80% of Global Commercial Fleet
Leaders Surveyed Set Goal for 25% EVs
by 2030, Latest Frost & Sullivan Insights Reveal
LONDON, Sept. 18,
2024 /PRNewswire/ -- Conducted by Frost &
Sullivan and commissioned by WEX (NYSE: WEX), a new report provides
key insights for organisations managing mixed-energy fleets across
Europe, North America, and Asia-Pacific.
The study underscores the rapid progress in fleet
electrification. While EV adoption rates vary by business and fleet
type, most fleet managers expect a significant increase in EVs to
enter their fleets over the next five years. Almost half of those
surveyed stated that 50% or more of their fleet would consist of
EVs by 2030.
The 2024 global survey, "The Commercial EV Transition: Global
Insights on a Mixed-Energy Fleet Future," offers comprehensive
insights to help organisations navigate and capitalise on the shift
to electrification across Europe,
North America, and Asia-Pacific.
The transition to a mixed-energy fleet – which integrates both
EVs and internal combustion engine (ICE) vehicles – will take time,
but fleet managers are working actively to accelerate the process.
EV adoption rates will vary significantly depending on factors such
as the region, industry, and organisational scale, making it
crucial to understanding the underlying dynamics that can unlock
opportunities for more sustainable and cost-efficient
operations.
"The study demonstrates that there is still high ambition to
integrate EVs into fleet operations, not just to meet
sustainability targets but to enable more cost-effective
operations, however, achieving this transition presents significant
challenges," said Dr. Jose Pereira,
Director in the Frost & Sullivan's Mobility Advisory
practice.
"This report's findings demonstrate that fleet managers continue
to seek guidance from trusted experts and partners to determine the
best approach for their needs," he added. "A key issue is
understanding how to develop an optimal EV adoption roadmap that
balances the initial investments in vehicle and charging
infrastructure costs with the operational savings opportunities
that come from lower electric fuel costs, reduced servicing and
extended vehicle service life, as well as the improved driver
satisfaction and wellbeing from quieter and smoother vehicles"
As fleet managers begin to manage a mix of traditional and
electric vehicles, they face new challenges such as keeping site EV
infrastructure online, optimising energy costs through improved
scheduling and route planning, and managing payments from various
charging locations. This will necessitate adjustments to existing
fleet management and payment systems to ensure smooth operations
and a viable overall business case.
The report also addresses broader industry implications,
identifying the top three challenges for fleet operators: fuel
costs (67%), operational expenses (66%), and profit margins (59%).
These challenges reflect fleet managers' pressures to manage
expenses and maintain profitability while transitioning to new
technologies and sustainable practices.
About the Fleet Study
These are the findings of a Frost & Sullivan study
commissioned by WEX between February-March
2024, based on interviews with mixed-energy fleet operators
about their journey towards electrification, representing over 500
organisations across seven markets: 273 respondents in Europe,110
respondents in the United States,
and 120 respondents in two Asia-Pacific markets in Asia-Pacific (120 respondents).
A complimentary copy of the study is available for download
here. Market-level insights can be viewed for the
United Kingdom, Benelux (comprised
of Belgium, the Netherlands, and Luxembourg), France, Germany, Italy, the United
States, Australia, and New
Zealand.
About Frost & Sullivan
Frost & Sullivan, the growth pipeline company, enables
clients to accelerate growth and achieve best-in-class positions in
growth, innovation, and leadership. The company's Growth Pipeline
as a Service provides the CEO and the CEO's Growth Team with
transformational strategies and best-practice models to drive the
generation, evaluation, and implementation of powerful growth
initiatives. Frost & Sullivan leverages over 60 years of
experience in partnering with Global 1000 companies, emerging
businesses, and the investment community from more than 40 offices
on six continents.
To engage with our growth experts for more information, click
here
Contact:
Kristina Menzefricke
Marketing & Communications
Global Customer Experience, Frost & Sullivan
kristina.menzefricke@frost.com
+44 (0)20 331 01228
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SOURCE Frost & Sullivan