Fuel Card Market size is expected to reach USD 743.71 Billion at a CAGR of 5.7% by 2030 | Market Research Future
Research Reports
Nov 16, 2022
Asia-Pacific Emerged to Be the Fastest-Growing Market for Fuel Card during the Review Period
North America is the significant revenue contributor to the Fuel Card Market. The region is anticipated to witness considerable growth due to the utilization of fuel cards to refill their vehicles’ fuel tanks with gasoline, diesel, etc., through a widely spread network of gas stations. For instance, WEX has a strong network of 45,000 service stations in the US that covers more than 95% of fuel stations, offering more than 70 fleet/fuel cards varieties.
Europe showcases a high-potential building information modelling. The region has witnessed tremendous growth owing benefits offered, such as preferred fuel stations with discounts on fuels and cashless refueling. Additional services offered comprise washing, instant repairs, and emergency breakdown calls. For instance, DKV Mobility, a fleet card provider in Germany, has a strong network of 64,000 gas stations across Europe, including Germany (13,500 fueling stations). The partnership deal between Avia, the second-largest fuel distribution network in France, and ExxonMobil, which manages oil and gas production for Esso filling stations has led to this development.
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Asia-Pacific is expected to be a lucrative market in the global fuel card market as the region is home to several semiconductor and consumer electronics companies that contribute to the adoption of fuel cards in the region. Additionally, the government initiatives such as fuel rationing are expected to boost the demand for fuel cards during the forecast period. The rise in internet penetration, increase in car ownership, improving road infrastructure in the country, rising need for fuel efficiency owing to the increased fuel rates, growing economy, in turn, expanding logistics & supply chain industries, surging adoption of digital technologies, etc. are some of the factors that are expected to generate demand for fuel cards in the region during the forecast period.
The Middle East countries like the UAE and Saudi Arabia are reporting a rise in the number of new cars in the region. For instance, Volkswagen (Saudi Arabia) has reported a 28% growth in new car sales in 2020. Also, with increased digitalization in the region, this demand is expected to surge based on the survey by Japanese carmaker- Infiniti, which said 71% of potential car buyers are enthusiastic about buying a car online.
The fleet and freight industry in South America, mainly in the top economies, including Brazil, Argentina, Chile, Colombia, Peru, and Ecuador, is growing significantly. The fuel card payments providers are looking to invest in the regional market along with strategic initiatives with fuel companies.
Report Scope:
|
Report Attribute/Metric |
Details |
|
Market Size in 2030 |
USD 743.71 Billion |
|
Growth rate: |
CAGR of 5.7 % from 2022 to 2030 |
|
Forecast Period |
2022-2030 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Fuel Card Market Key Players
Some of the prominent players operating in the 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.
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Fuel Card Market Covid Impact Analysis
With the emergence of the pandemic, the dependency on digital transactions increased, and the reliance on cash decreased in the cards & payments market. The demand for fuel card service among fleet managers and vehicle owners increased, in line with the increased dependency on digital transactions. The fleet managers also responded to COVID-19 fears by increasing the adoption of fuel cards for all of their on-road vehicle-related expenses. The fleet management industry witnessed an increased uptake by both large and small fleet management companies, as it was convenient to use and ensured that no physical contact was needed. Before the pandemic, some fleet managers stopped using fuel cards due to various risks, such as fuel theft, fraud, and card skimming. However, it is now becoming a more common practice among fleet managers due to the risk of spreading COVID-19. Thus, the pandemic had a positive impact on the fleet management industry in terms of uptake of fuel cards.
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Fuel Card Market Segmentation
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.
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