Transparency Market Research
Vehicle procurement services in the public transportation industry is comprises of multi-tiered regulatory compliance requirements, multi-objective approaches and multi-agency input Multi-objective approach for the vehicle procurement services process includes the involvement of numerous participants. These numerous participants are primarily individuals representing various organizations that are involved in the procurement process, each of whom have unique objectives. Combination of the factors mentioned above serve as input into a vehicle procurement process service that is often considered complex and replete with conflicting objectives.
The primary function of the vehicle procurement service is to help the users search for a new or replacement vehicle that has access to a multiple of dealerships,. It also helps identify, source, select, evaluate and buy the right vehicle, at the right price. These benefits are anticipated to boost the vehicle procurement services market. The service also helps eliminate negotiations with dealerships. Moreover, vehicle procurement services utilize centralized purchasing, which covers all brands of vehicles and follows policies while optimizing benefits. However, in several cases, state government regulations specify the usage of IFB solicitations, and thereby forbid the usage of any standards other than price when assessing vehicle suppliers. Therefore, most agencies that seek vehicles procurement services through a state agency or that utilize state funds in vehicle procurement employ the ‘lowest-price’ method. This is expected to hamper the vehicle procurement service market during the forecast period.
The global vehicle procurement services market can be segmented based on vehicle type, fuel type, solutions, deployment, and geography. Based on vehicle type, the market can be segmented into large heavy-duty vehicle, small heavy-duty vehicle, medium heavy duty vehicle, purpose-built vehicle, and light-duty vehicle. The large heavy-duty vehicle segment is expected to dominate the vehicle procurement services market during the forecast period, as these vehicles receive preferential status for all supply, delivery, and maintenance requirements. In terms of fuel type, the vehicle procurement services market can be classified into diesel, gasoline, compressed natural gas (CNG), biodiesel, electric battery, and others. Based on solutions, the vehicle procurement services market can be segregated into operations management, information management, risk management, vehicle maintenance and leasing, safety and compliance management, and others. The operations management segment can be further sub-segmented into location tracking and route navigation. The risk management segment can be further split into vehicle security, crash management, and insurance management. The operation management segment is expected to dominate the vehicle procurement services market during the forecast period. In terms of deployment, the vehicle procurement services market can be classified into on-premises, cloud, and hybrid. The cloud segment is anticipated to expand at a significant growth rate during the forecast period.
Based on geography, the global vehicle procurement services market can be segmented into North America, South America, Asia Pacific, Europe, and Middle East & Africa. The vehicle procurement services market in North America is anticipated to expand at a substantial rate during the forecast period. This can be attributed to technological advancements and high focus on technological development in the region. Asia Pacific is expected to be a lucrative market for vehicle procurement services during the forecast period, as these services help choose the best functional and most prominent vehicles across an extensive range of brands and models.
Key players operating in the global vehicle procurement services market are focused on providing solutions as per requirements, such as implementation of different technologies and upgrade and expansion of existing systems. Companies compete on parameters such as product price and product quality. The global vehicle procurement services market is characterized by presence of several key players including Trimble Inc., AT&T, Donlen Corporation, Merchants Fleet Management, Teletrac Navman, Tomtom Telematics, Ford Motor Company, and Wheels, Inc.
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