Fuel Card Market 2019 Global Size, Segments, Recent Trends, Competitive Landscape, Emerging Technologies and Industry Growth by Forecast to 2023
The report on the global Fuel Card market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player’s market share analysis, competitive landscape and supply chain analysis.
Global fuel card market is gaining credibility with several market giants pouring in to reap the benefit of this trend. A fuel card is a device through which purchase becomes more convenient and enables the consumers to keep track of their transactions since these cards provide real-time updates which optimize the potential of logistics. These features are likely to influence the global fuel card market. According to Market Research Future (MRFR) studies, the global fuel card market is estimated to grow at a 5.47% CAGR during the forecast period of 2018 to 2023 and accumulate a valuation of USD 826.3 billion by 2023. Growing trends such as cashless transaction are also likely to contribute t the market growth.
Alternatively, the fuel card market is facing a severe threat from security breaches and privacy issues. Cyber crimes and related fraudulent actions can endanger the entire fuel card market growth over the forecast period. Furthermore, the imposition of strict laws can hinder the expected market growth.
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Major Key Players:
- Royal Dutch Shell (Netherlands),
- ExxonMobil (U.S.),
- BP (U.K.),
- FleetCor Technologies, Inc. (U.S.),
- Wex Inc. (U.S.),
- Oilibya (Libya),
- Puma Energy (Singapore),
- Engen Limited (South Africa),
- First National Bank (U.S.),
- British Petroleum (U.K.),
- Fuelman (U.S.),
- Arco Limited (U.K.),
- Comdata (U.S.).
According to MRFR, The global Fuel Card Market is yet to realize its full potential but it is recording a modest 5.47% CAGR during the forecast period (2018-2023). A market valuation of USD 826.3 billion seems quite plausible by 2023 for the fuel card market.
Wex Inc. announced a deal with Shell Oil Products based in the U.S. and Shell Canada Products to issue new fleet cards in the commercial segment, both in the U.S. and Canada.
FleetCor Technologies, Inc., and Shell announced the extension of their fleet cards collaboration in Europe to small-to-medium enterprises (SMEs).
The global fuel card market has been segmented by card type, vehicle type, application, and region.
Based on card type, the fuel card market can be segmented into a business fuel card, prepaid fuel card, and individual fuel card. Amongst these, business fuel card is leading the market, whereas, particular fuel card segment is estimated to rise with the fastest CAGR during the forecast period.
Based on vehicle type, the market has been segmented into massive fleets and light fleets. Massive fleets segment is likely to record the highest market revenue. Meanwhile, light fleets segment is expected to grow with the fastest growing CAGR through the forecast period.
Based on application, the fuel card market comprises of parking, toll charge, vehicle service, fuel refill, and others. Toll charge is the most significant segment with the maximum market revenue, and fuel refill is expected to grow as the fastest growing segment over the forecast period.
North America is the largest market share in the regional market of fuel cards. The rapid growth of internet across regions has impacted the lives of the consumers in significant ways. The fuel card is considered to be one such factor in the digital expansion, that aims at reducing daily hassles. Additionally, the region inclines towards the cashless movement, which is likely to contribute significantly to the fuel card market in the region. The U.S. has a significant contribution to the regional market growth of fuel cards. Europe is doing sensational business in the fuel card market. The market growth is influenced by Western European countries such as the U.K., France, and Germany which are contributing to the regional market share. Moreover, numerous fuel card providers are from North America and Europe which is profoundly impacting the market.
The APAC market is likely to show considerable growth over the forecast period since many developing countries are yet to realize their full potential in exploring fuel card market possibilities, but the investment of foreign market layers in these regions is likely to create growth in the fuel card market. Densely populated countries such as China, India, and Japan are estimated to acquire advantageous grounds for the fuel card market over the forecast period.
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Table of Contents
1 Executive Summary
2 Market Introduction
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
3 Market Insights
4 Research Methodology
4.1 Research Process
4.2 Primary Research
4.3 Secondary Research
4.4 Market Size Estimation
4.5 Forecast Model
5 Market Dynamics
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