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.
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.
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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
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.
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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.
Type of Fleet
- Truck Fleet Operators
- Business Fleet
- Construction Fleet Operators
- Other Customer Group
- Universal Fuel Card
- Fuel Credit Cards
- OnG Corporation Cards
- Network Cards
- Over the Road Fuel Cards
- Bearer Card
- Registered Card
- Commercial Fleet
- Over the Road
- Oil Fees Payment
- Parking Fees
- Toll Fee Payment
- Fleet Maintenance
- Other Payments
- North America
- Latin America
- East Asia
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.
Global Fuel Card Market – Scope Of The Report
The following report provides a forecast and analysis of the global fuel card market along with the historical data of 2015, estimated data 2020, and forecast data up to 2030 in terms of value (US$ Bn), according to a Fact.MR study. The research propounds critical trends that are currently influencing growth within the global fuel card market along with several macroeconomic indicators.
This newly published and insightful report on fuel cards shed light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global fuel card market.
The report also comprises the study of current issues with end users and opportunities for fuel cards. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis of the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of fuel card manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the fuel card market provided in the report adds to the credibility of this exhaustive research study.
Country-specific assessment on demand for fuel cards has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index, and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous fuel card manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides a company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global fuel card market. Some of the major competitors operating in the fuel card market are FleetCor Technologies, Inc., WEX Inc., Voyager Fleet Card, Valero Energy Corporation, Hoyer GmbH, and Exxon Mobil Corporation.
Global Fuel Card Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar, and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the fuel card market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the fuel card market, which includes global GDP growth rate, various industries' growth rate, such as the automobile and vehicle maintenance industry. This report serves as an authentic resource of intelligence on the fuel card market, enabling the readers to make fact-based decisions on the future direction of their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
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