Fuel card market is expected to expand at a CAGR of 5.6% over the forecast period, finds TMR study

  • Due to their significant cost savings and improved fleet management, fuel cards and fleet management are becoming increasingly popular among fleet owners and consumers
  • The smart card category is expected to grow steadily as customers’ preferences for easy payments increase

Wilmington, Del., September 21, 2022 /PRNewswire/ — In 2021, the value of the global fuel card market was at $35.1 billion. The global market is expected to grow at a CAGR of 5.6% during the forecast period of 2022 to 2031. The global fuel card market is expected to reach $59.2 billion 2031. The global fuel card market will be driven by increasing demand for cashless fuel purchases and widespread adoption of technological innovation. Rising usage of prepaid and contactless cards and improvements in fuel card services are expected to bring lucrative growth opportunities to the global market in the near future. Technological innovations in this field are the ultimate guide for choosing a fuel card.

Fuel cards are easy to use and offer customers many advantages. Smart cards enable fleet owners and customers to make instant payments without cash. To increase their market share, prominent market players are investing their R&D efforts in cutting-edge technologies, including telematics interfaces, mobile apps, tokenization, and cardholder verification techniques. In addition, they place a high value on reviewing payment and system procedures in light of changing customer preferences.

2021, Europe held a significant share of the global fuel card market. Regional fuel card companies integrate sophisticated features that are beneficial to customers. The enterprise end-user segment is growing in the region due to the rapid growth of the enterprise sector and the increasing number of fleet management firms operating everywhere Europe.

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Key Findings of the Market Report

  • Technologies like contactless and prepaid are relatively new and are being integrated into the best fuel cards for small businesses. Canada, FranceUK, USA, Franceand Sweden are the top five cashless economies in the world, according to a survey. For market participants like the rapid industrialization and urbanization in developing countries Brazil, South Africa, Mexico, Chinaand India offers enormous opportunities.
  • The transport and logistics industry is increasingly using fleet management software. The use of analytics by large companies aims to improve the personalized consumer experience. Online channels are added to this strategy to facilitate customer acquisition while reducing costs and time. Mobile applications are developed by participants in the fuel card market to improve customer service. These applications help users to find the nearest gas station. Hence, the growing need for efficient fleet management is expected to boost the global fuel card market.
  • The universal category led the market in 2021 by type and is expected to capture a significant market share of fuel cards. The market category is expected to remain the leader during the forecast period. Fuel data management services are streamlined through widespread station access provided by universal fuel cards. The cards are only used for refueling. Compared to other cards, universal cards are cheaper.

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Global Fuel Card Market: Growth Drivers

  • Technically, in 2021, the standard card category accounted for 83% of all fuel card sales worldwide. Discounts on utility bills and fuel costs are just a few of the benefits that standard fuel cards can offer.
  • The growing use of prepaid and contactless technologies in Asia Pacific is intended to drive the regional market forward. Among the economies with the high growth rates China and India where the use of fuel cards is expected to increase sharply in the coming years.

Global Fuel Card Market: Key Players

Some of the key market players are

  • First National Bank (FNB)
  • Engen Petroleum Ltd.
  • total fuel card
  • shell group
  • BP plc.
  • Absa Bank Limited

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Global Fuel Card Market: Segmentation

Type

  • Branded
  • Universal
  • dealer

technology

  • smart cards
  • standard maps

end user

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