Though retail consumers may not be warming to electric vehicles as much as automakers had hoped, fleet customers appear to tell a different story.
A survey Cox Automotive conducted in the first quarter found that 14% of fleets have EVs and that there’s a 90% likelihood that they’ll add to them when they go back to the market. In fact, the vast majority of fleets currently with and without EVs anticipate adding them in the next five years, the Cox “Future of Fleets: Path to EV Adoption” report says.
“In many ways, electric vehicles can be an ideal solution for many fleet operations, which often have set routes of known distances, vehicles that routinely overnight in the same location, and operations that prioritize the cost of ownership,” said Cox Senior Analyst of Research and Market Intelligence Zo Rahim. “The fleet business is significant in the U.S. market, and we expect the EV share of the fleet market to expand in the coming years.”
Fleet operators tend to be more aware of and have a positive view of EV incentives, Cox says.
They have similar adoption concerns as retail consumers, though, the study found: higher prices, spotty public chargers, low range between charges, and battery costs.
In a departure, 48% of fleet operators say they’re more satisfied with EVs than with gas-powered models when it comes to maintenance. They also say they’re more satisfied overall with the EVs in their fleets than with the internal-combustion-engine vehicles they have and with the total cost of EV ownership.
“There are certainly challenges in shifting a business away from traditional ICE powertrains, but if owners and operators are generally satisfied with the outcome and see tangible savings, EV adoption could certainly accelerate through the end of the decade,” Rahim said.
