Fuel Card Market Trends, Growth And Regional Outlook and Forecast 2020-2027|Top Players are ROYAL DUTCH SHELL (NETHERLANDS), EXXONMOBIL (U.S.), BP (U.K.), FLEETCOR TECHNOLOGIES, INC. (U.S.) and WEX INC. (U.S.)

Market Overview

During the forecast period (2020-2030), the worldwide gasoline card market is expected to increase at a CAGR of over 6.5 percent, attaining a value pool of above US$ 2,500 billion. The merger of the IT and banking industries has resulted in digital revolutions in how individual banks operate. Multinational corporations and large commercial organizations are riding the tide of digitization in monetary transactions. This is expected to propel the global fuel card market ahead.

The growing popularity of digital banking in North America and Europe reflects the increased speed and precision of business-related financial transactions. Whilst businesses and employer groups decide to embrace a digital banking approach, North America is moving to the next level of digitization with fuel cards.

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Market Segmentation

Due to the performance of several market sectors, the fuel card market share is expected to expand significantly. Amongst them, the business fuel card category will expand the quickest and offer the most to the overall growth of the fuel card market. The heavy fleet segment would also see a considerable CAGR increase during the evaluation period due to the high fuel consumption of these vehicles, which must be recharged at regular intervals when the voyage is completed. Because most vehicles must pass through tolls on their way to a destination, the toll fee segment will produce significant market revenue.

The gasoline card industry has been split into the following categories for more effective use:

Depending on the card type, individual gasoline cards, commercial fuel cards, and prepaid fuel cards are available.
It has large fleets and light fleets based on vehicle type.
Depending on the application, fuel refills, car service, parking, toll payment, and other services are available.
Regional Classification

North America, Europe, Latin America, South Asia, Oceania, East Asia, and the Middle East, and Africa make up the worldwide gasoline card market. The research examines the business execution, value chain, and supply chain across all areas in great detail. Out of all of these, the North American region would dominate the gasoline card market, owing to the rising trend of people going cashless and the area's fast-paced lifestyle. Another factor for the rise of the gasoline card industry in the North American region is the widespread use of the internet in all aspects of everyday life. The United States of America will lead this region's development.

The European fuel card market is expected to have the second-highest market share of above 32 percent, growing at a CAGR of over 6% over the forecast period. By 2028, the East Asian market is expected to hold a large position, growing at a CAGR of over 8%. The emergence of fintech firms supplying gasoline cards in East Asia in the last 5 years has been spurred not just by technological advancements and the area's rapid internet penetration, however, also by more individuals becoming financially savvy and wanting better financial services.

Industry News

The market for gasoline cards is likely to rise over the forecast period, as new competitors enter the market, as well as competition with current companies intensifies in the next 5 years. Expansion through strategic developments, collaborations, product innovation, and acquisitions will be important strengths.

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Fuel Card Market Information by Card Type (Business Fuel Card, Individual Fuel Card, Prepaid Fuel Card Service), Vehicle Type (Heavy Fleets, Light Fleets), Application (Fuel Refill, Parking, Vehicle Service, Toll Charge), and Region- - Forecast to 2027

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