Market Overview
The global fuel card market is growing exponentially, mainly due to the rising fuel prices and increasing uptake of these cards to save fuel expenses. Fuel companies are increasingly forming partnerships with major banks to enable consumers to make contactless payments, facilitating fast, convenient and secure payment options at retail outlets. Due to the pervasively rising fuel prices, many people are looking for credit cards to save on their everyday fuel spending.
Besides, the growing awareness of fuel card benefits such as cashback facilities, accelerated reward points, co-branded benefits, and more boosts market demand. Most cards offer a certain amount of fuel surcharge waiver per month, while some cards are designed specifically to cater to changing fuel needs. Some electronic payment providers offer fuel, corporate expenses, and health payments cards as well.
Virtual fuel cards, innovations in payment systems, enhanced fuel card offerings for fleets that can provide competitive discounts, fuel savings, and zero card transaction fees are the latest global fuel card market. Besides, benefits such as interest-interest-free credit periods, fuel surcharge waiver, extra mile discount program, and a suite of products and solutions optimize fleet operations and quality of life of drivers while on the road.
Due to the COVID 19 onset, the fuel industry worldwide faced brief underlined weaknesses. However, post the relaxation of lockdown mandates in many countries, over-the-road transactions have continued positively, with trucking volumes up. Some coronavirus-driven trends such as contactless payments and virtual fuel cards are expected to remain forever.
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Segmentation
Based on the card type, the global fuel card market can be segmented into individual fuel card, business fuel card, and prepaid fuel card. Among these segments, business fuel cards segment has the significant lead.
Based on the vehicle type, the fuel card market can be bifurcated into heavy fleets and light fleets. Heavy fleets segment has the market edge.
Based on the application, the fuel card market can be segmented into toll charge, parking, fuel refill, vehicle service, and others. Toll charge segment leading the pack with considerable market revenue.
Regional Overview
The highest market share for the fuel card is accounted for in North America. The region's fast-paced life, the urge to go cashless and the prevalence of the internet at any point have a knock-out impact on the market share of fuel cards. The United States is the principal contributor to the growth of the regional market. The stellar proliferation of the internet across sectors has a significant impact on life, and one of these is the fuel card that aims to reduce daily problems.
It is all due to the influences of the western portion of the continent that Europe is getting a fantastic ride. The UK, Germany and France are major contributors. The area rejoices at the growth due to the emergence of large prepaid corporate card service providers and connection to the internet. In addition, several suppliers of fuel cards are from North America and Europe, which have a profound impact on the market.
Over the coming years the APAC field is expected to shift the ball game. In the coming years, the APAC market will be a big opportunity because many of the developing nations are yet to understand their full potential in pursuing fuel card business possibilities. This has caused many foreign firms to step in and develop their facilities accordingly. The region is projected to register the fastest growth among its peers over the forecast period. China, India, and Japan are to become major contributors due to their dense population and growing use of vehicles.
Competitive Scenario
Key players to get involved in the fuel card market are Arco Limited (U.K.), Royal Dutch Shell (Netherlands), FleetCor Technologies, Inc. (U.S.), ExxonMobil (U.S.), BP (U.K.), Wex Inc. (U.S.), Puma Energy (Singapore), Oilibya (Libya), Engen Limited (South Africa), First National Bank (U.S.), Fuelman (U.S.), British Petroleum (U.K.), and Comdata (U.S.).
The global demand for fuel cards is predicted to shine brilliantly with many companies chipping in with their own strategic moves. The business is expected to grow with the individual firms. It's bound to get help from mergers , acquisitions, new product launch, collaboration, and other smart moves to push the boundary far.
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