Fuel Card Market
Fuel Card Market By Type of Fleet (Truck Fleet Operators, Business Fleet, Construction Fleet Operators), By Card Type (Universal Fuel Card, Fuel Credit Cards, OnG Corporation Cards, Network Cards, Over the Road Fuel Cards), By Use Case, By Regions - Global Insights 2020-2030
Booming Fintech Industry to Witness Spike in Fuel Card Sales as Transactions Become Digitized
The global fuel card market is estimated to grow at a CAGR of over 6.5% during the forecast period (2020-2030), reaching a value pool of over US$ 2,500 Bn. The convergence of the IT sector and the banking sector has led to digital revolutionary changes in the way individual banks operate. Multinational companies and large business organizations are riding the wave of digitization in monetary transactions. This is anticipated to forward the global fuel card market.
The growing inclination towards digital banking in North America & Europe alludes to the higher speed and accuracy of business-related financial operations. While businesses and employer organizations continue to adopt a digital approach for banking; North America is stepping into the next phase of digitization with the adoption of fuel cards.
Due to the ongoing Coronavirus outbreak, contactless and automated forms of payment have expanded. This has proved to be a bane for the global fuel card market. Therefore, several experts suggest the utilization of online mobile payments.
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Commercial Fleet Segment is estimated to be the Most Lucrative
The commercial fleet segment shall capture a large share in the global fuel card market compared to the Over the Road segment. The commercial fleet segment is projected to create an incremental opportunity of more than $2,100 Bn by 2030. The slow growth in the over-the-road type fleet segment in the market is attributed to a lack of awareness about the advantages of digitization and rising concern for card skimming among end-users.
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Europe to Hold Credible Market Share, East Asia Presents Enormous Opportunities
The fuel card market in Europe is anticipated to hold the maximum market share of over 32%, expanding at a CAGR of over 6% in the forecast period. The East Asian market is foreseen to retain a significant share by 2028 expanding at a CAGR of over 8%. Over the past five years, the growth of fintech firms offering fuel cards in East Asia has been fueled not only by developments in technology and the pace of internet penetration in the region but also by more people being financially savvy, thus demanding better financial services.
Moderately Fragmented Market Structure with Wide Scope for Growth
The global fuel card market is moderately fragmented in nature with major players such as FleetCor Technologies, Inc., WEX Inc., Voyager Fleet Card, Fuel Genie (Worldline IT Services Ltd.), H24 (Ingenico Group), and other players acquiring more than 15% of the overall market share.
The market for fuel cards is estimated to grow over the forecast period as the contenders in the fuel card market are rising and competition with the existing players is expected to increase in the next five years. Expansion with strategic developments, product innovation, collaborations, and acquisitions will remain key forte.
Impact of Covid-19 on Global Fuel Card Market
Most industries' economies are experiencing shortfalls and restrictions because of coronavirus, and the fuel card market is not excluded. Payments Journal listed some results of the impact of coronavirus on every aspect of the business. In addition to the pandemic, fuel card offerors are also facing an "infodemic" of social media, spreading false information about Covid-19 that is sowing fear among customers.
Most countries are promoting the use of contactless payments to avoid the spread of the virus from exchanging money any further. The global fuel card market witnessed low utilization figures during the first quarter of 2020. It can be estimated that the figures will stabilize upon reaching the initial third and fourth quarter of 2020.
“Several service providers with fuel cards have started deploying telematics system and good reporting facilities. Such technological improvements are anticipated to transform the global fuel card industry.” says the Fact.MR analyst
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Fuel Card Market: Scope of the Report
The recent study on the global fuel card market by Fact.MR offers a decade long forecast, incorporating the key drivers, restraints, opportunities and threats to the market. The global fuel card market is segmented on the basis of type of fleet, card type, subscription type, fleet type, end-use and region.
- Region wise, the global fuel card market is divided into North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa. The report includes an in-depth analysis of value chain, business execution and supply chain across all the regions.
- A detailed competitive landscape has been embedded within the report. Detailed analysis of important market players in terms of key expansion strategies, technological developments, and landmark agreements with fellow competitors, have been incorporated.
Global Fuel Card Market: In-Depth Assessment on Key Segments
The global fuel card market is segmented on the basis of type of fleet, card type, subscription type, fleet type, end-use, and region.
By Type of Fleet :
- Truck Fleet Operators
- Business Fleet
- Construction Fleet Operators
- Other Customer Group
By Card Type :
- Universal Fuel Card
- Fuel Credit Cards
- OnG Corporation Cards
- Network Cards
- Over the Road Fuel Cards
By Subscription Type :
- Bearer Card
- Registered Card
By Fleet Type :
- Commercial Fleet
- Over the Road
By Use Case :
- Oil Fees Payment
- Parking Fees
- Toll Fee Payment
- Fleet Maintenance
- Other Payments
By Region :
- North America
- Latin America
- East Asia
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