Fuel Card Market To Grow On An Exponential Interconnected Note At A CAGR Of 6.5% Between 2022 - 2031: Fact.MR

The global fuel card market is presently witnessing a downturn, at a time when people around the globe are resorting to social isolation, working from home, and reducing non-discretionary spending in the midst of the outbreak. Consumers are becoming more likely to accept contactless payments. New research shows that U.S. customers are becoming more interested in contactless payments, whereas more than half of current card payments in Germany are contactless compared as compared to 40% before the outbreak.

The global fuel card market is estimated to burgeon at a CAGR of over 6.5% over the forecast period (2020-2030). As digitization continues on an upward trend, most companies are scrambling to adapt to digital finance services. As a consequence, fuel card companies are set to seek FinTech-innovations, and establish a strong network among fleet managers across the globe. This report evaluates trends that are driving growth of each segment on a global level and offers potential takeaways that could prove substantially useful to fuel card providers looking to enter the market.

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Global Fuel Card Market: In-Depth Assessment on Key Segments

The global fuel card market is segmented on the basis of type of fleet, card type, subscription type, fleet type, end-use, and region.

By Type of Fleet :
Truck Fleet Operators
Business Fleet
Construction Fleet Operators
Other Customer Group

By Card Type :
Universal Fuel Card
Fuel Credit Cards
OnG Corporation Cards
Network Cards
Over the Road Fuel Cards

By Subscription Type :
Bearer Card
Registered Card

By Fleet Type :
Commercial Fleet
Over the Road

By Use Case :
Oil Fees Payment
Parking Fees
Toll Fee Payment
Fleet Maintenance
Other Payments

By Region :
North America
Latin America
Europe
East Asia

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Key Takeaways of Fuel Card Market

Europe is poised to capture more than 30% share in the global fuel card market in 2019, generating an incremental opportunity of over US$ 280 Bn by the end of 2030.

South Asia fuel card markets are projected to grasp more than 11% of the revenue share in 2019. Among the developing markets, East Asia fuel card market is projected to show a positive CAGR of over 8.5% during the forecast period, followed by South Asia with a CAGR of over 7.5%.

Truck fleet operators captured remarkable market share (>65%) in 2019. The segment is prophesied to grow significantly owing to the rising digital transactions for the commercial fleet across the globe.

Increasing demand for fuel cards is aiding fuel business due to suitable fuel management. Flourishing business across countries in South Asia and East Asia, respectively, is encouraging the presence of prominent service & card providers.

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Enhancements in Fraud Management, Cost-Effectiveness to be Trump Cards for Market Expansion

The global fuel card market is moderately fragmented with major players such as FleetCor Technologies, Inc., WEX Inc., Voyager Fleet Card, Fuel Genie (Worldline IT Services Ltd.), H24 (Ingenico Group) and other players acquiring more than 15% of the overall market share. The key market players in the fuel card market are focusing on telematics, fraud management, and other developments to make more profitable business. Issuers in the fuel card market are focusing on cost-effective solutions of fuel card and bringing innovations such as real time updates which can meet the changing industrial requirements.

Find More Valuable Insights on the Global Fuel Card Market

Fact.MR, in its new offering, brings to fore an unbiased analysis of the global fuel card market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the sports compression clothing market on the basis of type of fleet, card type, subscription type, fleet type, use case across seven major regions.

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