openPR Logo
Press release

How Fuel Cards Market predicted to Reach $842,410 Million by 2023: Growth Drivers and Global Trends

01-11-2019 07:02 PM CET | Fashion, Lifestyle, Trends

Press release from: Allied Market Research

How Fuel Cards Market predicted to Reach $842,410 Million

The adoption of fuel cards is on a continuous rise, due to the increase in cashless payment transactions. Moreover, the need to ensure compliance with company fuel usage policies is anticipated to drive the fuel cards market among enterprises. The global fuel cards market was valued at $595,720 million in 2016 and is projected to reach $842,410 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023.

Download Sample Report -

Global vendors are investing heavily in the market to improve the overall fuel card offerings to decrease the risk of fraud, minimize form filling, and improve tracking and reporting. The Asia-Pacific fuel cards market is expected to register the highest CAGR in the near future. China, India, Japan, and Australia are expected to offer lucrative opportunities for market players. Moreover, increase in demand for mobile payments and need to monitor spending and fuel rebates drive this market in the region.

The global fuel cards market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Rise in new payment methods is expected to help fuel card issuers to evolve from a card-driven environment to a customer-driven environment, thereby contributing to the growth of fuel cards in North America and Europe. However, LAMEA is expected to account less market share in the global market as compared to other regions, due to lack of awareness about the benefits and lack of internet connectivity in underdeveloped countries. Furthermore, Latin America and Middle East are expected to gain traction, but the fuel cards market growth is expected to be stable during the forecast period.

Top Impacting Factors-

High Number of Internet Users and Rise in New Payment Methods:

Rise in internet users has compelled customers to use plastic money instead of keeping hard cash. As stated by several banks, the new age segment has been one of the key factors enforcing sale transaction through fuel cards globally to eliminate manual tasks such as auditing and submission of receipts.

Get Discount UP To 25%* (Offer Till 31st Jan 2018)
Buy Now:

Prone to Fraudulent Attacks:

Fuel cards have become the fastest growing payment method, owing to evolution in electronic payment. This advanced payment method is prone to hacking, as currently these cards do not have enough security measures that can prevent payment frauds. Such security breaches leading to data loss and confidentiality breach of crucial information are possible, since dozens of criminal hackers have started to exploit fuel card systems as well as back-office systems.

Change in Demographics Landscape:

Fuel cards are utilized by fleet owners to manage and control fuel costs while providing better visibility of the operations. Fuel cards are being used as debit cards that allow drivers to pay for fuel, repairs, and maintenance. Earlier, fleet cards were used mostly by trucking companies; however, over the past few years, there has been a change in customer demographics. The change offers ample opportunities to fuel card providers to innovate their product offerings for each customer type.

Analyst Review:

Fuel cards provide various benefits to fleet vendors by capturing low-level data on mileage of vehicles, the gallons of fuel filled, and the need for servicing the vehicle. Fuel card service providers have started to embed the telematics interface and robust reporting facilities as standard product offerings to improve fleet management productivity. Moreover, there are various forms in which fuel cards are available, these include branded fuel cards, universal fuel cards, and merchant cards. The merchant fuel cards are anticipated to witness the highest growth rate during the forecast period.

Request for Customization -

In 2016, the fuel refill segment was the highest contributor in the global fuel cards market share, in terms of revenue, followed by the vehicle service segment. Furthermore, the others segment is anticipated to witness the highest growth rate, owing to rising demand for cashless fuel transactions.

Key players have adopted various strategies, such as new product launch, business expansion, acquisition, and strategic alliances, to create more awareness about fuel cards and increase adoption across the end users.

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.


