Tokyo, Japan, May 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Fuel Card Market Research Report: By Card Type, Vehicle Type, Application, and region. - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 772.09 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 5.7 % during the assessment timeframe.
Key players operating in the global Fuel Card Market include.
- Shell PLC,
- ExxonMobil,
- BP,
- FLEETCOR Technologies, Inc.,
- OLA Energy,
- Engen Petroleum LTD,
- FNB,
- Fuelman,
- Comdata Inc.,
- Bharat Petroleum Corporation,
- HPCL.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 772.09 Billion |
| Growth Rate | CAGR of 5.7% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Growing Adoption Of Digitization And The Internet Of Things (Iot) |
| Key Market Drivers | Increasing Demand For Cashless Fuel Transactions Growing Need To Optimize Fleet Expenses Tasks Among Fleet Managers And Vehicle Owners |
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The fuel card, often known as the fleet card, is a payment card used at petrol stations to purchase petrol, diesel and other fuels. At the option of the fleet owner or manager, fleet cards can also be used to pay for vehicle maintenance and expenses. The majority of gasoline cards are charge cards. Fleet cards are distinct in that they provide convenient and thorough reporting. Fleet cards allow fleet owners/managers to obtain real-time reports and put purchase controls on their cards in order to keep track of all business-related spending.
They are typically issued by a single corporation. This means that cardholders can only use their cards at the issuer's owned, operated, and franchised locations. Fleet cards, like conventional payment cards, are engraved or laser printed with information such as the card number, expiration date (if applicable), corporate name, and, in some cases, the authorised user's name.
Newer cards have a tiny chip on the front and a magnetic strip on the back to be utilised at POS terminals. Companies provide these cards to drivers and other personnel so that they can be used in place of personal identification cards. Fleet cards are issued by major oil and gas corporations such as Shell, ExxonMobil, Chevron and Texaco.
Companies that utilise their cards are generally confined to accessing the card issuer's websites.
Consumer behaviour is shifting as they embrace frictionless mobile payments. Consumers anticipate a smooth experience across numerous purchasing touchpoints with the advent of various novel features and increased digitization in the cards & payments industry. As a result, demand for cashless fuel transactions has increased. These cards, in addition to providing cashless ease, also give card security and purchase discounts. Furthermore, loyalty programmes have been a major driver of the need for cashless fuel transactions and, as a result, fuel cards. These loyalty programmes are provided by fuel card providers through partnerships with loyalty point aggregator companies and loyalty marketing platforms.
As a result, the growing need for cashless gasoline purchases is propelling the worldwide fuel card market forward.
The gasoline card market has undergone a tremendous transition in recent years. Much of this can be attributed to the increasing use of digitalization and the Internet of Things (IoT). The industry's gasoline card vendors are improving the consumer experience through analytics-based personalisation. These companies have used internet platforms and mobile apps to acquire new consumers and improve customer service. Furthermore, fuel card vendors have been focusing on implementing telematics interfaces and better reporting features based on collected data in order to improve fleet management efficiency.
gasoline cards make it simple for fleet managers and vehicle owners to track vehicle-related expenses including gasoline and maintenance services at pumps and service facilities. Fuel cards, like other payment cards, are vulnerable to misuse and fraud. As a result, data security and privacy concerns exist in the gasoline card sector, affecting the profitability of vehicle fleet managers in particular.
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Fuel card market Segment
The global Fuel Card Market has been divided into four sections: card type, vehicle type, application, and region.
The global Fuel Card Market has been classified into three types: business fuel cards, individual fuel cards, and prepaid fuel cards.
The business fuel card segment held the biggest market share in 2021 and is expected to grow at a 5.8% CAGR during the review period.
The global Fuel Card Market has been divided into two segments depending on vehicle type: heavy fleet and light fleet.
Based on application, the worldwide gasoline Card Market has been divided into gasoline replenishment, parking, car service, toll tolls, and others.
Asia-Pacific, North America, Europe, the Middle East and Africa, and South America have all been researched in terms of the global Fuel Card Market.
In 2021, Europe held the biggest market share. The region is expected to grow significantly as a result of government measures aimed at addressing the environmental issues linked with carbon emissions.
The data from gasoline card transactions can be used to report and understand fuel economy if it has declined, or to maintain the vehicle on a regular basis with an informed decision.
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The Asia-Pacific area is the fastest expanding. The region will have the greatest CAGR in the world due to population growth, increased adoption of digital technologies, increased internet penetration, rising purchasing power, and a concentration of young people. Fleet cards for corporate mobility are available from market suppliers. The region has been divided into China, Japan, India, and the rest of Asia-Pacific. During the projection period, China is expected to lead the market and post the highest CAGR.
The global fuel card market is expected to grow at a healthy rate during the forecast period, owing to rising demand for cashless transactions. The rising desire for cashless transactions is the primary driver of the gasoline card market's expansion.
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