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Global Fuel Card Market Forecast Up To 2027
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Overview:
Ease of payment has been the focus point for many industries and one popular offshoot is cashless transaction. Fuel cards are gaining traction across nations owing to its ability to keep a tab on the usage and provide real-time updates. Active participation from oil brands such as Shell, Chevron, ExxonMobil is just a fragment that is triggering the fuel card market growth. Other prepaid corporate service providers such as Edenred, Fleetcor and transport company like Uber are pushing the boundary further. The global fuel card market is yet to realize its full potential but it is recording a modest 5.47% CAGR during the forecast period (2018-2023). A market valuation of USD 826.3 billion by 2023 seems quite plausible by 2023 for the fuel card market. Market Research Future’s (MRFR) report on the same market has a keen eye on the drivers that are touted to play significant role in the furthering of the market in the coming years.
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Cashless fuel transaction is becoming quite the norm as most prefer avoiding unreasonable hassles while refueling their car and wish to move on as soon as possible. This is making quite a buzz and the card providers are trying to lure in more customers with reward points and other benefits which is fanning the spark substantially for a better fuel card market growth in forthcoming years.
Fuel cards market are also gaining much attention from the fleet managers and vehicle owners who prefer to keep an eye on the fuel consumption for optimizing logistics by managing expenses.
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However, going cashless has its own risk. A daunting threat of security breach looms all the time and it can endanger the issues regarding privacy considerably which can be a deterrent for the fuel card market during the forecast period. At the same time, legal framework can also pose a few questions which can impede many from joining the wagon.
Segmentation:
By card type, the fuel card market can be segmented into business fuel card, individual fuel card, and prepaid fuel card. Among these segments, business fuel cards segment has the considerable lead.
By vehicle type, the fuel card market can be segmented into heavy fleets and light fleets. Heavy fleets segment has the market edge.
By application, the fuel card market can be segmented into fuel refill, parking, vehicle service, toll charge, and others. Toll charge segment leading the pack with substantial market revenue.
Regional Segmentation:
North America is accounted for the maximum amount of fuel card market share. The fast-paced life of the region, tendency to go cashless, and internet proliferation at every stage are having a knock-out effect on the fuel card market share. The U.S. is the chief contributor to the regional market growth.
Europe is having a great go as well due to the impacts made by the western part of the continent. Major contributors are the U.K., Germany and France. The region is rejoicing in the rise owing to the presence of major prepaid corporate card service providers and internet affinity.
The APAC region is expected to change the ball game in coming years. The region is projected to register the fastest growth among its peers during the forecast period. India, China, and Japan are to become major contributors owing to their dense population and increasing use of vehicles.
Key Competitors:
Key players to get involved in the 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.), British Petroleum (U.K.), Fuelman (U.S.), Arco Limited (U.K.), and Comdata (U.S.).
Global Fuel Card Market by Card Type
- Business Fuel Card
- Individual Fuel Card
- Prepaid Fuel Card
Global Fuel Card Market by Vehicle Type
- Heavy Fleet
- Light Fleet
Global Fuel Card Market by Application
- Fuel Refill
- Parking
- Vehicle Service
- Toll Charge
- Others
Global Fuel Card Market by Region
- North America
- Europe
- Asia Pacific
- Rest-of-the-Worlds
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