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Fuel Card Market Research Report—Global Forecast till 2030

Fuel Card Market: Information by Card Type (Business Fuel Card, Individual Fuel Card and Prepaid Fuel Card), by Vehilce Type (Heavy Fleet and Light Fleet), by Application (Fuel Refill, Parking, Vehicle Service, Toll Charges and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

ID: MRFR/SEM/5225-CR | November 2022 | Region: Global | 100 Pages         

Fuel Card Market

The Fuel card market share valuation is expected to reach USD 743.71 Billion by 2030, with a compound annual growth rate of 5.7% during the period of assessment.

Segmentation

By Card Type Business Fuel Card Individual Fuel Card Prepaid Fuel Card Service
By Vehicle Type Heavy Fleets Light Fleets
By Application Fuel Refill Parking Vehicle Service Toll Charge

Key Players

  • 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)

Drivers

  • Active participation from oil brands such as Shell.
  • Its ability to keep a tab on the usage and provide real-time updates
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Fuel Card Market Overview:


The global 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 forecast period.  


The fuel card or fleet card is used as a payment card for petrol, diesel, and other fuels at gas stations. Fleet cards can also be used to pay for vehicle maintenance and expenses at the discretion of the fleet owner or manager. Most fuel cards are charge cards. Fleet cards are unique because of the convenient and comprehensive reporting that accompanies their use. Fleet cards enable fleet owners/managers to receive real-time reports and set purchasing controls on their cards to help them stay on top of all business-related expenses.


They are mostly issued by a single company. This means that cardholders can only use them at specific locations owned, operated, and franchised by the issuer. Like regular payment cards, fleet cards are engraved or laser printed with details, including the card number, expiration date (if applicable), company name, and, in some cases, the authorized user's name.


Newer cards come with a small chip on the front and a magnetic strip on the back to be used at the point of sale (POS) terminals. Companies give these cards to drivers and other employees who can use them in place of personal cards. Major oil and gas companies such as Shell, ExxonMobil, Chevron, and Texaco are the companies issuing of fleet cards. Generally, companies that use their cards are limited to using the card issuer's websites.


COVID-19 Impact vs  Opportunities for Global Fuel Card Market:


The COVID-19 pandemic and the subsequent lockdowns that followed brought a majority of vehicle transportation, passenger as well as commercial, to a standstill. During the initial months, the individual vehicle owners, in particular, limited the use of their vehicles to do only necessary work, which led to a slight decline in fuel purchases and a subsequent decline in the demand for fuel cards. However, after the first few months of the pandemic, the demand increased, particularly in the case of commercial vehicle fleet operators, owing to the contactless nature of fuel card transactions. The fuel card industry has witnessed a rapid transformation over the recent past. Much of this can be ascribed to the growing adoption of digitization and the Internet of Things (IoT). Consumers across various end-use industries embrace digital payments and expect further innovation in the fuel card industry. Currently, the fuel card industry is being shaped by trends, such as omnichannel experience, telematics interface, cardholder verification methods, host card emulation, and security improvement. The fuel card vendors operating in the industry are improving consumer experience through analytics-based personalization.


Market Dynamics:


Drivers:


Consumer behavior is changing as they are embracing mobile frictionless payments. With the introduction of various innovative features and growing digitization in the cards & payments industry, consumers expect a seamless experience across various purchase touchpoints. As a result, the demand for cashless fuel transactions has been on the rise. Besides offering cashless convenience, these cards also provide card security and discounts on purchases. Furthermore, loyalty programs have also been one of the primary factors fueling the demand for cashless fuel transactions and subsequent demand for fuel cards. The fuel card providers offer these loyalty programs through tie-ups with loyalty point aggregator companies and loyalty marketing platforms. Thus, it can be said that the increasing demand for cashless fuel transactions is driving the growth of the global fuel card market.


Opportunities:


The fuel card industry has witnessed a rapid transformation over the recent past. Much of this can be ascribed to the growing adoption of digitization and the Internet of Things (IoT). The fuel card vendors operating in the industry are improving consumer experience through analytics-based personalization. These players have been leveraging online channels and mobile apps to gain new customers and improve customer service. Moreover, the fuel card vendors have been working on embedding telematics interface and improved reporting features based on the captured data to improve fleet management efficiency.


Restraint:


Fuel cards make it easy for fleet managers and vehicle owners to monitor vehicle-related expenses, such as fuel expenses and maintenance services at pumps and service stations. However, like other payment cards, fuel cards are also subjected to misuse and fraud. Therefore, issues related to data security and privacy exist in the fuel card industry, which tends to impact the profitability of vehicle fleet managers in particular.


Value Chain Analysis


The market for fuel cards is expanding, and it is likely to grow considerably in the near future. To fulfill the growing demand for cashless fuel transactions and provide solutions that eliminate the manual tasks of receipt submission, auditing, and cheque issuance in vehicle fleet administration, the fuel card providers in the market have been working on solutions related to cashless transactions and cash flow optimization. The fuel card market's value chain comprises three primary levels: fuel retailer/provider, fuel card issuer/provider, and end user.


