Fuel Cards Market is Estimated to Touch a Valuation of $842,410 Million by the End of 2023

The global fuel cards market is expected to reach $842,410 million by 2023, owing to growth in value-added services that enable fleet managers to minimize fraudulent claims and improve fuel management. Further, emerging trend of digitization and Internet of Things (IoT) drives the demand for fuel cards in developing regions. The global fuel cards market is expected to witness high growth rate during the forecast period, owing to increase in alliances and collaborations among various key vendors and users, especially in the developing countries. However, increased uptake in mobile payments and data breaches are expected to hinder fuel cards market growth.

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.

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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.

Key Findings of the Fuel Cards Market:
• The universal fuel card type accounted for the highest share of the global market in 2016, growing at a CAGR of 5.1% from 2017 to 2023.
• Europe generated the highest revenue in 2016, valued at $250,739 million.
• The fuel refill segment dominated the global fuel card market, in terms of market size, during the forecast period.
• U.S. dominated the North America fuel cards market in 2016. In addition, Canada, China, India, South Africa, and the other emerging markets are anticipated to provide significant opportunities for major players.

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Fuel Cards Market Key Segments:
By Type
• Branded
• Universal
• Merchant

By Application
• Fuel Refill
• Parking
• Vehicle Service
• Toll Charge
• Others

By Geography
• North America
• Europe
• Asia-Pacific
• LAMEA

The key players profiled in the study include Royal Dutch Shell, ExxonMobil, British Petroleum, FleetCor, U.S. Bancorp, Wex, Inc., Oilibya, Puma Energy, Engen, and First National Bank.

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