Fuel Card Market Research Report - Forecast to 2027

Fuel Card Market Information by Card Type (Business Fuel Card, Individual Fuel Card, Prepaid Fuel Card Service), Vehicle Type (Heavy Fleets, Light Fleets), Application (Fuel Refill, Parking, Vehicle Service, Toll Charge), and Region- - Forecast to 2027

ID: MRFR/SEM/5225-HCR | February 2021 | Region: Global | 100 pages

Fuel Card Market Overview


The Fuel card market share valuation is expected to grow from USD 826.3 billion by 2023, with a compound annual growth rate of 5.47% during the period of assessment. The fuel card services are enjoying major limelight owing to the ease and convenience it is presenting to the global target audience.

Fuel card systems help in providing a huge number of benefits to fleet vendors. These cards help in capturing the low-level data based on the vehicle mileage, and other information like fuel filling of gallons, alongside the developing need for vehicle servicing. The fuel card service providers have begun to embed the telematics interface and are also working on the development of robust and sturdy reporting facilities. These are likely to act as standard product offerings that help in improving fleet management productivity. These cards are available in various forms like the branded fuel cards, universal fuel cards, alongside merchant cards. The merchant fuel cards market are likely to witness the highest growth and demand during the forecast period that ends in 2028.

Covid-19 Analysis of Fuel Card Market

The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the fuel card market. Due to this pandemic situation, restrictions were imposed by the government of different countries. The pandemic had spread at a very huge rate and to curb the rate and contain the spread of the virus, the government of almost all the global locations has been taking time-to-time measures in the form of implications and restrictions that will help the market cover the losses incurred during the period and emerge for international competition during the forecast period. The market players are facing functional issues due to the unavailability of raw material to produce final goods as per the market demand which is creating issues for the smooth supply chain mechanism also. With the lockdown opening and the easing of the restrictions, the use of own vehicles for transportation is rising and this will help the fuel cards rise as per the predicted market rate. Also, the key market players are investing in the research and development department that will help the major market players develop various fuel cards to suit the requirement of a larger audience. 

Market Dynamics of Fuel Card Market

DRIVERS

The Honda Civic has set a new Guinness World Records title that complies with fuel efficiency, the car gave an average of 2.82 litters for each 100 km that is 100.31 mpg, and covered an approximate distance of 13,498 km that is an 8,387-mile drive. This drive covered as many as 24 European countries. Due to the discounted fuel prices with the use and availability of fuel cards, the fuel card market has excellent growth prospects for the global period that ends in 2028. 

RESTRAINTS 

One of the major restraints that the fuel card market needs to dissolve on its path of expected growth during the forecast period is that there is a lack of security measures. Data leaks followed by misuse of data for crimes like bullying and blackmailing impose a major threat that declines the growth of fuel cards amongst the target audience. 

TECHNOLOGY ANALYSIS 

The global fuel card market is witnessing a huge need for an improvised and qualitative fuel management system. Also, there is a widespread need to develop digital transaction solutions especially amongst the transport industry that make good use of the available resources and technology. The demand for a wide variety of fuel cards is more prevalent in the population of the developed regions and hence, the fuel card market presents a vibrant technology that promises good growth by the end of the forecast period in 2028. 

STUDY OBJECTIVES 



  • To consider the viewpoint of various industry experts and leaders and predict compound annual growth rate and fuel card market growth rate by the end of the global forecast in 2028.

  • To highlight a competitive market outlook and examine the yield models of key market players, worldwide. 

  • To observe the various market dynamics like trends, drivers, and restraints that are most probable to play a role in helping the market and its different segments growing in the domestic as well as international market.



 Fuel Card Market Segment Overview

Fuel card market share is anticipated to witness significant growth owing to the performance of different market segments. Among these, the business fuel card segment will be the fastest-growing and also contribute towards fuel card market growth more than any other segment. The heavy fleet segment will also witness significant growth in its CAGR value during the assessment period as fuel consumption by these vehicles is very high and have to be refilled at regular intervals after the completion of the voyage. Toll charge segment will generate substantial market revenue as most of the time when vehicles go for a journey, they have to pass through these tolls where they have to pay an amount which is considered as road tax in other words and for the payment of these cards are used in most of the regions around the globe. For an amplifying use the fuel card market has been segmented into the following on different bases:



  • Based on card type, it has a business fuel card, individual fuel card, and prepaid fuel card.

