New York, United States, June 27, 2023 (GLOBE NEWSWIRE) -- Fuel cards are debit or credit cards used to pay for maintenance, fueling, servicing, and other vehicle-related expenses. To provide their customers and employees with extra benefits and boost their market value, major oil companies and other specialized credit card providers offer fuel cards. Fleet cards allow fleet managers and owners to set purchase restrictions and get real-time data, keeping them updated on all business-related expenses.
The global fuel cards market’s major key players are
- Bp p.l.c.
- Engen Petroleum Ltd
- Exxon Mobil Corporation
- FirstRand Bank Limited
- FLEETCOR Technologies Inc
- Libya Oil Holdings Ltd
- Puma
- Royal Dutch Shell Plc
- U.S. Bancorp
- WEX Inc.
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Report Scope
| Report Metric | Details |
| Market Size in 2022 | USD 723 billion |
| CAGR | 11.4% |
| Historical Data | 2020-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Card Type, By Applications |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Bp p.l.c., Engen Petroleum Ltd, Exxon Mobil Corporation, FirstRand Bank Limited, FLEETCOR Technologies, Inc, Libya Oil Holdings Ltd, Puma, Royal Dutch Shell Plc, U.S. Bancorp, and WEX Inc. |
| Key Market Opportunities | Growing Demand from Developing Nations and Technological Advancements |
| Key Market Drivers | Rising Adoption of Digital Transaction Solutions |
Key Highlights
- The global fuel cards market size was valued at USD 723 billion in 2022, growing at a CAGR of 11.4% during the forecast period (2023–2031).
- Based on card type, the global fuel card market is bifurcated into branded, universal, and merchant. The universal segment is the highest contributor to the market and is expected to grow at a CAGR of 13.7% during the forecast period.
- Based on card type, the global fuel card market is bifurcated into fuel refill, parking, vehicle service, and toll charge. The fuel refill segment owns the highest market share and is expected to grow at a CAGR of 13.6% during the forecast period.
- Europe is the most significant global fuel card market shareholder and is expected to grow at a CAGR of 13.2% during the forecast period.
Rising Adoption of Digital Transaction Solutions Drives the Global Market
Consumer behavior is changing due to the growing popularity of mobile frictionless payments. As the cards and payments sector embraces digitization and offers fresh, innovative features, customers have come to expect a consistent experience throughout all points of contact during the buying transaction. As a result, the demand for fuel purchases made without using cash has been rising. These cards simplify purchases by eliminating the need for cash and offer greater security and cost savings.
Growing Demand from Developing Nations and Technological Advancements Creates Tremendous Opportunities
The market for cutting-edge goods and payment solutions is expanding due to unmet needs and a rise in demand for better transactional solutions in countries like China, Japan, and Australia. Additionally, businesses that sell gas cards are enhancing client satisfaction through analytics-based personalization. These rivals have turned to mobile apps and online distribution methods to improve customer service and attract more customers. To improve fleet management's efficiency, fuel card providers have started adding telematics interfaces and enhanced reporting capabilities based on the gathered data, which is expected to create tremendous opportunities for market growth over the forecast period.
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Regional Analysis
Europe is the largest source of revenue and is anticipated to expand at a CAGR of 13.2% over the forecast period. The fuel card market is analyzed across the UK, France, Germany, and the rest of Europe, depending on the type and application. The availability of advanced products with improved security is one of the main factors influencing the market's growth in Europe, along with an increase in the use of prepaid cards and fuel cards. Due to the need for initiatives to save on fuel and better transportation management, the region has also benefited from adopting fuel cards.
Asia-Pacific is expected to grow at a CAGR of 16.2% during the forecast period. The Asia-Pacific fuel card market analysis includes China, Japan, India, and other countries. These countries have a higher adoption rate due to the rising popularity of branded fuel cards, technological advancements, and untapped markets in countries like China, India, and Japan. The Asia-Pacific fuel card industry is advantageous because there are more technologically advanced prepaid cards and smart transportation solutions. In addition, leading organizations like WEX Inc., Engen, ExxonMobil, First National Bank, FleetCor, Oilibya, Puma Energy, and Royal Dutch Shell concentrate on the Asia-Pacific area to grow their businesses because it is projected that fleet card solutions would see substantial growth in this region over the forecast period.
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Global Fuel Cards Market: Segmentation
By Card Type
- Branded
- Universal
- Merchant
By Applications
- Fuel Refill
- Parking
- Vehicle Service
- Toll Charge
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- EXECUTIVE SUMMARY
- RESEARCH SCOPE & SEGMENTATION
- Research Objectives
- Market Definition
- Limitations & Assumptions
- Market Scope & Segmentation
- Currency & Pricing Considered
- MARKET OPPORTUNITY ASSESSMENT
- Emerging Regions / Countries
- Emerging Companies
- Emerging Applications / End Use
- Investment Landscape
- New Business Models / Revenue Streams
- TAM
- MARKET TRENDS
- Drivers
- Market Warning Factors
- Latest Macro Economic Indicators
- Geopolitical Impact
- Human Factors
- Technology Factors
- MARKET ASSESSMENT
- Porters Five Forces Analysis
- Value Chain Analysis
- Sales And Distribution Channel Analysis
- Case Study Analysis
- Patent Analysis
- M & A Agreements & Collabration Analysis
- ESG TRENDS
Continue…
Table of Content and Figure @ https://straitsresearch.com/report/fuel-cards-market/toc
Market News
- In October 2022, Aral and LOGPAY expanded the fuel card business in Germany. LOGPAY customers can now pay with their CHARGE&FUEL card at any of Aral's 2,400 service stations in Germany. In addition, both companies intend to collaborate on the LOGPAY Pay@Pump solution MOBILE FUELING to enable digital payment via the CHARGE&FUEL app directly at the pump.
News Media
Global ATM Managed Services Market Size USD 12.48 billion by 2030 | CAGR of 6.7%
Smart Fleet Management Market Inflates at a CAGR of 16.3%
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