According to the latest report by IMARC Group, titled "Fuel Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global fuel cards market reached a value of US$ 654.75 Billion in 2021. Fuel cards, or fleet cards, represent an alternative payment method that enables drivers and passengers to track, manage, and budget vehicle-associated services. The user can swipe cards to pay the bill instead of relying on personal cash and debit monetary transactions. Fuel cards are used to provide access to multiple cards, organize reporting systems, and help in downloading statements or reports and reimbursements by mitigating administrative hassle. This, in turn, assists fuel vendors in capturing low-level data on the mileage of automobiles, determining vehicle services and fuel filling in gallons, and enhancing fleet management productivity. Additionally, fuel cards are embedded with a telematics interface and anti-fraud detection solutions with individual numbers to ensure optimal security.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fuel Cards Market Trends:
The global fuel card market is primarily driven by the increasing need for enhanced fleet and fuel management services and the widespread adoption of secured digital payment methods for online monetary transactions. This can be further attributed to the growing concerns amongst users to secure unwanted expenditures by fleet administration, which, in turn, is facilitating the extensive utilization of fuel cards to access real-time actionable insights to prevent unauthorized and non-fuel purchases. Additionally, the advent of smart cards or mobile payment applications and their large-scale integration with the Internet of Things (IoT), embedded chips, quick response (QR) codes, and near-field communication (NFC) to optimize payment methods is acting as another growth-inducing factor. In line with this, the favorable initiatives being undertaken by governments to promote the uptake of fuel cards for meeting the cashless economy objective and ensuring contactless payment, especially during the COVID-19 pandemic, are supplementing the product demand. Other factors, such as the implementation of various fuel card programs to offer discounted prices and vouchers within the chain for reducing fuel prices and strategic collaborations amongst key players to enhance product efficacy by developing customizable solutions, are positively stimulating the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,286.83 Billion by 2027, growing at a CAGR of 11.70% during 2022-2027.
- Based on the type, the market has been segregated into branded, universal, and merchant.
- On the basis of technology, the market has been bifurcated into smart and standard cards.
- Based on the application, the market has been segmented into fuel refill, parking, vehicle services, toll charges, and others.
- On the basis of the end user, the market has been bifurcated into individual and corporate.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Absa Group Limited, BP p.l.c., Chevron Corporation, Engen Petroleum Ltd., Exxon Mobil Corporation, FirstRand Limited, FleetCor Technologies Inc., Puma Energy (Trafigura Group Pte. Ltd.), Shell plc, TotalEnergies SE, U.S. Bancorp and WEX Inc.
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