Global fuel cards market was valued US$ XXMnin 2017 and is expected to reach US$ XXMn by 2026, at a CAGR of XX % during a forecast period.
Global fuel cards market
A card specifically designed for the payment at the fuel stations are knownas fuel cards or fleet cards. The card is like in appearance such as credit card. The cards eliminate the manual task of submission of receipts, inspecting and the issuance of checks. Smart chip technology is the largest development in the fuel card industry in current years.
Developing trend of digitization and Internet of Things are the factors that drive the demand of fuel cards. The factors such as growing value-added services that allow fleet managers to minimalize fake claims and improve fuel management is expected to boosting the fuel cell market growth. Growing associations and collaborations across some of the key players, especially in the developing countries are contributing to the market expansion.
Increasing consumer’s inclination towards usage of mobile payments system and data breaches are limiting the growth of the fuel cards market.
An upsurge in usage of cashless payment methods, growth associated with prepaid cards, an increasing number of fleet owners, small and medium enterprises are expected to boosting the fuel cards market growth during the forecast period. Furthermore, vehicle service segment is expected to witness huge adoption of fuel cards across various regions owing to a surge in a number of fleets globally that use cards to pay for vehicle maintenance and expenditures at the option of the fleet owner.
The availability of real-time data enables fleet managers and drivers to receive regular updates on fuel prices at locations throughout the country this helps buyers identify outlets that offer the lowest possible fuel prices. Loyalty programs offered by most fuel card providers allow drivers to accrue points while using fuel cards, which provides additional benefits and savings.
The business fuel cards segment is expected to witness the maximum amount of share in the global fuel card market during the forecast period. The growth is mainly attributed to the features offered by fuel cards such as simplification of administrative processes by offering real-time updates and cashless convenience.
By the type of fleet, the global fuel card market is divided into over the road, marine, aviation, and commercial fleet. The road is foreseen to increase the adoption of fuel card during the forecast period. Over the road, fleets are projected to bank on the need to prevent unlicensed purchases, track drivers’ spending, and control fleet expenditures to dominate the global fuel card market.
The report provides a detailed overview of the global fuel cards market including regional information.
Geographically, Europe is expected to lead the global fuel card market followed by North America. Advancement in the automobile sector and developments in smart chip technology are increasing the demand for the fuel card in this region. Some of the major key players are focusing on offering value-added services such as payment of vehicle repairs and other expenses to reinforce their product demand. They are also concentrating to provide enhanced security to avoid any fraud or misuse of payment transactions.
The growing rate of cashless transactions and improvements in the regulatory environment are booming the fuel card market in this region.
Key profiled and analyzed in the reports includes in the global fuel cards market such as WEX Inc., Esso ,Aral , Eurowag , Auchan ,FLEETCOR ,Chevron & Texaco Business ,U.S. Bancorp Fuel card ,British Petroleum (BP), Comdata, Valero, Royal Dutch Shell, ExxonMobil, British Petroleum, FLEETCOR Technologies, Inc., U.S. Bancorp, WEX Inc., OiLibya, Trafigura (Puma Energy), Engen Limited and First National Bank.
The report gives the clear representation of current market scenario of global fuel cards market, which includes projected market size in terms of value and volume, pestle analysis, porter’s analysis factors in the market.
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The Scope of the Report forGlobal Fuel Cards Market
Global Fuel Cards Market, By Type
Business Fuel Cards
Fleet Fuel Cards
Individual Fuel Cards
Prepaid Fuel Cards
Global Fuel Cards Market, By Channel
Global Fuel Cards Market, By Application
Global Fuel Cards Market, By Geography
Middle East & Africa
Key players Operating in Global Fuel Cards Market
Chevron & Texaco Business
U.S. Bancorp Fuel card
British Petroleum (BP)
Royal Dutch Shell
FLEETCOR Technologies, Inc.
Trafigura (Puma Energy)
First National Bank.
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