Global Fuel Card Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

“Global Fuel Card Market” report was recently generated by MarketResearch.biz, and has been segmented on the basis of card type, vehicle type, application, and region.

Overview:

A fuel card or fleet card refers to a reloadable prepaid card used for making payment of expenses related to a vehicle. Basic expenses such as for filling petrol or diesel, vehicle maintenance, and others are included. Fuel cards simplify the process of tracking vehicle expenses by eliminating the need for maintaining approvals and manual records. Also, a fuel card user can avail discount or rewards points at fuel stations as a special offer.

Dynamics:

Some major factors projected to drive growth of the global fuel card market include growing digitization trend and cashless payment mode in logistics and transportation industries. Increasing inclination towards smartphone applications supports cashless digital transactions. The advent of prepaid cards, mobile wallets, contactless payment, and growing traction of electronic payment preference is resulting in fuel card being opted for by a growing user pool globally.

Fuel card security among fleet professionals is among some of the major concerns currently. Need for additional cost to introduce chip-embedded consumer cards, which makes the card more secure and helps reduce fraud could also result in introduction of other mode of payment.

In addition, increasing technological improvements related to fuel cards, constant demand and growing preference for convenience among consumers is a major trend observed in the market. In addition, schemes and benefits offered through fuel cards are projected to further create growth opportunities for players operating in the target market.

Segment Analysis:

By Card Type:

Among the card type segments, the business fuel card segment is projected to dominate and register a significant revenue growth rate as compared to other card type segments in the global market. This can be attributed to the various benefits of the fuel cards such as cashless convenience among others, and simplification of administrative processes through real-time updates.

By Vehicle Type:

Among the vehicle type segments, the heavy fleets segment is projected to account for majority revenue share in the fuel card market. However, the light fleets segment is also expected to register a substantial growth rate owing to a steady shift in preference among small fleet owners to opt for fuel cards as a mode of payment for their employees.

By Application:

Among the application segments, the fuel refill segment is projected to maintain its dominance as the fastest growing segment. The toll charge segment is also expected to register a high revenue share in future.

Region Analysis

The North America fuel card market is projected to account for highest revenue share as compared to other regions owing to increasing inclination towards e-commerce and digitization, advancements in vehicle types, and rising disposable income of consumers. Among the countries in the region, the US is currently the highest revenue contributor to the North America fuel card market, and this trend is expected to continue over the forecast period. The trend is supported by the growing rising trend to go cashless, rapidly increasing trucking industry etc.

The fuel card market in Europe is also projected to continue to register a substantial growth rate over the forecast period. Asia Pacific fuel market is expected to account for the largest market share in the coming years, with major contribution coming from countries such as China and India. This projected growth can be attributed to growing population in these countries and improving economic conditions.

Global Fuel Card Market: Segmentation:

Segmentation by Card type:

• Business fuel card
• Individual fuel card
• Prepaid fuel card

Segmentation by Vehicle type:

• Heavy fleets
• Light fleets

Segmentation by Application:

• Fuel refill
• Parking
• Vehicle service
• Toll charge
• Others

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa