Fuel Card Market to Expand at a CAGR of 11.6% during Forecast Period | Size, Share, Trends and Industry Analysis
Research Reports
Dec 13, 2022
Fuel Card Market Insights
By 2030, the market share of Fuel Card Market in the total industry value is expected to grow from USD 1113.1 billion, with a build-year growth rate of 11.6% over the appraisal period. Because of the simplicity and convenience, they offer to the global interest group, fuel card administrations are attracting a lot of attention.
The Honda Civic has established a new Guinness World Records record for fuel efficiency. The car provided an average of 2.82 litres for every 100 km, or 100.31 mpg, and travelled a distance of around 13,498 km, or 8,387 miles. Up to 24 different European nations were covered by this effort. Gasoline cards offer decreased fuel rates when used and are readily available, hence the market for fuel cards has significant development potential for the worldwide period ending in 2030.
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Key Players:
- Royal Dutch Shell (the Netherlands),
- ExxonMobil (the United States),
- BP (the United Kingdom),
- FleetCor Technologies, Inc. (the United States),
- Wex Inc. (the United States),
- OiLibya (Libya),
- Puma Energy (Singapore),
- Engen Limited (South Africa),
- First National Bank (the United States),
- British Petroleum (the United Kingdom),
- Fuelman (the United States),
- Arco Limited (the United Kingdom),
- Comdata (the United Kingdom)
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Regional Analysis:
In six of the world’s major regions—North America, South America, Asia Pacific, Europe, and the Middle East and Africa—the fuel card industry trend is amazingly taking off. The North American area will lead the gasoline card market among all of these, and the reason for this is linked to the region’s high rate of cashless transactions and fast-paced lifestyle. Another factor driving the expansion of the gasoline card market in the North American area is the widespread use of the internet in all aspects of everyday life. The United States of America will be at the forefront of this region’s expansion. Due to the presence of significant prepaid corporate card service providers and internet affinity, Europe will be the second-largest market. Since the western influence of these nations is significantly influencing the market favourably, this region’s expanding economies, such as the U.K., Germany, and France, will be the ones to drive growth in this area.
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Market Segmentation:
Due to the success of many market sectors, it is projected that the market share for fuel cards would increase significantly. The category for business fuel cards will expand the fastest among them and contribute more than any other segment to the expansion of the fuel card industry. The gasoline card market has been divided into the following categories on several bases for amplification use:
There are three different types of gasoline cards: prepaid fuel cards, individual fuel cards, and commercial fuel cards.
It has large fleets and small fleets based on the kind of vehicle.
Depending on the application, it may include features for toll payment, parking, car servicing, and fuel filling.
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