Fuel Card Market Set For Rapid Industry Growth, To Reach Around US$ 10.39 Billion By 2027 with a CAGR of 5.8%

Fuel Card Market by 2027 Key Opportunities and Future Demand

The Fuel Card Market is anticipated to grow in the forecast period owing to the driving factors including increasing developments in the manufacturing industry. Further, increasing deployments in the automotive industry is supplementing the market growth. However, availability of substitutes is impeding the growth of the Fuel Card market.

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 for US$ 10.39 Bn by 2027.

Fuel cards enable enhanced tracking of fleet expenses and efficiency of the fleet by tracking real-time mileage and fuel usage by vehicles in a fleet. Fleet operators use fuel cards for costs such as truck maintenance, truck repairs, fuel, truck cleaning, and replacement vehicle rental, among others. Data captured by a fuel card include odometer reading, fuel grades, fuel product, and quantity of fuel, vehicle ID, driver ID and tax information along with transaction details such as time, location, spend amount and date support rich repowering for fleet managers.

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The report on the area of Fuel Card by Insight Partners includes extensive primary research and detailed analysis of the qualitative and quantitative aspects of various industry experts, key opinion leaders, to better understand the performance of the Fuel Card Market.

Some of the Prominent Players Operating in Fuel Card Market are: BP P.L.C., Exxon Mobil Corporation, Fleetcor Technologies, Inc., Royal Dutch Shell plc, U.S. Bank, Wex Inc., DKV, World Fuel Services, Edenerd, and Radius Payment Solutions and among others.

All of these enhanced data permits richer reporting, which can be used by fleet operators to identify problem zones such as fraudulent transaction by truck drivers or truck with lower fuel efficiency. Thus, fuel cards provide complete insight into vehicle operating cost and driver behavior that provides fleet managers with a complete oversight and trends required to analyze shortcomings in the fleet. Above mentioned metrics are expected to drive the adoption of fuel card by fleet operators around the world over the forecast period from 2019 - 2027.

Certain fuel card providers have started implanting the telematics interface as well as strong reporting abilities as usual product offering to enhance fleet management efficiency. This comprises of GPS data integration along with purchase data with a purpose to track fleet or driver performance. It further helps in determining whether the vehicle is refueling at an appropriate location. Moreover, integrating fuel cards with telematics helps in receiving accurate Miles/Gallon reports for each vehicle. The recorded data enables the business or users to effortlessly identify any inadequacies or pinpoint drivers who may need further training. Companies such as WEX Inc. and Business Fuel Cards Pty Ltd among others have already started offering the telematics integration with fuel cards in Australia however, the trend is further expected to gain traction in the near future owing to rising adoption of telematics in vehicles.

The report presents the current market analysis scenario, future and future opportunities, revenue growth, prices and profitability. The proprietary data in this report is collected by The Insight Partner's dedicated research and analysis team of experienced professionals with advanced statistical expertise and various customization options in the existing study.

The report segments the global fuel card market as follows:

Global Fuel Card Market - By Type
o Branded Fuel Cards
o Merchant Branded Fuel Cards
o Universal Fuel Cards

Global Fuel Card Market - By Application
o Fuel Refill
o Parking
o Vehicle Service
o Toll Charge
o Others

Global Fuel Card Market - By Geography

o North America
? U.S.
? Canada
? Mexico

o Europe
? U.K.
? Germany
? France
? Italy
? Spain

o Asia Pacific (APAC)
? Japan
? China
? India
? Australia
? South Korea

o Middle East & Africa (MEA)
? South Africa
? UAE
? Saudi Arabia

o South & Central America (SCAM)
? Brazil
? Argentina

Key Benefits of Buying this Research Study:
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Fuel Card Market
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Fuel Card Market, thereby allowing players to develop effective long term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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This release was published on openPR.