EVAI, a provider of AI-powered data analytics for fleet operations, released the results of its latest industry survey, revealing significant insights into the use of total cost of ownership (TCO) metrics and the current state of electric vehicle (EV) adoption among vehicle fleet managers.

The March 2025 online survey, presented to more than 2,500 fleet executives, highlights the challenges and frustrations faced by today’s vehicle fleets in leveraging advanced data for fleet TCO metrics and making informed decisions in converting from internal combustion engine (ICE) vehicles to EVs. 

Fleet size remains relatively large, with many only partially through the EV adoption process or still weighing their options.

• 41% manage fleets with 51-100 vehicles

• 39% oversee fleets with more than 100 vehicles

• 41% have partially transitioned to EVs

• 40% are still exploring EV options

Cost and Infrastructure Keep Fleets on the Fence, ESG Goals and Savings Give Them a Push

Although there is a continued interest in EVs, fleets of all sizes struggle with the same obstacles:

• High upfront vehicle costs (20%)

• Charging infrastructure concerns (20%)

• Uncertain resale value (20%)

However, some fleet managers see financial and environmental benefits but need help justifying the switch.

• Lower operational costs (20%)

• Sustainability and ESG goals (20%)

• Government incentives (20%)

Fleets Lack the Proper Tools to Track TCO

An almost even split reveals some fleets are ahead with TCO tracking while others still lack the systems to monitor it effectively.

• 41% rigorously track TCO

• 40% need better tools to track it

• The most important TCO cost factors are vehicle purchase price (29%) and charging infrastructure costs (21%)

Considering this, most fleets want to focus on long-term planning, but a lack of predictive data holds back investment.

• 70% consider long-term operational savings when evaluating EV investments

Energy and maintenance metrics lead the way when evaluating EV fleet performance:

• Top KPIs: fuel/energy efficiency (21%) and maintenance costs (21%)

The Bottom Line

Fleet managers remain committed to electrification but say the lack of accessible, real-time data makes it hard to build a strong business case. Concerns about return on investment and operational disruption persist, especially without tools that provide visibility into long-term costs and performance.

If better data tools were available, a significant number of fleet managers would move more quickly toward electrification. Of fleet respondents, 41% are very likely to accelerate EV adoption if real-time TCO tools are available.

Fleet managers want more transparency on EV costs and battery performance over time to make informed decisions. Cost comparisons of EVs vs. ICE vehicles over time (41%) and predictive analytics on battery performance (39%) are the most needed data for making informed EV adoption decisions. 

“Fleet managers are clearly committed to electrification, but they need better tools and insights to move forward confidently,” said Ian Gardner, founder and CEO of EVAI. “Our goal is to give them the advanced analytics they need to make informed decisions, select the right EV and charging solutions, and manage that ecosystem to deliver the promised ROI.”

About 61% of survey respondents said access to real-time data would directly help them optimize fleet operations, further underscoring the need for purpose-built tools to support EV transitions.