Fuel card refers to reloadable prepaid card, which is used for making payment of expenses related to a vehicle such as fuel filling, vehicle servicing, vehicle maintenance, and others. These cards are gaining popularity owing to the benefits offered by them, which include comprehensive reporting for the fleet of corporates that provides real-time expense track of these fleets.
The detailed report includes information such as mileage of vehicles, gallons or liters of fuel used, and vehicle service requirements. In addition, it eliminates manual tasks such as auditing and submission of receipts while profiting the corporate with discounted fuel price offers.
The growth of the fuel card market is driven by the transforming customer experience, owing to rise in adoption of prepaid cards among millennial population. Moreover, increase in preference towards payment digitization and influence of internet of things supplement the market growth. However, lag of innovation within the fuel card product offerings as compared to that of other payment cards restrains the market growth. The benefits and convenience offered by fuel cards is expected to provide opportunities for the market in the years to come.
The global fuel card market is segmented based on product, application, and geography. On the basis of product type, the market is divided into branded fuel cards, universal fuel cards, and merchant fuel cards. Applications covered in the study include fuel refill, parking, vehicle service, toll charge, and other. Geographically, the market is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Major companies profiled in the report include Royal Dutch Shell, ExxonMobil, British Petroleum, FleetCor, U.S. Bancorp, Wex Inc., Oilibya, Puma Energy, Engen, and First National Bank.
- Comprehensive analysis of the current trends and future estimations in the global fuel card market is provided.
- The report offers a competitive scenario of the market with growth trends, structure, drivers, scope, opportunities, and challenges.
- It includes a detailed analysis of the key segments to provide insights on market dynamics.
- Porters Five Forces analysis highlights the potential of buyers and suppliers and the competitive structure to devise effective growth strategies and facilitate better decision-making.
Fuel Cards Market Key Segmentation:
- Fuel Refill
- Vehicle Service
- Toll Charge
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
- Royal Dutch Shell
- British Petroleum
- U.S. Bancorp
- Wex Inc.
- Puma Energy
- First National Bank