Global Fuel Card Market to Register a 4.8% CAGR Through 2031

Fuel remains a significant cost for many businesses. Hence, fuel card has emerged as one of the valuable tools for fleet management and leasing companies. Fuel card providers are integrating various technologies that not only support fuel purchase but also provides a detailed report to the fleet managers including liters of fuel filled, mileage of the vehicle and also if there is a need for vehicle servicing.

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Along with this, there has been an increase in partnerships between fuel companies and fuel merchants to provide branded fuel cards, and merchant branded cards. Fuel cards are now being embedded with Telematics interface providing enhanced data and improving fleet management. Host Card Emulation (HCE) technology is also being used by fuel card issuers. As integrating fuel cards into Near Field Communication (NFC) based mobile payment will result in ease of use for fleet owners. Fuel card issuers are focusing on enhancing security, leveraging mobile apps for providing various customer services, loyalty program, etc.

However, fuel card industry is still facing some definite challenges including changing legal framework, rising competition, increasing customer expectations, increase in electric and hybrid cars will result in petrol stations getting replaced with charging stations, hence, fuel card providers will need to adapt to this change and budgetary concerns due to volatile fuel prices. These all challenges together put a significant pressure on fuel card providers.

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According to a study by Fact.MR, the global fuel card market is expected to experience moderate growth, registering 4.8% CAGR during the forecast period, 2017-2022. Fuel cards are gaining popularity among the customers and fleet owners. Fuel card providers have started integrating new technologies, providing real time updates and payment security. Below are the few insights on the future of the global fuel card 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.

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Type of Fleet Card Type Subscription Type Fleet Type Use Case Region
Truck Fleet Operators Universal Fuel Card Bearer Card Commercial Fleet Oil Fees Payment North America
Business Fleet Fuel Credit Cards Registered Card Over the Road Parking Fees Latin America
Construction Fleet Operators OnG Corporation Cards     Toll Fee Payment Europe
Other Customer Group Network Cards     Fleet Maintenance East Asia
  Over the Road Fuel Cards     Other Payments  

 

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The report also provides a detailed profile of the leading players in the global market for fuel card, which will remain active through 2022. These include companies such as Exxon Mobil Corporation, B.P p.l.c, Royal Dutch Shell, WEX Inc., and Fleetcor Technologies Inc.

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