Fuel Card Market Share, Future Trend, Global Demand and Current Scenario by Forecast to 2023
- ehteshampeerzade
- Sep 30, 2020
- 3 min read
Market Highlights
The Asia-Pacific Fuel Card market is estimated to show the highest CAGR. India, Japan, China and Australia are expected to allow profitable opportunities for key market players. Exposure to internet has allowed the users to have the privilege of using plastic money instead of hard cash. Several banks have stated that the new age segment is one of the essential factors implementing sale transactions through fuel cards, in order to avoid manual work like auditing. Countries in Latin America, Africa and the Middle East are yet not technologically advanced which may cause hindrance in the global market growth. Today, fuel cards are being used as a debit card. It allows the driver to pay for fuel, repairs, and maintenance. Initially, fuel cards were utilised by trucking companies. However, the demographics have changed past few years. These are few of the substantial factors which bring an impact on the fuel card market.
In 2016, the global fuel cards market 2020 was valued at USD 595,720 million. It has been estimated that it will reach USD 842,410 million by 2023, growing at the CAGR of 5.8% from 2017-2023. Due to rise in mobile payments, increase in digitalization in various regions, growth associated with prepaid cards, a significant amount of growth is expected in the global fuel card market. Rising pricing, product offerings, ingenious product introduction is contributing immensely towards the growth of global market. Vendors are investing bulky amounts to improve the fuel card experience.
Regional Segmentation
North America holds the maximum amount of card fuel share. The cashless approach, penetration of the internet at every stage have a high effect on the fuel card market share. The U.S.A plays a significant role in increasing the market growth.The APAC region is estimated to change the game in coming years. The region is expected to show the maximum growth during the forecast period. India, China, and Japan are anticipated to take over the monopoly due to dense population and increasing usage of vehicle.
Key Competitors
The key market players in fuel card market are Royal Dutch Shell (Netherlands), Exxonmobil (U.S), BP (U.K), FleetCor Technologies, Inc. (U.S), Wex Inc. (U.S), Oilibya (Libya), Puma Energy (Singapore), Engen Limited (South Africa), First National Bank (U.S), Britsh Petroloeum (U.K), Fuelman (U.S), Arco Limited (U.K), and Comdata (U.S). Industry Updates: Feb 2020 Sinclair Oil and Wex have announced to extend their 15-year-old partnership. Wex assists the Sinclair Fleet Track Card which allows fleet managers in automatic accounting, reports and tools for saving. The security features help in preventing unauthorized use and allows the managers to keep a check on the expenses based on produce type, dollar amount, time of day and the other details.
Segmentation:
The global fuel card market share is categorised on the basis of card, type, application, vehicle and geography.
On the basis of card, the fuel card can be segmented into business fuel card, individual fuel card, and prepaid fuel card. Out of all these, business fuel card has an extensive lead in the market.
By Type, the fuel card can be categorised into branded, universal, and merchant.
On the basis of Application, the fuel card market can be categorised into fuel refill, parking, vehicle service, toll charge, and others. Toll charge leads the pack with a
By Vehicle Type, the fuel card market can be segmented into Heavy Fleets and Light Fleets. Heave Fleets segment has the market lead.By Application, the fuel card market can be segmented into fuel refill, parking, vehicle service, toll charge, and others. Toll charge leads the pack with a considerable amount of revenue. By Geography, the fuel card market can be categorised into Europe, North America, Middle East, Asia-Pacific, and Africa (MEA) and South America.
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