Press release
Fuel Cards Market: Technological Improvements Steering Growth during 2017-2022 | Key Players are Exxon Mobil Corporation, B.P p.l.c, Royal Dutch Shell, WEX Inc. and Fleetcor Technologies Inc.
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A fuel card is also known as a fleet card it is used for making payment for fuel, maintenance, and repair of the vehicle. A fuel card is specifically used for managing the expenses related to vehicles. Fuel card providers are also providing additional benefits to the fleet owners including data on vehicle mileage, liter of fuel filled, etc. However, with the integration of advanced technology fuel card issuers have started providing real-time updates with enhanced data.
Driven by technological shifts and changing customer preferences, fuel card providers are constantly working on enhancing features by integrating innovative technologies. With the rise in payment digitization, fuel card providers are focusing more on payment security. Increasing number of partnerships between fuel merchants and fuel companies can also be observed in the fuel card industry. This is resulting in the advanced features in fuel cards. However, fuel card industry is also facing various challenges with regards to the legal framework, growing market for electric cars, etc., hence, fuel card providers are focusing on flexible, scalable and customer-driven business model.
According to the latest report by FactMR, the global market for fuel card is expected to witness average growth. The market is estimated to reach US$ 11,734.2 million revenue by the end of 2022. Saving on fuel cost is one of the factors fleet owners are adopting fuel cards. Moreover, fuel card providers are also adopting innovative technologies to offer a better experience and track vehicle data on a real-time basis.
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A fuel card is expected to witness maximum usage in oil fees. Oil fees on basis of application of fuel card is projected to bring in nearly US$ 3,700 million revenues by the end of 2022. Volatility in the fuel cost is one of the factors driving the use of fuel card to make payment for fuel. Moreover, fuel card providers are also offering discounts on purchase of fuel by using a fuel card, loyalty programs are also among the key drivers in the fuel card industry.
Over the road fleets are expected to be the major adopters of a fleet card. Witnessing moderate growth, over the road fleets are estimated to surpass US$ 3,500 million revenues towards the end of 2022. Helping to control fleet expenses, tracking spending by drivers, thereby preventing unauthorized purchase are some of the factors leading to the increasing adoption of fuel card by over the road fleets.
The registered card is projected to account for around two-third of the revenue share by the end of 2017. The registered card is estimated to reach nearly US$ 7,800 million by 2022 end. Meanwhile, Bearer card is projected to create an incremental opportunity of over US$ 800 million during the forecast period, 2017-2022.
Competition Tracking
The report also profiles companies that are expected to remain active in the expansion of global fuel card market through 2022, which include B.P p.l.c, Exxon Mobil Corporation, Royal Dutch Shell, Fleetcor Technologies Inc, and WEX Inc.
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About FactMr
FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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