Two out of three vehicles run by both public and private companies are ready to go electric this year as the move to net zero gets closer and the cost of fuel reaches unprecedented heights.
Data from 1.3 million vehicles found that vehicles switching to EVs can reduce costs, help reduce 2.2 billion gallons of fuel and save 19 million metric tons of CO2 emissions over the next seven years.
Out of the total fleet cars monitored, 66 per cent are ready to go electric and save money for the organisations and businesses running them.
The report revealed that by going electric, British private and public sector organisations could save roughly £13,279 per vehicle over a seven-year period.
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Fleets could save over £13,000 per vehicle if they switch to electric
PAThis is equivalent to a saving of £876,414 for a large fleet of 100 vehicles, the report from Geotab detailed.
David Savage, vice president 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.”
According to the report, the UK is beating other European and global countries in a bid to achieve net zero emissions first.
Geotab found that other markets such as Canada have a lower EV readiness rate at 50 per cent, despite offering large grants to drivers to make the transition.
Canada is then followed by Spain (43 per cent), the United States (38 per cent), Germany (35 per cent), Italy (28 per cent) and France (20 per cent).
The data found that drivers were keen to switch to an electric vehicle based on a typical seven-year replacement cycle for a fleet vehicle.
If this was extended to 10 years, 73 per cent would be keen to go electric thanks to a longer usable lifespan, backed up by service, maintenance and repair (SMR) savings.
The UK has been steadily ramping up its progress to get more vehicles electric since last year when it announced its ambitious goals.
The Government stated it wanted 80 per cent of new cars and 70 per cent of new vans sold to be zero emission by 2030, increasing to 100 per cent by 2035.
Transport Secretary, Mark Harper, said at the time: “The path to zero emission vehicles makes sure the route to get there is proportionate, pragmatic and realistic for families.
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There are over one million electric cars on UK roads
GETTY“We are also making it easier than ever to own an electric vehicle, from reaching record levels of chargepoints to providing tax relief for EV owners.”
Mike Hawes, chief executive of The Society of Motor Manufacturers and Traders, added that the automotive industry is investing in decarbonisation and recognises the importance of the zero emission vehicle mandate.