Fuel card market, across the globe, is gaining credibility with several market titans pouring in to reap the benefit of this trend. Rooted in the concept of cashless transaction, fuel card is a device through which purchase becomes easier and it enables the user to have his finger on the pulse of his transactions. These cards provide real-time updates which optimizes the potential of logistics and assists companies in tracking expenses at a drop of a hat. Features like these have set the global fuel card market on a track where it can register a 5.47% CAGR during the forecast period (2018-2023) and amass a valuation of USD 826.3 billion by 2023. As per the reports of Market Research Future (MRFR), fuel card market in its journey till 2023 can find allies in budding trends such as cashless transaction and from logistics sector, who can track their every penny in the process. Furthermore, market behemoths such as Edenred, Fleetcor and Uber are evidently, making the fuel card market lucrative with cash rewards and other perks.
On the other hand, the fuel card market is facing a serious threat from security breach and privacy issues. Cybercrimes and other fraudulent activities can jeopardize the entire fuel card market growth during the forecast period. Furthermore, imposition of stringent laws can impede the expected market growth.
The global fuel card market is expected to shine bright with several companies chipping in with their own strategic moves. The market, along with the individual companies, are expected to expand. It is bound to get assistance from mergers, acquisitions, new product launch, collaboration and other smart moves on its endeavor in pushing the boundary far.
Wex Inc. inked a deal recently with Shell Oil Products U.S. and Shell Canada Products to issue new fleet cards in commercial segment, both in the U.S. and Canada.
FleetCor Technologies, Inc., and Shell announced the extension of their fleet cards collaboration in Europe to small-to-medium enterprises (SMEs) in 2018.
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Major Key players
- 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.)
- British Petroleum (U.K.)
- Fuelman (U.S.)
- Arco Limited (U.K.)
- Comdata (U.S.).
The global fuel card market can be segmented by card type, vehicle type, and application.
By card type, the fuel card market can be segmented into business fuel card, individual fuel card, and prepaid fuel card. Among these, business fuel card is leading the charge, whereas, individual fuel card has shown prospects of growing with the fastest CAGR during the forecast period.
Based on vehicle type, the market can be segmented into heavy fleets and light fleets. Heavy fleets segment is registering the maximum market revenue. Meanwhile, light fleets segment is fast catching up with the fastest CAGR over the forecast period.
Based on application, the fuel card market includes fuel refill, parking, vehicle service, toll charge, and others. Toll charge is the biggest segment with maximum market revenue but fuel refill can become the fastest growing segment in coming years.
Geographic conceptualization of the fuel card market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America has the largest market share. The stellar proliferation of internet across sectors is impacting lives in significant ways and one such is fuel card which aims at reducing daily hassles. Furthermore, the region tends to go cashless, which makes fuel cards all the more popular. The U.S. is contributing the most to the regional market growth.
Europe is doing exciting business as well in fuel card market. They can attribute the market growth to the Western European countries such as the U.K., France, and Germany who are putting together efforts to make the market go in right direction. Furthermore, several fuel card providers are from North America and Europe which is impacting the market in a profound way.
The APAC market can be a huge market in coming years as many of the emerging nations are yet to realize their full potential in exploring fuel card market possibilities. This has triggered a lot of international companies to step in and set up their facilities accordingly. Densely populated countries such as India, China, and Japan can secure advantageous grounds for the fuel card market in coming years.
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