Geotab’s report "Taking Charge: An In-Depth Look at EV Trends" shows that the UK has emerged as the most suitable market for EVs across Europe.
The analysis contained driver data from 1.3 million vehicles across seven countries over 12 months. It reported 66% of UK vehicles (cars and vans) are deemed to be ready to go electric, therefore singled out as by far the most ‘EV suitable’ market in Europe, comparing favourably to Canada (with an EV suitability of 50%), Spain (43%), the United States (38%), Germany (35%), Italy (28%), France (20%).
The report, a collaborative effort between industry leaders and researchers uses real-world telematics data to paint a vivid picture of the EV market's trajectory. It found the potential cost savings over seven years of switching to electric for British drivers is £13,279.
And for fleets, the savings equate to £876,414 on a large fleet of 100 vehicles. As well as the potential to 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.
The study also looked back on 2023 witnessing a historic milestone with approximately 7.2 million EVs sold worldwide. Central to this surge is the exponential growth of charging infrastructure. The number of public charging stations now exceeds 11 million globally, providing EV drivers with increased convenience and confidence in their charging capabilities. This expansion of charging infrastructure is crucial in alleviating range anxiety and accelerating the mainstream acceptance of EVs.
David Savage, VP for the UK and Ireland at Geotab, said: “The idea that the UK is not ready for mass EV adoption is a fallacy.
“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.”