Market Overview
The global fuel card market is growing exponentially, mainly due to the rising fuel prices and increasing uptake of these cards to save fuel expenses. Fuel companies are increasingly forming partnerships with major banks to enable consumers to make contactless payments, facilitating fast, convenient and secure payment options at retail outlets. Due to the pervasively rising fuel prices, many people are looking for credit cards to save on their everyday fuel spending.
Besides, the growing awareness of fuel card benefits such as cashback facilities, accelerated reward points, co-branded benefits, and more boosts market demand. Most cards offer a certain amount of fuel surcharge waiver per month, while some cards are designed specifically to cater to changing fuel needs. Some electronic payment providers offer fuel, corporate expenses, and health payments cards as well.
Virtual fuel cards, innovations in payment systems, enhanced fuel card offerings for fleets that can provide competitive discounts, fuel savings, and zero card transaction fees are the latest fuel card market size. Besides, benefits such as interest-interest-free credit periods, fuel surcharge waiver, extra mile discount program, and a suite of products and solutions optimize fleet operations and quality of life of drivers while on the road.
Due to the COVID 19 onset, the fuel industry worldwide faced brief underlined weaknesses. However, post the relaxation of lockdown mandates in many countries, over-the-road transactions have continued positively, with trucking volumes up. Some coronavirus-driven trends such as contactless payments and virtual fuel cards are expected to remain forever.
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Global Fuel Card Market – Segments
The Fuel Card industry analysis is segmented into card type, vehicle type, application, and region. The card type segment is sub-segmented into business fuel cards, individual fuel cards, and prepaid fuel cards. Of these, the business fuel cards segment accounts for a considerably larger market share.
The vehicle type segment is sub-segmented into heavy fleets and light fleets. Among these, the heavy fleets segment has the edge over other segments. The application segment is sub-segmented into fuel refill, parking, vehicle service, toll charge, and others. Among these, the toll charge segment accounts for substantial market revenue. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Fuel Card Market – Regional Analysis
North America dominates the fuel card market, holding the largest market share. The region witnesses the rapid expansion stage of fuel card technologies due to the well-established economy. The fast-paced life and tendency to go cashless of the population, and internet proliferation in the region are major fuel card market trends. The U.S. is the major growth contributor to the regional market. The North American fuel card market is expected to retain its dominance throughout the forecast period.
Europe stands second in the global fuel card market, heading with the vast awareness about the benefits of these cards. Additionally, the rising banking and fuel industries in the region drive the growth of the market. Countries such as Germany, France, and the UK account for significant growth contributors. The European fuel card technology market is anticipated to grow at a faster rate during the forecast period.
The Asia Pacific fuel card market witnesses rapid expansion stage, emerging as the fastest-growing market. Factors such as the broad uptake of meticulous fuel cards to make gas station payments and the rapid digitization of payment processes create substantial market demand. India, China, Japan, and Singapore hold the largest share in the regional market. The APAC fuel card market is expected to grow at an impressive CAGR during the forecast period.
Fuel Card Market – Competitive Landscape
The well-established fuel card market appears fragmented due to the presence of several well-established players. To gain a substantial competitive advantage, players incorporate strategic approaches such as mergers acquisitions, expansion, collaboration, and product/technology launch.
Major Players:
Players leading the fuel card market include ExxonMobil (US), Royal Dutch Shell (Netherlands), BP (UK), Wex Inc. (US), FleetCor Technologies, Inc. (US), Oilibya (Libya), Engen Limited (South Africa), Puma Energy (Singapore), First National Bank (US), Fuelman (US), British Petroleum (UK), Arco Limited (UK), and Comdata (US), among other.
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Industry/Innovation/Related News:
March 08, 2021 ---- WEX Inc. (the US), a leading financial technology service provider, announced its partnership with Ford Smart Mobility LLC (the US – FSM), a part of Ford Motor Company, for a new commercial fleet referral arrangement. Under the partnership, FSM would have the opportunity to refer its commercial fleet customers for the WEX program, providing them with access to WEX’s fuel card products.
WEX would offer Ford’s commercial fleet customers various WEX fuel cards, including WEX Universal card and many fuel merchant-sponsored, WEX-powered card programs that can offer various features, functionality, and solutions that meet the everyday modern fleet demands.
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