LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global fleet vehicle leasing market is expected to grow at a CAGR of 5.2% over the next five years due to the demand from companies with high debt-exhaustion.
The research report titled ‘Global Fleet Vehicle Leasing Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The market’s growth is attributed to the growing demand for fleet vehicle lease from private organizations as it helps them to reduce capital expenditure on non-core assets,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “The supply market is highly fragmented with a large number of global and regional suppliers across the globe,” adds Angad.
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Cost saving opportunities in the global fleet vehicle leasing market
The adoption of various cost-optimization levers helps buyers of fleet vehicle leasing services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global fleet vehicle leasing market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Fleet vehicle leasing suppliers adopt technologies such as fleet leasing software, fleet telematics, fleet analytics, and pool car to provide high-quality service to the buyers.
Fleet telematics helps to efficiently manage fleet operations. It is a technology that is used to send, receive, and store information related to objects such as vehicles and helps to monitor the location, status, movement, and behavior of the vehicles in the fleet.
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Optimization of procurement practices saving aspects
Buyers must make sure that suppliers assume the responsibilities of administrative services, including taxes for license renewals. They should also ensure that suppliers help them to concentrate on their core business by handling various fleet management tasks such as paperwork and record keeping. This helps buyers to save administrative costs.
Bundling of services saving aspects
Buyers should engage with suppliers that provide bundled services such as vehicle leasing and fleet management, which saves up to 15% of the bundled area spend.
Organizations opt for lease fleet services to reduce costs such as fuel, maintenance, and insurance. Therefore, suppliers must provide dedicated fleet leasing solutions by reducing costs and simplify the process of maintaining the fleet.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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