Taking Charge: Geotab Report Unveils Significant Potential for Fleet Electrification with Insights from Over 1.3 million Vehicles
Missed Opportunities Revealed: Analysis shows 45% of European, and 65% of North American EVs charge before battery falls below half.
TORONTO, April 17, 2024 /CNW/ - Geotab has launched its report "Taking Charge: On the road to the EV Future" on fleet electrification, offering unique insights into the power of electric vehicles (EVs) in commercial fleets. With aggregated data sourced from over 2 million vehicles globally, this comprehensive study looks at the potential for electrification to make fleet operations more efficient, improve cost management and meet established sustainability goals. In the subset of light-duty fleet vehicles, EVs could prevent the use of 2.2 billion gallons of fuel while avoiding approximately 19 million metric tons of CO2 emissions over the next seven years.
"By leveraging real-world data insights, we can demonstrate the operational and economic viability of EVs across a wide range of fleet applications," notes Eric Mallia, Geotab's Vice President of Sustainability Solutions. "The opportunities for fleets to electrify will continue to grow with better data insights spotlighting challenges and solutions to accelerating adoption, ultimately improving outcomes for business and the planet."
The report explores the feasibility of transitioning from internal combustion engine (ICE) vehicles to EVs in light-duty fleets, analyzing global daily vehicle usage patterns and aggregating data from Europe and North America. It expands on the electrification opportunities by characterizing today's medium- and heavy-duty vehicle usage in US and Canada, offering high-level insights into zero-emission commercial transportation opportunities.
The report consists of three key studies on light-duty EV suitability assessment; medium/heavy duty electrification potential; and charging behavior analysis from aggregate data. Among the key findings:
- 75% of analyzed light-duty ICE vehicles could be replaced with range-capable battery electric vehicles today.
- 41% of analyzed light-duty ICE vehicles were considered cost-effective and range capable, potentially saving around $16,000 per vehicle over 7 years, on average.
- Transitioning just the cost-effective light-duty ICE vehicles to EVs could prevent the use of 2.2 billion gallons of fuel and avoid around 19 million metric tons of CO2 emissions over the next seven years.
- 81% of medium-duty ICE vehicles have a daily average distance of less than 150 miles, and 58% of heavy-duty trucks have a daily average distance of less than 200 miles, each is within the range of electric trucks on the market, indicating the opportunity for electrification today.
- Charging behavior analysis reveals missed opportunities for fully utilizing EVs, with 45% of European and 65% of North American charge sessions occurring before the battery drops to half.
"These analyses have shown that many fleet applications and fleet duty cycles could be fulfilled by an EV, reinforcing our belief that EVs are key to unlocking sustainable fleet operations today," notes Charlotte Argue, Geotab's Senior Manager of Sustainable Mobility. "We have uncovered a roadmap for fleet electrification that aligns with sustainability objectives, and presents a compelling case for a zero emission transition."
As the transportation industry continues its shift toward sustainability, Geotab remains committed to driving innovation and providing actionable insights to help fleets navigate to more sustainable operations. This report is one more tool to empower fleet managers with the knowledge and resources they need to embrace a cleaner, more efficient future.
For more information and to explore the full report, visit here. To learn more about the Geotab EV Suitability Assessment (EVSA), visit: geotab.com/fleet-management-solutions/evsa/ and read the latest Geotab Sustainability and Impact Report at: geotab.com/about/corporate-sustainability/.
Geotab is a global leader in connected transportation solutions. We provide telematics — vehicle and asset tracking — solutions to over 50,000 customers in 160 countries. For more than 20 years, we have invested in ground-breaking data research and innovation to enable partners and customers, including Fortune 500 and public sector organizations, to transform their fleets and operations. With over 4 million subscriptions and processing more than 75 billion data points a day, we help customers make better decisions, increase productivity, have safer fleets, and achieve their sustainability goals. Geotab's open platform and Marketplace, offers hundreds of third-party solution options. Backed by a team of industry leading data scientists and AI experts, Geotab is unlocking the power of data to understand real-time and predictive analytics — solving for today's challenges and tomorrow's world. To learn more, visit www.geotab.com, follow @GEOTAB on X and LinkedIn or visit the Geotab Blog.
SOURCE Geotab Inc.
Media Contact: Hanna Corrente, Senior Manager, Strategic Communications & Public Affairs, [email protected]
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