Growing Need To Optimize Fleet Expenses Tasks Among Fleet Managers And Vehicle Owners To Drive The Fuel Card Market :

Market Research Future (MRFR) will be publishing a cooked research report on the “Fuel Card Market” that contains information from 2022 to 2030. 

MRFR recognizes the following companies as the key players in the Fuel Card Market: Shell PLC, ExxonMobil, BP, FLEETCOR Technologies, Inc., OLA Energy, OLA Energy, Engen Petroleum LTD, FNB, Fuelman, Comdata Inc., Bharat Petroleum Corporation, HPCL.

Fuel Card Market Highlights

The Fuel Card Market was valued at USD 743.71 billion in 2020 and is expected to grow at a CAGR of  5.7 % during the forecasted period.  

A fuel card is a payment card that can be used to purchase petrol and diesel at pumps. It allows businesses or individuals to manage expenses associated with the vehicles they own and operate. Fleet cards, also known as fuel cards, act just like credit cards and are provided by major oil and specialized credit companies. Businesses provide their personnel—namely transportation employees— fleet cards for fuel, vehicle repairs, and maintenance.

The emerging and advanced payment technologies are offering many innovative solutions across various industries, with the transportation industry, in particular, being a prime focus Some of its leading fleet card partnerships include MasterCard, Fleet Cards USA, The Fuel Card Company, and Fuelman. Fleetcor also helps simplify business accounting for carriers by partnering with businesses across the transportation industry for modern fleet payment solutions.

COVID-19 Impact Analysis

With the emergence of the COVID-19 pandemic, governments and international agencies all issued measures to keep the spread of the virus in check, focusing on lockdowns and social distancing. After the initial few months of the pandemic, the fuel card market started to recover slowly when lockdowns ended. During the pandemic, vehicle owners and fleet managers realized the importance of contactless fuel card services to ensure the safety of customers and workers at pumps or service stations, which led to an increased demand for such service. With declining business revenues during the initial few months of the pandemic, the fuel card providers started to leverage online channels and mobile apps to gain new customers and improve their revenues and customer service.

Segment Analysis

The global Fuel Card Market has been segmented on the basis of card type, vehicle type, application and region.

The global Fuel Card Market, based on card type has been segmented into business fuel card, individual fuel card and prepaid fuel card.

The global Fuel Card Market, based on vehicle type, has been segmented into heavy fleet and light fleet.

The global Fuel Card Market, based on application, has been segmented into fuel refill, parking, vehicle service, toll charges and others.

Key Findings of the Study:

  • The Fuel Card Market is projected to grow, with a CAGR of around 5.7 % during the forecast period.

  • Europe accounted for the largest market share in 2021. The region is anticipated to witness considerable growth due to the presence of fuel card companies offering several benefits such as less fuel expenditure for a period, innovative services that complete the customer requirements, efficient fleet management, and save time, have expanded the market size and is expected to boost further with the rising awareness in the region.

  • Asia-Pacific is the fastest-growing region. The region to register the highest CAGR due to the vendor collaborations  with businesses that have a fleet of commercial passenger cars, light- and medium-duty vehicles. They offer services for small business owners or large global enterprises. They have various offerings such as mobility, payment and fleet management solutions for the client’s fleet.

  • US is among the top contributors in the market.

  • Growing Adoption Of Digitization And The Internet Of Things (Iot)in Fuel Card Market is the key opportunity in this market.