David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release How Fuel Cards Market predicted to Reach $842,410 Million by 2023: Growth Drivers and Global Trends here

News-ID: 1491974 • Views: 258

More Releases from Allied Market Research

Overview Membrane Technology for Food and Beverage Processing Market Size, Share …
Membranes are natural or manufactured substances used for separation. They commonly serve the purpose of filter pads. Membranes, which are semi-permeable in nature (allow only selective compounds/substances to flow pass them) are easy to manufacture. These are gaining popularity in the process industry where purity of products is highly desired. Membranes are available in every shape and size and are required in numerous devices right from the water filter at
Cooking Appliances Market is Predicted to Grow High CAGR from 2019 to 2026
The cooking appliance include products such as microwaves, ovens, cook tops, and range hoods. Modern cooking appliance are used to provide ease to chefs. Also, with rapid depletion of natural resources such as LPG, and other petroleum products, there is an urgent need to use efficient and eco-friendly cooking appliances in kitchen. Key players are developing advance cooking appliances in order to increase their market share, and on the same
Power Bank Market Insights with Statistics and Growth Prediction 2018 to 2025
The growth of the global power bank market is driven by rising in demand for smartphones across the globe and an increase in sales of power banks on online portals & e-commerce websites. However, factors such as emerging trends of wireless charging and improved battery capacity of electronic devices hamper market growth. On the other hand, the development of solar & hydrogen fuel-based power banks and an increase in the
Shale Gas Market 2022 | Business Analysis and Evolutionary Growth
Shale gas is emerging as an ideal energy source, owing to its abundance, low carbon footprint and comparatively low price than conventional energy source such as natural gas, coal, nuclear and hydro. However, the issue of water scarcity due to the hydraulic fracturing technique may hamper its production. Moreover, the unstructured regulatory framework in the European countries may dampen its producers to some extent. The global shale gas consumption is

All 5 Releases

More Releases for Fuel

Clean Fuel Technology Market – Development Assessment 2025 | Clean Fuel Develo …
Global Clean Fuel Technology Market: Overview Clean technology in general implies the use of any service, product, or system that has as little of a negative impact on the environment as possible. Aspects of clean technology include the conservation of energy, sustainable resources, and clean sources of fuels. Clean fuels can refer to the use of renewable fuels such as biogas, or also blended fuels such as fossil fuels with renewable
Fuel Card Market 2022
Fuel cards also known as fleet cards are being used to make payments for fuels, maintenance and repair of vehicles. These cards are mostly used by businesses managing fleet of vehicles. Fuel card market is witnessing lot of partnerships as many fuel companies are offering their own branded fuel cards. Fuel card issuers are also focusing on telematics, enabling the fleets to save on fuel. Wireless fueling is an emerging
Fuel Cell Interconnectors Market By Product Type Ceramic based, Metal based; By …
Global Fuel Cell Interconnectors Market Introduction A fuel cell is a battery that generates electricity through an electrochemical reaction where the fuel cell interconnector is a layer made up of either ceramic or metallic material, which combines the electricity generated by each individual cell. Fuel cell interconnectors are placed between each individual cell to connect the cells in the series. Ceramic fuel cell interconnectors are more suitable for high-temperature working conditions
Global Fuel Catalysts Market 2017- Rentar, FUEL CAT, Organica Biotech
Apex Market Reports, recently published a detailed market research study focused on the "Fuel Catalysts Market" across the global, regional and country level. The report provides 360° analysis of "Fuel Catalysts Market" from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global Fuel Catalysts industry, and estimates the future trend of Fuel Catalysts market
Fuel Cards in Portugal 2016
"Fuel Cards in Portugal 2016" The Report covers current Industries Trends, Worldwide Analysis, Global Forecast, Review, Share, Size, Growth, Effect. Description- ** Summary Fuel Cards in Portugal 2016 is invaluable for issuers of fleet cards, fuel retailers, fleet leasing companies and other suppliers to the sector. Based on research with issuers and fuel retailers it provides commercial (B2B) fuel card volume (split by fleet and CRT), value and market share forecasts to
Global Automotive Fuel System Market
The Automotive Fuel System Market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. Global Automotive Fuel System Market Dynamics: As mentioned earlier, the global automotive fuel system market is anticipated to be driven by its competitive advantages such as high power output, fuel efficiency,