Increase in need for improved fuel management, rise in penetration of digital transaction solutions, and highly efficient fleet administration with the help of enhanced data capture are driving the growth of the global fuel cards market.
Allied Market Research published a report, titled, “Fuel Cards Market by Type (Branded, Universal, and Merchant Fuel Cards), Application (Fuel Refill, Parking, Vehicle Service, Toll Charge, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.”According to the report published by Allied Market Research, the global fuel cards market was pegged at $672.84 billion in 2019, and is anticipated to reach $ 1,210.01 billion by 2027, registering a CAGR of 13.9% from 2020 to 2027.
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Key determinants of the market
Increase in need for improved fuel management, rise in penetration of digital transaction solutions, and highly efficient fleet administration with the help of enhanced data capture are driving the growth of the global fuel cards market. At the same time, lack of security measures restrains the growth to some extent. Nevertheless, rise in demand for fuel cards from developing countries and integration of telematics with the system are expected to usher multiple opportunities for the market players.
- Due to the outbreak of the pandemic people are preferring the contactless ways of payment to curb the spread of the virus from swapping cards or exchanging money any further. This factor has declined the demand for fuel cards globally.
- On the other hand, the market is anticipated to get alleviated, in terms of revenue, post pandemic.
The universal segment to dominate the market throughout the forecast period-
Based on type, the universal segment accounted for nearly three-fifths of the total fuel cards market share in 2019 and is expected to retain its dominance by the end of 2027. This is attributed to the factors such as high efficiency of providing universal coverage, actionable insights, level 3 data capture, online reporting tools, and demand for advanced products. However, the merchant segment is anticipated to portray the fastest CAGR of 15.7% throughout the forecast period. Factors such as awareness regarding the need for integrated fleet expenditure management solution, and increase in demand for accurate fleet drive the growth of the segment.
The fuel refill segment would lead the trail by 2027-
Based on application, the fuel refill segment contributed to nearly half of the global fuel cards market revenue in 2019 and is anticipated to rule the roost till 2027. This is owing to increase in adoption of transactional cards, non-cash transaction volumes, and growth in need to manage fuel expenses due to rapidly evolving logistics & transportation industry. On the other hand, the toll segment would manifest the fastest CAGR of 15.6% by 2027.
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Europe, followed by North America to rule the roost by 2027-
Based on geography, Europe, followed by North America held the major share in 2019, generating nearly two-fifths of the global market. At the same time, Asia-Pacific is expected to grow at the fastest CAGR of 16.1% during the study period. This is owing to increase in the number of smart transportation solutions in the region along with the technological integration of prepaid cards, in this province.
The key market players–
- First National Bank
- Royal Dutch Shell
- U.S. Bancorp
- Wex Inc.
- British Petroleum
- Puma Energy
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