Market Overview
The Fuel card market share valuation is expected to grow from USD 1113.1 billion by 2030, with a compound annual growth rate of 11.6% during the period of assessment.
Fuel Cards provide various benefits to fleet vendors by capturing low-level data on mileage of vehicles, gallons of fuel filled, and the need for servicing the vehicle. Fuel Cards service providers have started to embed telematics interface and robust reporting facilities as standard product offerings to improve fleet management productivity. Moreover, Fuel Cards are available in various forms such as branded Fuel Cards, universal Fuel Cards, and merchant cards. Merchant Fuel Cards are anticipated to witness the highest growth rate during the forecast period.
Need for improved fuel management and penetration of digital transaction solutions among the transport industry drive the fuel cards market growth. In addition, efficient fleet administration with the help of enhanced data capture fuels the growth of the market. Moreover, lack of security measures hampers the growth of the market. Furthermore, integration of telematics with Fuel Cards and increase in demand for Fuel Cards from developing nations are expected to provide lucrative opportunities for the market.
The fuel card market opportunities are an integration of telematics with fuel cards and the rising trend for fuel cards from developing nations is boosting the market growth.
By type, the global Fuel Cards market was led by the universal Fuel Cards segment in 2019, and is projected to maintain its dominance during the forecast period. Factors, such as high efficiency to provide universal coverage, actionable insights, level 3 data capture, online reporting tools, and demand for advanced products, have fuelled the growth of this segment. However, the merchant Fuel Cards segment is expected to grow at the highest rate during the forecast period, owing to untapped demands from developing economies and initiatives from industry leaders. Therefore, this factor is expected to further fuel the market growth.
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COVID-19 Impact Analysis
In COVID-19 pandemic, where businesses are coping with operational challenges, many banks & financial institutions are providing their customers with new digital tools and techniques, including Fuel Cards, which have witnessed significant growth. However, rise in online and mobile banking in the pandemic situation among the end users restrains the growth of the market. Furthermore, many private transport companies collaborate with public companies to introduce various attractive strategies to support consumers to adopt Fuel Cards, thereby creating numerous opportunities for the market growth.
Market Segmentation
The fuel card market is sectioned into three forms such as card type, vehicle type, and application.
Card Type Segmentation: Based on card type, the fuel card is segmented into business fuel cards, individual fuel cards, and prepaid fuel cards.
Vehicle Type Segmentation: On the basis of vehicle type segmentation, the fuel card is bifurcated into heavy fleets and light fleets.
Application Segmentation: Based on the application, the fuel card is classified into various forms such as parking, vehicle service, fuel refill, toll charge, and others.
Regional Analysis
Based on the recent updates, the fuel card market is divided into five major regions such as Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. Out of these regions, North America is holding the largest market share due to the growing tendency of people to go cashless and fast-paced life. Moreover, the proliferation of the internet at every stage of daily life activities is also boosting the market growth in this region. Owing to the presence of the major service providers of prepaid corporate cards and internet affinity, Europe is accounting for the second-largest market share. Asia-Pacific also witnessing significant growth due to the increasing population and rise in the use of vehicles.
The fuel card market key companies are Fuelman (U.S.), Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), Bp (U.K.), OiLibya (Libya), Puma Energy (Singapore), Arco Limited (UK), First National Bank (U.S.), British Petroleum (U.K.), SPC (Singapore), Caltex (Singapore), Citibank (US), Wex Inc. (U.S.),
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Industry News
As per the recent report, the fuel card market forecast states that this card market is going to grow at a significant rate due to its excellent features, advantages, and introduction of new fuel cards by BP PLC, which can pay for diesel, petrol, and electricity charges. This card comes under the BP plus cross acceptance network by providing access to the fleet drivers across 3600 fuel sites 700 charging points which is predicted to enhance the market growth during the forecast period.
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