  • Based on vehicle type, it has heavy fleets and light fleets.

  • Based on the application, it has fuel refill, parking, vehicle service, toll charge, and others.



Fuel Card Market Regional Analysis

The Fuel card industry movement is remarkably working in 6 major regions of the world that is North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Among all these regions, the North American region will dominate fuel card market, and the reason attributed to it is the rising tendency of people to go cashless and fast-paced life of this region. Also, the proliferation of the internet at every stage of daily life activities is another reason for the growth of fuel card market in the North American region. The growth of this region will be led by the United States of America. Europe will be the second-largest market due to the presence of major service providers of prepaid corporate cards and internet affinity. This region's growth will specifically be led by its developing economies like U.K, Germany, and France as the western influence of these countries is affecting the market positively to a large extent. Asia Pacific region will also witness tremendous growth during the forecast period due to the rising population and increase in the use of vehicles. This region’s growth will be influenced mostly by its top-level economies that is India and China. In addition to this, the booming IT industry and massive investments being made by private and public players of this region are enhancing the fuel card market growth at a faster pace.

 Competitive Landscape- Fuel Card Market

To get a detailed and profound idea about the Fuel card market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the country. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of fuel card market include:



  • ROYAL DUTCH SHELL (NETHERLANDS)

  • EXXONMOBIL (U.S.)

  • BP (U.K.)

  • FLEETCOR TECHNOLOGIES, INC. (U.S.)

  • WEX INC. (U.S.)

  • OILIBYA (LIBYA)

  • PUMA ENERGY (SINGAPORE)

  • ENGEN LIMITED (SOUTH AFRICA)

  • FIRST NATIONAL BANK (U.S.)

  • BRITISH PETROLEUM (U.K.)

  • FUELMAN (U.S.)

  • SHELL (NETHERLANDS)

  • SPC (SINGAPORE)

  • CALTEX (SINGAPORE)

  • CITIBANK (US) 

  • MAYBANK (MALAYSIA)

  • ARCO LIMITED (U.K.)

  • COMDATA (U.S.).



RECENT DEVELOPMENTS



  • In October 2017, with merchant agreements such as travel centers of America and pilot flying, the fuel cards platform was launched QUIKQ.

  • In May 2019, new fuel charge cards were launched, which can be used by fleet drivers to pay for their diesel, petrol, and electricity charges were launched by BP PLC. This card gives access to fleet drivers across 3600 fuel sites 700 charging points which comes under the BP plus cross acceptance network. Also with the help, BP fuel and charge card app drivers can check the nearest available EV charging points or of BP fuel stations. 



INTENDED AUDIENCE



  • Fuel card Administrators

  • Fuel card manufacturers and providers

  • Fuel stations

  • Automobile industry

  • Software integrators

  • IT enterprises

  • Technology investors

  • Regulatory industries

  • Government bodies



REPORT OVERVIEW

The Fuel card industry report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The fuel card market  report discusses the impact of covid-19 on the key players of this market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, fuel card market report presents some recent developments in this industry.



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 826.3 Billion
  CAGR   5.47%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Card Type, Vehicle Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), BP (U.K.), FleetCor Technologies, Inc. (U.S.), Wex Inc. (U.S.), Oilibya (Libya), Puma Energy (Singapore), Engen Limited (South Africa), First National Bank (U.S.), British Petroleum (U.K.), Fuelman (U.S.), Arco Limited (U.K.), and Comdata (U.S.)
  Key Market Opportunities   The presence of major prepaid corporate card service providers and internet affinity.
  Key Market Drivers

  • Active participation from oil brands such as Shell, Chevron, ExxonMobil.
  • Its ability to keep a tab on the usage and provide real-time updates.


  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :


    The fuel cards market is gaining favor among fleet managers and vehicle owners to track the fuel consumption in order to optimize the logistics by monitoring the expenses.

    heavy fleets and light fleets are the vehicle types covered in the report.

    Fuel refill, vehicle service and toll charge, and others are the applications of a fuel card.

    The fast-paced lifestyle of the people in North America, rising preference for cashless payment, and rising internet proliferation make the region the top-performing market.

    APAC can record the fastest growth rate among all the regions, with China, Japan and India leading the said growth, given the dense population coupled with the rising use of vehicles.