Pune, India, March 08, 2023 (GLOBE NEWSWIRE) -- The global fuel cards market size is anticipated to register skyrocketing growth in the forthcoming years. Fuel cards offer several benefits to fleet vendors by securing low-level information on servicing needs of the vehicle, mileage, fuel-filled in gallons. Fuel cards help service providers in improvising fleet management productivity. The rising need for improved fuel management is likely to boost market growth. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Fuel Cards Market, 2022-2029”. Additionally, the escalating demand for fuel cards across developing nations, coupled with telematics integration in fuel cards, are expected to create lucrative growth opportunities for the market.
The Europe fuel cards market has a dominant presence and is anticipated to witness substantial growth in the upcoming years. The growth can be attributed to the existence of significant players and the rapid uptake of advanced payment technology in the market. The major players such as BP and Shell have facilitated the widespread adoption of fuel cards across Europe, driving the market's growth.
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Industry Developments-
March 2021: Confidence Petroleum India obtained a contract to set up CNG mobile refueling units on a build and operate basis from Central U.P. Gas.
Drivers & Restraints-
Growing Need for Improved Fuel Management to Propel Market Growth
Fuel cards’ popularity has witnessed an uptick in recent years. The combination of convenience, security, control, and attractive reward points boost the adoption of fuel cards. The capturing of valuable data and insights into vehicle’s servicing and operating requirements are beneficial to both users and providers, which proliferates their demand.
The securing of low-level information on servicing needs of the vehicle, mileage, fuel-filled in gallons help fleet vendors. Fuel cards help service providers in improvising fleet management productivity. Hence, the rising need for improved fuel management is likely to boost the fuel cards market growth.
However, the lack of security measures may hinder the market’s growth during the forecast period.
COVID-19 Impact-
The movement restrictions due to strict curfews and lockdowns during the pandemic affected the demand for fuel, which in turn affected the growth of the fuel cards market. The fuel companies experienced declined revenues due to the detrimental impact of the coronavirus pandemic. However, the high penetration of digital payment solutions helped the market gain momentum, and the market is likely to witness flourishing growth in the coming years.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/fuel-cards-market-105972
Segmentation-
The fuel cards market can be analyzed by its different types, including branded, universal, and merchant fuel cards. Branded fuel cards are associated with a specific fuel retailer and are typically used to purchase fuel and other products or services at their respective gas stations. Universal fuel cards, on the other hand, can be used at multiple fuel retailers and offer greater flexibility for consumers. Merchant fuel cards are typically offered by non-fuel retailers and can be used to purchase fuel and other products or services at their locations.
The fuel cards market can also be analyzed by its various applications, which include fuel refill, parking, vehicle service, toll charge, and others. Fuel refill is the primary application for fuel cards, as they are primarily used to purchase fuel at gas stations. Parking is another application for fuel cards, as some fuel card providers offer access to parking facilities and payment options. Vehicle service, such as car washes and oil changes, can also be purchased with fuel cards. Toll charges for highways and bridges can also be paid for with fuel cards.
Geographically, the market is classified into Europe, Latin America, Asia Pacific, the Middle East & Africa, and North America.
Report Coverage-
- It covers information on different market segments.
- It includes an assessment of the COVID-19 pandemic’s impact on the market.
- It incorporates Porters’ Five Forces Analysis for precise market prediction.
- It addresses the latest developments witnessed in the market.
- It highlights the various restraints and drivers of the market’s growth.
Regional Insights-
Europe to Dominate Market Due to Swift Adoption of Fuel Cards
Europe is predicted to dominate the global fuel cards market share. The swift adoption of modern transaction technologies, coupled with the presence of leading market players, such as Shell and BP are projected to favor the region’s market growth. Furthermore, the rising adoption of branded fuel cards in fuel stations across several European countries is anticipated to offer lucrative growth opportunities for the market.
North America is projected to be a vital region stimulating the growth of the global fuel cards market. The growing consumer inclination towards modern payment technologies, such as contactless payments, prepaid cards, and mobile wallets, is expected to boost the market growth in North America. The U.S. is estimated to lead the market growth in North America. Moreover, the expansion of digital transaction applications on smartphones is expected to flourish in growth forth North America.
Asia Pacific is anticipated to gain swift growth in the coming years. The enormous investments from public and private players, coupled with the booming IT infrastructure, are expected to stimulate growth in Asia Pacific. Japan, India, and China are estimated to be the major contributors due to rising vehicle demand and the ever-increasing populace.
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Competitive Landscape-
Key Players Emphasize Acquisitions and Contracts to Augment their Revenues
The major players in the market emphasize technological advancements and conduct extensive research and development to proliferate their product offerings. They launch fuel cards with attractive offers to attract new customers and retain their existing customers. They adopt contracts, mergers, acquisitions, and other strategies to amplify their brand popularity globally. For instance, Go Fuel Card was acquired by WEX Inc. in March 2019. The acquisition is aimed to expand the company’s geographical footprints in Europe.
List of Key Market Players-
- Comdata
- U.S. Bancorp Investments Inc.
- Arco Limited
- Fuelman
- First National Bank
- Engen Limited
- Puma Energy
- Oilibya
- Wex Inc.
- FleetCor Technologies Ltd.
- BP
- Royal Dutch Shell
- ExxonMobil
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