Market Overview
The global fuel card market is yet to realize its full potential but is expected to reach a modest 5.47% CAGR during the forecast period (2018-2023). A market valuation of USD 826.3 billion by 2023 seems plausible by 2023 for the fuel card industry. Market Research Future's (MRFR) study on the same industry has a sharp eye on the drivers who are likely to play a major role in the company 's development in the coming years.
Market Highlights
Cashless fuel transaction is becoming the norm as most prefer to avoid unreasonable difficulties while refueling their car and want to move on as quickly as possible. This is making such a buzz and the card companies are seeking to draw incentive points and other incentives even more consumers that significantly fann the spark for a stronger growth of the fuel card market in the years ahead.
The fuel card market is now attracting tremendous attention from fleet administrators and vehicle owners who tend to keep an eye on fuel usage in order to maximize logistics by reducing costs.
Going cashless however has its own chance. A daunting security breach threat is looming all the time and it can considerably endanger the privacy issues that can be a deterrent to the fuel card market during the forecast period. At the same time, the regulatory system may still raise certain concerns that can discourage others from entering the wagon.
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Global Fuel Card Market – Segments
The Fuel Card industry analysis is segmented into card type, vehicle type, application, and region. The card type segment is sub-segmented into business fuel cards, individual fuel cards, and prepaid fuel cards. Of these, the business fuel cards segment accounts for a considerably larger market share.
The vehicle type segment is sub-segmented into heavy fleets and light fleets. Among these, the heavy fleets segment has the edge over other segments. The application segment is sub-segmented into fuel refill, parking, vehicle service, toll charge, and others. Among these, the toll charge segment accounts for substantial market revenue. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Classification
North America, Europe, Latin America, South Asia, Oceania, East Asia, and the Middle East, and Africa make up the worldwide gasoline card market. The research examines the business execution, value chain, and supply chain across all areas in great detail. Out of all of these, the North American region would dominate the gasoline card market, owing to the rising trend of people going cashless and the area's fast-paced lifestyle. Another factor for the rise of the gasoline card industry in the North American region is the widespread use of the internet in all aspects of everyday life. The United States of America will lead this region's development.
The European fuel card market is expected to have the second-highest market share of above 32 percent, growing at a CAGR of over 6% over the forecast period. By 2028, the East Asian market is expected to hold a large position, growing at a CAGR of over 8%. The emergence of fintech firms supplying gasoline cards in East Asia in the last 5 years has been spurred not just by technological advancements and the area's rapid internet penetration, however, also by more individuals becoming financially savvy and wanting better financial services.
Competitive Scenario
Key players to get involved in the fuel card market are Arco Limited (U.K.), Royal Dutch Shell (Netherlands), FleetCor Technologies, Inc. (U.S.), ExxonMobil (U.S.), BP (U.K.), Wex Inc. (U.S.), Puma Energy (Singapore), Oilibya (Libya), Engen Limited (South Africa), First National Bank (U.S.), Fuelman (U.S.), British Petroleum (U.K.), and Comdata (U.S.).
The global demand for fuel cards is predicted to shine brilliantly with many companies chipping in with their own strategic moves. The business is expected to grow with the individual firms. It's bound to get help from mergers , acquisitions, new product launch, collaboration, and other smart moves to push the boundary far.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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