Fuel card, also known as fleet card, is a payment card, which is used to manage different types of expenses associated with vehicles such as vehicle maintenance, fuel filling, vehicle servicing and others. In addition, major oil and other specialized credit card companies provide fuel card to provide their customers & employees with different benefits and improve their market value. Transporting companies majorly use fuel cards to provide delivery services and ridesharing services. Furthermore, increase in popularity of fuel card among end users, owing to its benefits, such as comprehensive reporting and real-time expense track of these fleets, drives the growth of the market. In addition, implementation of fuel cards eliminates manual tasks, such as auditing and submission of receipts, while profiting the corporate with discounted fuel price offers.
Need for improved fuel management and penetration of digital transaction solutions in the transport industry drive the growth of the market. In addition, efficient fleet administration with the help of enhanced data capture fuels the growth of the market. Moreover, lack of security measures hampers the growth of the market. Furthermore, integration of telematics with fuel cards and increase in demand for fuel card from developing nations are expected to provide lucrative opportunities for the market.
The global fuel card market is segmented on the basis of type, application, and region. By type, it is divided into branded, universal, and merchant fuel cards. In terms of application, it is classified into fuel refill, parking, vehicle service, toll charge, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the fuel card market analysis are British Petroleum, Engen, ExxonMobil, First National Bank, FleetCor, Oilibya, Puma Energy, Royal Dutch Shell, U.S. Bancorp, and Wex Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key benefits for stakeholders
- The study provides in-depth analysis of the global fuel card market forecast along with the current & future trends to understand the imminent investment pockets.
- The key drivers, restraints, and opportunities and their impact analysis on the global fuel card market size are provided in the report.
- Porter's five forces analysis highlights the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
Key market segments
- Fuel refill
- Vehicle service
- Toll charge
- North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle East
Key market players
- British Petroleum
- First National Bank
- Puma Energy
- Royal Dutch Shell
- U.S. Bancorp
- Wex Inc.
Publisher : Allied Market Research