Market Overview
The global fuel card market is exploding, owing to rising gasoline prices and an increase in the use of these cards to save money on gas. Fuel providers are progressively forging collaborations with major banks to let consumers to make contactless payments at retail locations, allowing for quick, easy, and safe transactions. Many consumers are seeking for credit cards to help them save money on their everyday petrol spending as a result of the persistently rising fuel prices.
Furthermore, as consumers become more aware of the benefits of gasoline cards, such as cashback, expedited reward points, co-branded bonuses, and more, market demand rises. Most cards waive a fixed amount of fuel surcharges every month, while some cards are specifically designed to accommodate shifting fuel needs. Fuel, corporate spending, and health payment cards are also available from some electronic payment providers.
The newest Fuel Card Market Report size includes virtual fuel cards, payment system advancements, and enhanced fuel card options for fleets that can deliver competitive discounts, fuel savings, and no card transaction costs. In addition, features like interest-free credit periods, fuel fee waivers, an additional mile discount program, and a portfolio of products and solutions improve fleet operations and drivers' quality of life while on the road.
The petroleum business had temporary disadvantages as a result of COVID 19's commencement. However, since several countries' lockup mandates were relaxed, over-the-road transactions have remained favorable, with transportation volumes increasing. Contactless payments and virtual fuel cards, for example, are projected to persist indefinitely as a result of the coronavirus.
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Global Fuel Card Market – Segments
The Fuel Card market is divided into four categories: card type, vehicle type, application, and area. Business fuel cards, individual fuel cards, and prepaid fuel cards make up the card type sector. The business fuel cards segment has a far bigger market share than the other two.
Heavy fleets and light fleets are sub-segments of the vehicle type segment. The heavy fleets segment has an advantage over the other segments. Fuel refill, parking, car service, toll fee, and others are sub-segments of the application segment. The toll fee segment accounts for a significant portion of market revenue. The market is divided into four regions: Asia Pacific, the Americas, Europe, and the rest of the globe.
Fuel Card Market – Regional Analysis
North America dominates the fuel card market, accounting for the majority of sales. Due to the well-established economy, the region is witnessing a quick expansion stage of fuel card technology. Major fuel card market trends include the population's fast-paced lifestyle and inclination to go cashless, as well as the region's internet expansion. The United States is the largest contributor to the regional market's growth. Throughout the projected period, the North American fuel card market is expected to maintain its dominance.
Europe ranks second in the worldwide fuel card market, owing to widespread awareness of the cards' benefits. The market's expansion is also fueled by the region's growing banking and gasoline industries. Significant growth contributors are Germany, France, and the United Kingdom. During the projected period, the European fuel card technology market is expected to rise at a quicker rate.
The Asia Pacific fuel card market is seeing significant growth and is poised to become the fastest-growing market in the world. Market demand is fueled by factors such as the widespread use of sophisticated fuel cards for gas station payments and the rising digitization of payment operations. The regional market is dominated by India, China, Japan, and Singapore. During the projected period, the APAC fuel card market is expected to rise at a rapid rate.
Fuel Card Market – Competitive Landscape
The well-established fuel card market appears fragmented due to the presence of several well-established players. To gain a substantial competitive advantage, players incorporate strategic approaches such as mergers & acquisitions, expansion, collaboration, and product/technology launch.
Major Players:
Players leading the fuel card market include ExxonMobil (US), Royal Dutch Shell (Netherlands), BP (UK), Wex Inc. (US), FleetCor Technologies, Inc. (US), Oilibya (Libya), Engen Limited (South Africa), Puma Energy (Singapore), First National Bank (US), Fuelman (US), British Petroleum (UK), Arco Limited (UK), and Comdata (US), among other.
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