Fuel Card Market Leading Players, Current Trends, Market Challenges, Growth Drivers and Business Opportunities | Impact of COVID-19
(firmenpresse) - Market Highlights
Fuel card market, across the globe, is gaining credibility with several market titans pouring in to reap the benefit of this trend. Rooted in the concept of cashless transaction, fuel card is a device through which purchase becomes easier and it enables the user to have his finger on the pulse of his transactions. These cards provide real-time updates which optimizes the potential of logistics and assists companies in tracking expenses at a drop of a hat. Features like these have set the global fuel card market on a track where it can register a 5.47% CAGR during the forecast period (2018-2023) and amass a valuation of USD 826.3 billion by 2023. As per the reports of Market Research Future (MRFR), fuel card market in its journey till 2023 can find allies in budding trends such as cashless transaction and from logistics sector, who can track their every penny in the process. Furthermore, market behemoths such as Edenred, Fleetcor and Uber are evidently, making the fuel card market lucrative with cash rewards and other perks.
Market Boosters and Key Barriers
Fuel card offers a dynamic outlook of the operations to fleet managers, in addition to helping drivers make cashless payment for fuels and other expenses. In recent years, fuel cards have been used in conjunction with telematics to make use of GPS data for purchasing data. This is done to track the fleet and driver performance. The latest study by Fleetmatics reveals that telematics helps bring down the fuel consumption by 573 million gallons per year, which has managed to save close to USD 2.2 Bn.
The global fuel card market could benefit most from the soaring demand for cashless fuel transactions. Rise in the number of value-added services related to fuel cards also adds to the market strength. Apart from this, numerous loyalty offerings are given to retain customers in the face of evolving market space.
Fuel card manufacturers are making extensive use of online channels as well as mobile applications to offer services. This provides an omnichannel experience to the users. To increase the adoption of fuel cards, host card emulation is now being used which offers in-house payment solutions.
Segmentation:
The fuel card market has been segmented with respect to card type, vehicle type and application.
Depending on the card type, the fuel card market is considered for business fuel card, individual fuel card, and prepaid fuel card. Between these, the business fuel cards segment has taken the lead in the global market and could retain its position even during the review period.
With regard to the vehicle type, the fuel card market is split into heavy fleets and light fleets. Heavy fleets segment is expected to gain maximum revenue in the coming years.
Application-wise, the fuel card market can be narrowed down to parking, fuel refill, toll charge, vehicle service, and others. The toll charge segment accounts for substantial market revenue and has acquired the top spot among all the application segments.
Regional Analysis:
Geographic conceptualization of the fuel card market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America has the largest market share. The stellar proliferation of internet across sectors is impacting lives in significant ways and one such is fuel card which aims at reducing daily hassles. Furthermore, the region tends to go cashless, which makes fuel cards all the more popular. The U.S. is contributing the most to the regional market growth.
Europe is doing exciting business as well in fuel card market. They can attribute the market growth to the Western European countries such as the U.K., France, and Germany who are putting together efforts to make the market go in right direction. Furthermore, several fuel card providers are from North America and Europe which is impacting the market in a profound way.
The APAC market can be a huge market in coming years as many of the emerging nations are yet to realize their full potential in exploring fuel card market possibilities. This has triggered a lot of international companies to step in and set up their facilities accordingly. Densely populated countries such as India, China, and Japan can secure advantageous grounds for the fuel card market in coming years.
Competitive Dashboard:
Some of the top competitors in the worldwide fuel card market include Puma Energy (Singapore), BP (U.K.), Royal Dutch Shell (Netherlands), Fuelman (U.S.), Wex Inc. (U.S.), Comdata (U.S.), Engen Limited (South Africa), First National Bank (U.S.), British Petroleum (U.K.), FleetCor Technologies, Inc. (U.S.), ExxonMobil (U.S.), Arco Limited (U.K.), Oilibya (Libya), to mention a few.
Browse Complete Report (at) https://www.marketresearchfuture.com/reports/fuel-card-market-6688
Unternehmensinformation / Kurzprofil:
Datum: 24.06.2020 - 09:35 Uhr
Sprache: Deutsch
News-ID 615164
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Contact person: Ehtesham Peerzade
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