Global Fuel Card Market Expectations & Growth Trends Highlighted until 2028 | Key Players are Valero Energy Corporation, Eurowag, Hoyer GmbH, etc.
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The fuel card market witnessed impressive growth at a CAGR of 5.8% during 2013-2017. The transaction value of fuel card was worth US$ 1 trillion in 2017, with growing adoption in business and truck fleet creating sustained opportunities.
Driven by growing need for implementing an efficient fuel management system, the transaction value of fuel card systems is likely to reach nearly US$ 1.1 trillion by 2019.
The fuel card market is projected to witness healthy growth at a CAGR of 6.8% between 2018 and 2028.
On the back of increasing awareness about environmental impact of harmful emissions and imposition of strict environmental rules, Europe is likely to remain the leading market for fuel cards during the forecast period.
Increasing vehicle fleet and ongoing industrial developments in China and South Korea are likely to create lucrative opportunities in East Asia.
What are the Key Growth Drivers of Fuel Card Market?
Corporate payment landscape in developed regions of North America and Europe, have been undergoing fast-paced digitization, which is expected to augur well for the fuel card industry.
Increasing need for efficient fleet management in large organizations, as a part of companies’ fuel management processes, have triggered sales of fuel cards around the world.
The global transportation and logistics industry has gained pace with growing urbanization and industrialization. Thereby, leading industry players are adopting fuel cards to implement more efficient fuel management systems.
Leading players in the fuel card market profiled in the FactMR report include Fuel Genie (Worldline IT Services Ltd.), H24 (Ingenico Group), Valero Energy Corporation, Eurowag (W.A.G. payment solutions, a.s.), Hoyer GmbH, 360Fuelcard, Exxon Mobil Corporation, BP Plc., Royal Dutch Shell Plc., Total S.A., Marathon Petroleum Corporation, Repsol, S.A., Petro-Canada Superpass (Suncor Energy Inc.), Voyager Fleet Card, Radius Payment Solutions, and DKV Euro Service (DKV Mobility Services Group).
Demand for Fuel Credit Cards to Surge Rapidly; Commercial Fleet Remains Target for Providers
Leading players in the fuel card market are working towards establishing a strong network of payment software developers, fuel companies, as well as financial institutions to meet the increasing demand for fuel credit cards. Though universal fuel cards are among the most popular types of fuel cards, fuel credit cards are rapidly becoming conventional among end-users, especially across commercial fleet. To capitalize on the rapidly increasing demand for fuel credit cards, a mounting number of world’s leading financial service companies are entering the fuel card market. As commercial fleet has expanded rapidly with growing urbanization and industrialization, commercial fleet remains the primary target for market players.
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A recent study published by FactMR analyzes growth of the global fuel card market to provide readers with exclusive and actionable market insights. This study is backed by a two-step research process which is inclusive of various primary and secondary resources. The primary research methodology includes discussions with experts of fuel card industry and information gathered after interviewing other stakeholders. In the secondary process, detailed information about the fuel card market is garnered through various resources such as company annual reports, trade journals, paid resources, press releases, and other publications relevant to fuel card. After studying industry-validated information about the fuel card market, qualitative conclusions about the prospects of the market can be reached. Findings from these two main processes were used to determine an accurate and exhaustive forecast of global fuel card market for the period from 2018 to 2028.
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