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.
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.
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- 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.).
According to MRFR, 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 seems quite plausible by 2023 for the fuel card market.
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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Table of Contents
1 Executive Summary
2 Market Introduction
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
3 Market Insights
4 Research Methodology
4.1 Research Process
4.2 Primary Research
4.3 Secondary Research
4.4 Market Size Estimation
4.5 Forecast Model
5 Market Dynamics
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