The analysis, carried out by the Centre for Economics and Business Research (CEBR), also found that SMEs are increasingly adopting EVs as they recognise the significant business benefits, ensuring that EV adoption is not just being led by major corporates.
The report was commissioned by Ford Pro to better understand the broader European commercial van landscape, comprised of 23 million SMEs. This includes owner operators, which account for 99% of businesses in Europe.
The study of more than 1,000 commercial van drivers found that these businesses are already realising significant energy cost savings as well as improving their productivity and operations with supporting technology.
Analysis of the total cost of operating electric vans compared to diesel or petrol equivalents found electric vehicles can make up for their higher initial purchase costs within a typical three-year ownership timeframe.
Survey respondents said reduced operating costs were the top reason to switch to EVs (46.3%) supported by annual EV van charging costs of €3,700 vs €12,400 (£3,152 vs £10,562) for a petrol or diesel van.
Beyond financial benefits, the survey also found why SMEs are turning to EVs. Access to Low Emissions Zones was the joint most common reason to switch (46.3%), followed by concern for the environment (45%) and brand reputation (45%).
Charging time was the biggest concern for those who have not yet switched to EVs (38.1%) with upfront purchase costs also an issue (37.7%). Despite this, among those yet to switch, a majority (58.6%) said that they were at least somewhat likely to choose an electric van over the next five years.
Operators that have already switched to EVs are more likely to recognise the importance of technologies and services that complement van ownership. Among business adopters of technologies and software, the overwhelming majority reported positive productivity impacts. This was particularly the case for those adopting vehicle safety and security measures, fleet management solutions, and communication software.
Similarly, an overwhelming majority of business software adopters reported positive operational impacts. This was particularly likely among adopters of compliance and reporting systems, telematics integrated with other systems, and communication software.
