Global Fuel Card Market - 2022-2029

Global Fuel Card Market - 2022-2029

Market Overview

The global fuel card market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

A fuel card or fleet card transfers payment at the fuel station and pays for vehicle maintenance and other expenses. It is equipped with several features, such as timely and complete reporting for the fleet of corporates and enables real-time updates to owners to keep track of all expenses related to their fleet. Additionally, eliminating manual tasks also occurs by electronically generating receipts, auditing and regularizing checks.

The fuel cards provide additional benefits to the fleet owners compared to other cards, including discounted fuel prices and detailed reports to fleet managers by capturing low-level data that provides details, such as mileage of vehicles, the gallons or liters of fuel and the need for servicing the vehicle. The different forms of fuel cards available include branded fuel cards, universal fuel cards and merchant brand cards. Customers are increasing mobile payments in various forms, including in-app payments.

Market Dynamics

The growing need for improved fuel management in the transportation industry and the increasing penetration of digital technology are major driving factors for the market's growth. Additionally, a growing number of players introducing lucrative schemes for using fuel cards is creating a lucrative opportunity for the players in the market to increase the customer base, which significantly enhances the market's growth.

High efficiency in fleet administration by tracking real-time data

The application of fuel cards improves fleet expenses and efficiency by tracing and analyzing real-time mileage and fuel usage by different vehicles in a fleet. Moreover, the fleet operators use fuel cards for truck cleaning, maintenance, truck repairs, fuel and replacing vehicle rental. The data captured by a fuel card comprises odometer reading, fuel grades, fuel product, the quantity of fuel, vehicle ID, driver ID and tax information related to transaction details such as time, location, spend amount and date. Thus, the increasing demand for the fuel card to increase fleet efficiency is a major driving factor for the market.

Security and privacy concerns might hamper the growth of the market

The security and privacy associated with fuel cards might result in data leaks. The hackers might use it for crimes, a major factor hampering the market growth during the forecast period. Increasing fraudulent fuel card transactions is causing delays and wasting time which is a key challenge for the business worldwide. Thus, it is creating a significant challenge for the market's growth.

COVID-19 impact analysis

The fuel market is witnessing growth in the COVID-19 pandemic as various organizations introduce new fuel cards for their customers. The government also promotes contactless payments to curtail the spread of COVID-19. Furthermore, many private companies collaborate with public companies to introduce new products to attract consumers to adopt novel fuel cards, thereby producing numerous opportunities for market growth. For instance, Chevron and SPRC collaborated to introduce new fuel cards worth 2.35 million baht to support medical workers and representatives fighting COVID-19. Thus, this type of initiative has a positive impact on the growth of the market.

Segment Analysis

The global fuel card market is segmented into type, application and regions. The global fuel card market is segmented into branded, universal and merchant based on type. The universal segment is expected to hold the largest market share during the forecast period. High usage of universal fuel cards in various payment outlets is a major factor fostering the segment's growth.

Geographical Analysis

Europe is expected to hold the largest fuel card market due to the high adoption of advanced technology and the increasing dependence of various commercial sectors on adopting fuel cards. For instance, Shell fuel cards are adopted across various countries in Europe as it is the most convenient payment option.

Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Emerging nations such as China and India and the increasing expansion of key industries in the region, including the IT sector and the launch of new contactless and affordable fuel cards in the market, are expected to fuel the growth of the fuel car market in the Asia-Pacific.

Competitive Landscape

The global fuel card market is highly competitive as the major automotive component manufacturers have a diverse portfolio of fuel cards for various applications. Some of the major players contributing to the growth in the segment are BP P.L.C., Engen Petroleum Ltd, Exxon Mobil Corporation, FirstRand Bank Limited, FleetCor Technologies, Inc., Libya Oil Holdings Ltd., Puma, Royal Dutch Shell plc, U.S. Bancorp and WEX Inc. The significant players adopt several growth strategies such as new product launches, acquisitions, joint ventures and collaborations, contributing to global growth in the industry.

On 1st July 2019, WEX Inc. completed the acquisition of (“Go Fuel Card”) of EG Group and expanded its business operations across Netherlands, France, Belgium and Luxembourg. It would increase the reach of customers in the Europe of WEX Inc. and result in sales growth.

BP P.L.C

Overview: BP is an oil and gas company headquartered in London, UK and it performs operations such as exploration and extraction, refining, distribution and marketing, power generation and trading. It was founded in April 1909 and is listed on New York Stock Exchange, Frankfurt Stock Exchange, London Stock Exchange and financial times stock exchange. It has 65900 employees, 2150 strategic convenience sites and operations in more than 65 countries across the globe.

Product Portfolio: BP Fuel Cards come in various brands, including BP plus, BP+ Aral, BP fuel charge, BP plus bunker and BP supercharge. It is designed to meet the network and business requirements of our customers. It is available in various BP sites and different partner stations.

Key Developments: On 18th October 2021, BP and Mercedes digital in truck fuel payment in the UK. It would enhance fuel purchasing ‎and management, making it more efficient and secure for truck drivers and ‎fleet managers. It would also reduce the risk of fraud as it does not require any physical fuel card.

Why Purchase the Report?

Visualize the composition of the fuel card market segmentation by type, application and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the fuel card market by analyzing trends and co-development deals.

Excel data sheet with thousands of fuel card market-level 4/5 segmentation data points.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the critical product of all major market players

The global fuel card market report would provide an approx.: 53 market data tables, 49 figures and 200 pages.

Target Audience 2022

Chemical manufacturers

Machinery manufacturers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals