Fleets remain optimistic about prospects for growth

Fleets remain optimistic about prospects for growth

Research
Monday, 13 August, 2018

Despite uncertain conditions, a net 20% of businesses believe that the number of vehicles they operate will grow in the next three years, according to new research by Arval.

The figure – which shows those companies predicting an increase minus those who foresee a decrease - is virtually identical to last year when a net 21% of fleets said that they were optimistic about growth prospects.

The findings come from the 2018 edition of Arval’s long-established Corporate Vehicle Observatory Barometer, research which covers 3,718 fleet decision makers.

However, what is interesting is that smaller and larger fleets appear to have switched position in the last 12 months when it comes to which believes that growth is more likely.

In 2017, a net 38% of fleets with more than 50 vehicles predicted growth versus a net 13% of those with fewer than 10. Today, those numbers have evened out to 20% and 24% respectively.

Medium sized fleets – those with 10-49 vehicles – are less optimistic, with a net 10% foreseeing greater numbers on their fleet in 2018 compared to 24% a year ago.

Shaun Sadlier, Head of Arval’s Corporate Vehicle Observatory in the UK, said: “The headline figure shows that fleets as a whole remain quite positive in their outlook. However, beneath that number, there is quite a lot going on.

“Certainly, optimism among medium and large fleets is reduced, which is probably a product of the uncertainty that results from low economic growth and the ongoing Brexit negotiations, alongside vehicle-specific issues like rhetoric around diesel and WLTP, all of which continue to represent a major unknown. At the same time, smaller fleets are very upbeat.”

Interestingly, the figures recorded for the UK show a higher level of optimism than the dozen other European countries included in the Corporate Vehicle Observatory research.

Shaun said: “Overall, 13% of companies in the other European countries that take part in our research are predicting fleet growth, compared to the UK’s 20%, although their medium and larger sized fleets outstrip the UK for optimism.”

Extract from the 2018 Corporate Vehicle Observatory Report

 

About the Corporate Vehicle Observatory (CVO) Barometer 2018

Arval’s Corporate Vehicle Observatory Barometer has become widely recognised as one of the most authoritative pieces of research carried out in the fleet sector. Each year, a wide-ranging series of questions provide a comprehensive examination of fleet trends in the UK and across Europe.

For 2018, 3,718 separate and detailed interviews were carried out with managers responsible for fleets ranging in size from just one vehicle to thousands of cars and vans.

Download the 2018 CVO Report:

Go to our corporate-vehicle-observatory page.

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