According to the latest updates, the global fuel card market size is witnessed at US$ 6.29 billion in 2018 and is projected to grow at the highest CAGR of 5.8% with the US$ 10.39 billion market size during the forecast period 2020-2027.
Fuel Cards are very helpful to the fleet vendors in several ways such as capturing low-level data on mileage vehicles, fuel filling of gallons, and the rising need for vehicle servicing. To improve fleet management productivity, the service providers of fuel cards have started embedding telematics interfaces and developing robust and sturdy reporting facilities. These fuel cards are available in various types like universal fuel cards, branded fuel cards, and merchant cards. It is expected that the merchant fuel cards are going to witness the highest demand during the assessment period.
The growing need for improved fuel management and penetration of digital transaction solutions among the transport industry is enhancing the growth of the market. Moreover, efficient fleet administration with the help of data capture is fostering the market growth. With the use and availability of fuel cards, the fuel prices are discounted which accelerates the growth of the fuel card market. These fuel cards are used by the fleet operators for costs like truck repairs, truck maintenance, truck cleaning, fuel, replacement vehicle rental, and others. This fuel card has an extraordinary feature to capture various types of data including fuel grades, odometer reading, fuel product, fuel grades, fuel quantity, driver ID, vehicle ID, and tax information like location, time, spent amount, and date which is expected to bolster the market growth in the coming years.
The fuel card market opportunities are an integration of telematics with fuel cards and the rising trend for fuel cards from developing nations is boosting the market growth.
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The fuel card market is sectioned into three forms such as card type, vehicle type, and application.
Card Type Segmentation: Based on card type, the fuel card is segmented into business fuel cards, individual fuel cards, and prepaid fuel cards.
Vehicle Type Segmentation: On the basis of vehicle type segmentation, the fuel card is bifurcated into heavy fleets and light fleets.
Application Segmentation: Based on the application, the fuel card is classified into various forms such as parking, vehicle service, fuel refill, toll charge, and others.
Based on the recent updates, the fuel card market is divided into five major regions such as Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. Out of these regions, North America is holding the largest market share due to the growing tendency of people to go cashless and fast-paced life. Moreover, the proliferation of the internet at every stage of daily life activities is also boosting the market growth in this region. Owing to the presence of the major service providers of prepaid corporate cards and internet affinity, Europe is accounting for the second-largest market share. Asia-Pacific also witnessing significant growth due to the increasing population and rise in the use of vehicles.
The fuel card market key companies are Fuelman (U.S.), Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), Bp (U.K.), OiLibya (Libya), Puma Energy (Singapore), Arco Limited (UK), First National Bank (U.S.), British Petroleum (U.K.), SPC (Singapore), Caltex (Singapore), Citibank (US), Wex Inc. (U.S.),
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As per the recent report, the fuel card market forecast states that this card market is going to grow at a significant rate due to its excellent features, advantages, and introduction of new fuel cards by BP PLC, which can pay for diesel, petrol, and electricity charges. This card comes under the BP plus cross acceptance network by providing access to the fleet drivers across 3600 fuel sites 700 charging points which is predicted to enhance the market growth during the forecast period.
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