Geotab: 45% of leased vehicles could be replaced by EV pickups
Undertaking a massive study in collaboration with Enterprise Fleet Management, Geotab has revealed interesting facts about the potential of fleet electrification.
The results of the study, which included 91,252 Enterprise Fleet Management leased vehicles, showed that 13% of the vehicles analyzed could be replaced by EVs today, while almost 45% could be electrified by EV pickups. Replacing 13% of the fleet vehicles with EV alternatives could save a total of $33 million and reduce carbon emissions by 194,000 tons over four years.
The study represents one of the most extensive fleet EV Suitability Assessments (EVSA) ever conducted. Covering more than 50 local markets in North America, Enterprise Fleet Management manages 694,000 vehicles. Using the big data management capabilities of Geotab, analyzing over 91,000 of those vehicles provided critical insight for corporations looking to replace their fleets, made up primarily of medium-duty work vehicles and pickups, with EVs.
Rise of EV pickups
The results suggest that EV pickups offer immense potential for the future, replacing many fleet vehicles as the best alternative. Replacement of 45% of fleet vehicles with EV pickups would reduce carbon emissions by 1.3 million tons over four years. Electrifying almost half of the fleet will enable savings up to $167 million in the same period.
Assistant Vice President of Innovation at Enterprise Holdings, Chris Haffenreffer, says the research provides critical data for corporations to set a fleet strategy. "We get a sense of what we need to plan for today versus what to plan for two years from now."
"It gives us a lot of good data to inform our strategy and ultimately simplify what was a relatively complex situation we are navigating."
Power of real-world data
Large-scale studies fueled by big data also arm fleet management providers with the information to trace EV trends and understand the fleet environment better than before. Most importantly, companies gain the ability to build a timeline to forecast the impact of EVs on their businesses, fleet operations and clients.
For Dain Giesie, Assistant Vice President, Enterprise Fleet Management, using the robust tools to analyze the TCO (total cost of ownership) enables customers to anticipate the future version of their fleet. "This is critical today with ICE vehicles, and the same will be true for EVs. Our customers need the right vehicles, and the right number of vehicles, to achieve their business goals."
Photo of Ford F-150 Lightning EV Pickup, courtest of Ford.