Fuel Card Market: Efficient fleet administration with the help of enhanced data capture
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Global Fuel Card Market - Company Profiles-- BP P.L.C. Exxon Mobil Corporation Fleetcor Technologies, Inc. Royal Dutch Shell plc U.S. Bank Wex Inc. DKV World Fuel Services Edenerd Radius Payment Solutions.
The North America region commands a significant market share in terms of revenue generated for fuel card and it is estimated that it will continue to dominate the market share through-out the forecast period. Universal cards are the most convenient fuel card type, the providers of these cards usually partner with several fuel companies and offer great flexibility. Certain fuel card companies merely operate in some countries or regions while others may only be accepted at particular fuel stations. Users with less options in their region may need to be cautious regarding limiting them to just a few fuel stations.
The global fuel card market is estimated to account US$ 6.29 Bn in 2018 and is expected to grow at a CAGR of 5.8% during the forecast period 2019 – 2027, to account to US$ 10.39 Bn by 2027.
Fuel card usage offers benefits in terms of functionality and security when compared to alternative methods of payment for fuel such as petty cash. Cards can be imprinted with the vehicle registration number or driver’s name and the company name providing further protection against fraudulent usage or cards for refueling. Comprehensive information on all fuel dealings reduces the prospective for employee misuse and offers superior control over authentic vehicle usage. Therefore, the fuel card market across the globe is anticipated to grow.
The fuel card market by component is segmented into branded fuel cards, merchant fuel cards, and universal fuel cards. Fuel cards are usually used by SMEs and large business to track their fuel consumption and make convenient make cashless payment. Such cards are most common for the business or organizations which deals into transportation and fleet management. Different companies operating in the space offer different card type. These cards apart from refilling fuels are used for several other purpose. Fuel card by issuer can be broadly categories independent or branded.
The global fuel card market based on application has been segmented into fuel refill, parking, vehicle service, toll charge, and others. A fuel card enables users’ as well as business owners to manage and control fuel and maintenance expenses. They are generally used as a payment card for fuels at petrol stations. Moreover, these cards can also be used for payment of other vehicle services such as repairs, maintenance as well as roadside assistance. Owing to broad reporting, several fuel cards enable users to obtain real time reports, thus, helping them to stay up-to-date of all business expenses along with managing vehicle taxes.
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Some of the market initiatives were observed to be most adopted strategy in the global fuel card market. Few of the recent market initiatives are listed below:
2019: Edenred Capital Partners invests in innovative businesses with high growth potential in areas related to Edenred's activities. The aim is to enhance the Group's ecosystem by initiating valuable synergies with the companies backed.
2018: Edenred, the world leader in transactional solutions for companies, employees and merchants, today announced the signing of an agreement to acquire 80% of the share capital of The Right Fuelcard Company (TRFC) group, the number four fuel card program manager in the United Kingdom.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Semiconductors, Healthcare, Manufacturing, Automotive and Defense.
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