15% of small and medium-sized U.S. businesses have either leased or purchased electric vehicles for commercial use, a new HSB poll reveals. Since they’re affordable and offer impressive range and charging opportunities, electric vehicles are becoming increasingly popular. In fact, global sales of electric vehicles are expected to reach 9.3 million in 2022 - up from more than 6 million in 2021.


Affordable choice for fleets

Although electric vehicles typically demand a larger initial investment than regular vehicles, they generate greater savings overall — ranging between $6,000 and $10,000 on average over the lifetime of the vehicle. As such, electric vehicles are an affordable choice for fleets. While car manufacturers intend to develop new, more efficient models in the future, (at least 400 by 2023, McKinsey & Company estimates), some fleets can still find success with select current models. Ideally, fleet vehicles used for short distances or many miles on a daily basis can find greatest benefits in transitioning to electric. Additionally, since electric vehicles generally have less parts than regular vehicles, they need less maintenance and are therefore more cost-effective. A five-year-old electric vehicle costs around $900 to repair and maintain, while regular vehicles cost around $1,200.

Impressive range and charging opportunities

Charging infrastructure across the U.S. is only continuing to improve with public charging stations increasing by over 25% since 2019. Around 50% of the needed fast-charge stations and 12% of the needed Level 2 chargers have been installed nationwide. Electric vehicles also have impressive range on a single charge (over 100 miles for even the smallest ranges). Additionally, 95% of electric vehicle owners say their battery’s never died while driving. Moreover, synchronizing charging with available renewable energy like solar and wind can power electric vehicles for drivers who charge their cars at work during the day. 

Save money with managed charging 

Managed electric vehicle charging involves controlling the charging time and/or rate for maximum efficiency and affordability. For example, by reaching an agreement with your utility company, you can arrange your electric vehicle to be charged automatically during less expensive off-peak hours (while still ensuring you have a fully-charged battery when needed). In fact, managed electric vehicle charging is expected to generate $27 billion in savings between now and 2050. 

Electric vehicles for commercial use are becoming increasingly commonplace. Since they’re an affordable choice for fleets with impressive range and facilitate easy charging, more and more businesses are making this eco-friendly switch.