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Fuel Card Market Growth by 2027 Involving Prominent Players Such as Wex Inc., DKV, World Fuel Services, Edenerd, and Radius Payment Solutions and among others

10-20-2020 05:23 PM CET | Logistics & Transport

Press release from: The Insight Partners

Fuel Card Market Growth by 2027 Involving Prominent Players Such

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.

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Some of the key players operating in global 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.

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. 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.

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