Businesses plan to spend an estimated £15.8 billion on electric vehicles (EVs) and charging infrastructure over the next year.
A new report from Centrica Business Solutions says the projected investment from UK firms is more than a 50% increase from last year’s total of £10.5 billion.
The research, which polled 200 businesses, shows nearly 40% boosted their EV fleet between April 2020 and March 2021.
Of these businesses, almost six-in-ten cited the need to meet corporate sustainability targets as the biggest driver for the upgrade of their vehicles.
The second-biggest factor influencing decisions to invest was avoiding the disruption caused by low and zero-emission driving zones – almost 51% said this factor motivated the move to EVs.
Greg McKenna, Managing Director at Centrica Business Solutions, said: “The fact that firms are planning to increase their spending so dramatically over the next 12 months is proof that more businesses are recognising the advantages of ad0pting low emission vehicles.”