Geotab, a provider of connected transportation solutions globally, has unveiled a report indicating that a significant portion of vehicles in the United Kingdom, operated by both private and public sector organisations, are primed for an electric future. This revelation comes amidst growing industry and media scepticism regarding the adoption of electric vehicles.
The UK emerged as the most EV-suitable market in Europe, despite offering comparatively fewer national EV incentives. Unlike countries like France, Germany, Italy, and Spain, which currently provide upfront purchase incentives for EV buyers, the UK withdrew its Plug-in Car Grant in 2022.
The report titled Taking Charge: On the Road to an EV Future by Geotab analysed data from 1.3 million vehicles across seven countries over a span of 12 months. It revealed that fleets transitioning to EVs have the potential to slash 2.2 billion gallons of fuel consumption from conventional vehicles while sidestepping approximately 19 million metric tons of CO2 emissions over the next seven years.
Making the switch to electric power:
Geotab's findings indicated that 66 per cent of light-duty vehicles in the UK, including cars and vans, in the UK are ready to make the switch to electric, promising substantial savings for the organisations managing them. This figure outstrips the EV readiness of other markets covered in the report, including Canada (50 per cent), Spain (43 per cent), the United States (38 per cent), Germany (35 per cent), Italy (28 per cent), and France (20 per cent).
The study further suggests that extending the typical seven-year replacement cycle to 10 years would boost the percentage of fleet vehicles in the UK poised for electric adoption to 73 per cent. This projection is underpinned by the longer usable lifespan of EVs compared to their petrol and diesel counterparts, thanks to savings in service, maintenance, and repair costs. Moreover, the study reveals that British public and private organisations could reduce the total cost of ownership per vehicle by as much as £13,279 over a seven-year period.
“The idea that the UK is not ready for mass EV adoption is a fallacy,” David Savage, VP for the UK and Ireland at Geotab, commented. “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.”
Source: Geotab