty vehicles (cars and vans) in
the UK are ready to go electric and, crucially, save money for the
organisations running them. The UK's EV suitability compares
favourably to other markets covered in the report, which includes
Canada (with an EV suitability of
50%), Spain (43%), the United States (38%), Germany (35%), Italy (28%), France (20%).
The 66% figure for the UK is based on a typical seven-year
replacement cycle for a fleet vehicle. Expanding this period to 10
years would increase the percentage of fleet cars and vans in the
UK ready to go electric to 73%, based on the fact that EVs have a
longer usable lifespan than their petrol and diesel counterparts
thanks to service, maintenance and repair (SMR) savings.
"The idea that the UK is not ready for mass EV adoption is a
fallacy," said David Savage, Vice
President for the UK and Ireland
at Geotab. "On the contrary, it's time for British businesses to
'double down' on fleet electrification - not just for the good of
the environment and our collective climate goals but for their
bottom line. A visionary CEO of a business operating a vehicle
fleet could effectively pay their own salary by going electric,
thanks to EVs' financial savings."
EV suitability assessments based
on irrefutable data
The Taking Charge study delves into real-world telematics data
to understand the feasibility of transitioning from internal
combustion engine (ICE) vehicles to EVs within light-duty fleets,
and the potential financial and CO2 savings available.
The report reveals that by going electric, British private and
public sector organisations could reduce the total cost of
ownership (TCO) per vehicle by £13,279 over a seven-year period,
equating to a saving of £876,414 on a large fleet of 100
vehicles.
These numbers were calculated using Geotab's proven EV
Suitability Assessment (EVSA) tool, which helps fleets transition
to electric vehicles. EVSA uses telematics data to understand a
fleet's specific needs to make a tailored EV adoption
recommendation. It maps the fleet's driving patterns against
real-world EV performance metrics to pinpoint which fleet vehicles
can be replaced with an EV available in that market. The tool also
provides a forecast of the financial savings and environmental
benefits of making the switch, taking into consideration the
purchase price along with fuel and maintenance costs.
When evaluating the suitability of replacing an ICE vehicle with
an EV, Geotab looks at two essential factors: Is there a
range-capable electric model that can meet the existing daily
driving requirements and does it make economic sense to make the
switch? Driving patterns can have a major impact on fleet
electrification potential as they determine whether a suitable
replacement vehicle is available that satisfies the vehicle's range
needs while saving money.
For a replacement to be considered range-capable, it needs to be
able to drive 98% of the days that year on a single charge. This 2%
margin allows outlier days to exclude abnormal driving distance
days outside of standard usage. For it to be considered suitable,
the EV would have to be both range-capable and economical, i.e.
have a TCO that is lesser or equal to a new replacement ICE
model.
The full Geotab 'Taking Charge: On the road to an EV future' is
available to download, where the full methodology for the above
calculations are provided.
Notes to editors:
*ACEA Tax Benefits and Purchase Incentives:
https://www.acea.auto/files/Electric_cars-Tax_benefits__purchase_incentives_2023.pdf
About Geotab:
Geotab is a global leader in connected transportation solutions.
We provide telematics — vehicle and asset tracking — solutions to
over 50,000 customers in 160 countries. For more than 20 years, we
have invested in ground-breaking data research and innovation to
enable partners and customers, including Fortune 500 and public
sector organisations, to transform their fleets and operations.
With over 4 million subscriptions and processing more than 75
billion data points a day, we help customers make better decisions,
increase productivity, have safer fleets, and achieve their
sustainability goals. Geotab's open platform and Marketplace,
offers hundreds of third-party solution options. Backed by a team
of industry leading data scientists and AI experts, Geotab is
unlocking the power of data to understand real-time and predictive
analytics — solving for today's challenges and tomorrow's world. To
learn more, visit www.geotab.com/uk follow @GEOTAB on X and
LinkedIn or visit the Geotab Blog.
©2024 Geotab Inc. All rights reserved. All trademarks property
of their respective owners in Canada and other countries. Geotab and the
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Inc. and/or its affiliates. No part of this publication may be
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