Segment Overview


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 business fuel card segment accounted for the largest market share in 2021 and is estimated to register a CAGR of 5.8% during the review period.


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.


Regional Analysis


The global Fuel Card Market has been studied across Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.


Europe accounted for the largest market share in 2021. The region is anticipated to witness considerable growth due to government reforms to tackle the environmental problems associated with carbon emissions. The data fuel card transactions can be utilized to report and understand the fuel efficiency in case it has dropped or get the vehicle serviced from time to time with an informed decision.


Asia-Pacific is the fastest-growing region. The region to register the highest CAGR globally due to the rise in population, increasing adoption of digital technologies, rise in internet penetration, growing purchasing power, and concentration of young people. The vendors in the market are offering fleet cards for business mobility. The region has been segmented, by country, into Cina, Japan, India and rest of Asia-Pacific. China is expected to dominate the market and register the highest CAGR during the forecast period.


Competitive Landscape


The global market for fuel card is projected to witness healthy growth during the forecast period, owing to the increasing demand for cashless transactions.


Key players operating in the global Fuel Card Market include Shell PLC, ExxonMobil, BP, FLEETCOR Technologies, Inc., OLA Energy, OLA Energy, Engen Petroleum LTD, FNB, Fuelman, Comdata Inc., Bharat Petroleum Corporation, HPCL. The key factor driving the fuel cards market growth is the increasing demand for cashless transactions.


Recent Developments


Comdata Inc. unveiled an enhanced fuel card offer for fleets. The new Comdata Fleet Card is the company’s latest offering designed for trucking fleets with less than 50 trucks and provides competitive discounts, fuel savings, and zero card transaction fees, all for five dollars a month per active card1. On February 2021


WEX Inc. has been awarded the California state-wide fleet card contract by California’s Department of General Services (DGS) and the Office of Fleet and Asset Management (OFAM). This multi-year contract is based on WEX’s technology and services within the government space. On June 2021


Eurowag has expanded its Eurowag card acceptance in Poland. The addition of two hundred ORLEN stations in Poland located at main transit routes in the country marks another step in expanding cooperation between the Czech company and PKN ORLEN across European markets.On April 2021


Report Overview


As per MRFR, the global Fuel Card Market has been growing significantly over the past few years. The global Fuel Card Market has been segmented on the basis of card type, vehicle type, application, and region. Based on region, the Fuel Card Market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.


Objective of the Study



  • To provide a comprehensive analysis of the Fuel Card Market and its sub-segments, thereby providing a detailed structure of the industry

  • To provide detailed insights into factors driving and restraining the growth of the global Fuel Card Market

  • To estimate the size of the global fuel cards market where 2018 to 2020 would be the historical period, 2021 shall be the base year, and 2022 to 2030 will be the forecast period for the study

  • To analyze the global fuel cards market in five main regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and South America

  • To provide country-wise market value analysis for various segments of the Fuel Card Market

  • To provide strategic profiling of key companies present across the globe and comprehensively analyze their competitiveness/competitive landscape in this market

  • To provide a value chain for the Fuel Card Market


Scope of the Report


The scope of the global Fuel Card Market study includes the market size analysis and a detailed analysis of the vendor’s products and strategies. The global Fuel Card Market has been segmented on the basis of card type, vehicle type, application and region.


Intended Audience



  • Fuel card Retailer

  • Fuel card Provider

  • Fuel card Issuer

  • Fleet Mangers

  • Vehicle Owners



Report Scope:

Report Attribute/Metric Details
  Market Size    2021: USD 772.09 Billion
  CAGR    5.7 % CAGR
  Base Year    2021
  Forecast Period   2022-2030
  Historical Data    2018 and 2020
  Forecast Units   Value (USD Billion)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered    Card Type, Vehicle Type, Application, and region.
  Geographies Covered    North America, Europe, Asia-Pacific, Middle East & Africa, and South America
  Key Vendors   ai Corporation Ltd (UK), OpenWay (Belgium), Royal Dutch Shell (Netherlands), Exxon Mobil Corporation (US), BP PLC (UK)
  Key Market Opportunities   Growing Adoption Of Digitization And The Internet Of Things (Iot)
  Key Market Drivers   Increasing Demand For Cashless Fuel Transactions Growing Need To Optimize Fleet Expenses Tasks Among Fleet Managers And Vehicle Owners


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Frequently Asked Questions (FAQ) :

The global Fuel Card Market has been growing rapidly over the past few decades and is expected to grow, at a CAGR of 5,7 % during the forecast period.          

ai Corporation Ltd (UK), OpenWay (Belgium), Royal Dutch Shell (Netherlands), Exxon Mobil Corporation (US), BP PLC (UK) are expected to be the major competitors in the Fuel Card Market during the projected period.

The business fuel card segment is expected to drive the market during the forecast period.

The Europe region is expected to be the largest market for Fuel Card Market during the forecast period.

Data Security and Privacy Concerns may slow the growth of the Fuel Card Market during the forecast period.