A study conducted by Geotab has shed light on the electric vehicle (EV) potential within the UK’s fleet sector. Analysis of data from 1.3 million vehicles across seven countries has revealed that 66% of light-duty vehicles in the UK, including both public and private sector fleets, are deemed ready for the adoption of electric vehicles.

Is the UK a suitable market for EV?

Geotab’s assessment is based on a typical seven-year replacement cycle for fleet vehicles. Extending this cycle to ten years could increase the percentage to 73%. Despite relatively modest national incentives, the UK was deemed the most ‘EV suitable’ market in Europe. Notably, France, Germany, Italy, and Spain offer upfront purchase incentives for EV buyers, while the UK government phased out the plug-in car grant in 2022.

Misconceptions of electric vehicle adoption

Misconceptions about the UK’s readiness for mass EV adoption have been challenged, with emphasis on the financial incentives for businesses embracing fleet electrification. The study investigates data to assess the feasibility of transitioning from internal combustion engine (ICE) vehicles to EVs within light-duty fleets, highlighting potential financial and CO2 savings.

How will fleets save in the long-term?

By embracing EVs, both private and public sector fleets stand to reduce total cost of ownership (TCO) per vehicle by over £13,000 over a seven-year period. This equates to substantial savings for countless fleets with more than one vehicle.

With an emphasis on range capability and economic viability, Geotab’s approach evaluates if an EV can meet daily driving requirements and offers cost savings compared to ICE counterparts. A range-capable EV, defined as one capable of covering 98% of daily driving needs on a single charge, coupled with economic feasibility, constitutes a suitable replacement for ICE vehicles, thereby paving the way for a greener and more cost-effective fleet ecosystem.

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