Fuel Card Market Research Report 2029 - Market Size and Forecast

Market Overview
The Global Fuel Card Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

A fuel card or fleet card transfers payment at the fuel station and pays for vehicle maintenance and other expenses. It is equipped with several features, such as timely and complete reporting for the fleet of corporates and enables real-time updates to owners to keep track of all expenses related to their fleet. Additionally, eliminating manual tasks also occurs by electronically generating receipts, auditing and regularizing checks.

The fuel cards provide additional benefits to the fleet owners compared to other cards, including discounted fuel prices and detailed reports to fleet managers by capturing low-level data that provides details, such as mileage of vehicles, the gallons or liters of fuel and the need for servicing the vehicle. The different forms of fuel cards available include branded fuel cards, universal fuel cards and merchant brand cards. Customers are increasing mobile payments in various forms, including in-app payments.

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Market Dynamics
High efficiency in fleet administration by tracking real-time data

The application of fuel cards improves fleet expenses and efficiency by tracing and analyzing real-time mileage and fuel usage by different vehicles in a fleet. Moreover, the fleet operators use fuel cards for truck cleaning, maintenance, truck repairs, fuel and replacing vehicle rental. The data captured by a fuel card comprises odometer reading, fuel grades, fuel product, the quantity of fuel, vehicle ID, driver ID and tax information related to transaction details such as time, location, spend amount and date. Thus, the increasing demand for the fuel card to increase fleet efficiency is a major driving factor for the market.

Security and privacy concerns might hamper the growth of the market

The security and privacy associated with fuel cards might result in data leaks. The hackers might use it for crimes, a major factor hampering the market growth during the forecast period. Increasing fraudulent fuel card transactions is causing delays and wasting time which is a key challenge for the business worldwide. Thus, it is creating a significant challenge for the market's growth.

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Market Segmentation:
By Type
• Branded
• Universal
• Merchant
By Application
• Fuel Refill
• Parking
• Vehicle Services
• Toll Charge

Competitive Landscape
The global fuel card market is highly competitive as the major automotive component manufacturers have a diverse portfolio of fuel cards for various applications. Some of the major players contributing to the growth in the segment are BP P.L.C., Engen Petroleum Ltd, Exxon Mobil Corporation, FirstRand Bank Limited, FleetCor Technologies, Inc., Libya Oil Holdings Ltd., Puma, Royal Dutch Shell plc, U.S. Bancorp and WEX Inc. The significant players adopt several growth strategies such as new product launches, acquisitions, joint ventures, and collaborations, contributing to global growth in the industry.

On 1st July 2019, WEX Inc. completed the acquisition of ("Go Fuel Card") of EG Group and expanded its business operations across the Netherlands, France, Belgium, and Luxembourg. It would increase the reach of customers in the Europe of WEX Inc. and result in sales growth.

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