Press release
Fuel Card Market to Expand with Significant CAGR During 2022-2031, TMR Study
Fuel Card Market
Overview:
The global fuel card market was valued at ~US$ 33 Bn in 2018, and is expected to expand at a CAGR of ~6% from 2019 to 2027. The market is expanding significantly in terms of size and value. The standard card technology segment is dominating the global fuel card market.
The fuel card market in Asia Pacific is growing rapidly. Growing disposable income is driving people to opt for technologically-advanced cards to save on fuel expenses. Moreover, increasing of government initiatives in developing countries for the development of the corporate sector are driving the growth of the corporate fuel card market.
Europe is the largest regional market in the global fuel card market, accounting for ~38% share of the global fuel card market in 2018. North America has the second-largest number of fuel card users, as a result of attractive offers by key companies and supportive government initiatives toward cashless transactions.
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Competitive Landscape:
The fuel card market includes several players focused on the development of new products to cater to the market demand.
The report includes the below-mentioned pointers of major players operating in the fuel card market:
Company Overview
Product Profiling
Market Share Analysis (2018)
Product Innovation
Business Strategies/Recent Developments
Technological Advancements
Key Mergers & Acquisitions
Expansion Strategies
Company Financial
Major Players Covered Under the Scope:
Shell Group
BP plc.
Total Fuel Card
WEX Inc.
Caltex
Puma Energy
Engen Petroleum Ltd.
Absa Bank Limited
Standard Bank
First National Bank (FNB)
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Driving Factors:
Rising demand for cashless fuel transactions in developing economies (as it is critical for fleets to monitor fuel purchases to control and manage fuel spending) is driving the fuel card market. Fuel cards offer good quality data on fuel purchases, which helps monitor individual vehicle and driver fuel economy, and apply operational strategies to enhance performance.
Canada, Sweden, the U.K., France, and the U.S. are the top five cashless economies in the world. Cashless payments help reduce fuel theft via chip and pin cards, which is driving the demand for fuel cards, globally.
The fleet management market is influenced by technology. The adoption of fleet management software in data management and analytics has been growing, which is expected to significantly boost the fuel card market.
Rapid urbanization and industrialization in developing countries such as China, India, Mexico, South Africa, and Brazil is providing lucrative opportunities for the global fuel card market. Over the years, growth in the prepaid and contactless card industry has shaped the economies of several countries.
Key Challenge:
Volatility in fuel prices is likely to be one of the major restraints of the fuel card market. As fuel prices are difficult to be projected, it is difficult to plan and budget for the same. Fuel prices are different across the globe; this is expected to have a huge negative impact on the growth of the fuel card market.
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Nikhil Sawlani
Transparency Market Research Inc.
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market intelligence company provides syndicated research reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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