About Fuel Card
Fuel card systems assist fleet providers in receiving a slew of perks. These cards aid in the capture of low-level data such as vehicle miles and other information such as fuel filling in gallons, as well as the growing need for vehicle maintenance. The gasoline card service providers have begun to integrate the telematics interface and are working on the development of robust and reliable reporting tools. The expansion of the gasoline cards market is fueled by the need for better fuel management and the use of digital transaction solutions in the transportation industry. Furthermore, the market's growth is fueled by effective fleet management, which is made possible by improved data acquisition.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.2% |
Competition among existing players is due to the Fuel Card market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Fuel Card market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that Singapore Players will contribute the maximum growth to Global Fuel Card market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ExxonMobil (United States), Shell (Netherlands), American Express (United States), HSBC (United Kingdom), Citibank (United States), Standard Chartered (United Kingdom), SPC (Singapore), Caltex (Australia), DBS (Singapore) and UOB (Singapore) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are POSB (Singapore), Maybank (Malaysia), OCBC (Singapore) and ANZ (Australia).
Segmentation Overview
AMA Research has segmented the market of Global Fuel Card market by Type (Branded, Universal and Merchant), Application (Fuel Refill, Parking, Vehicle Service, Toll Charge and Others) and Region.
On the basis of geography, the market of Fuel Card has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Smart Card will boost the Fuel Card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Individual will boost the Fuel Card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Omni-channel experience, Loyalty Offerings, and Migration to EMV (Europay, MasterCard, and Visa)
Market Growth Drivers:
Increase in Digital Payments and Reduction of Fuel Theft through Chip-Based and Pin Cards and Constant Innovations in Fuel Card Technology
Challenges:
Fluctuations in Fuel Prices Internationally
Restraints:
Restricted Network of Petroleum Stations and Particular Brand Limitations Associated to Fuel Card
Opportunities:
Increasing Number of Cashless Transactions in Developing Economies such as Brazil, China, India, South Africa, and Mexico owing to Economic Advancement and Technological Advancements such as Contactless and Prepaid Technology
Market Leaders and their expansionary development strategies
In November 2021, Shell Oil Company (Shell) has acquired MSTS Payments, LLC and its Multi Service Fuel Card business from Multi Service Technology Solutions, Inc. (dba TreviPay). The Multi Service Fuel Card acceptance network and transaction processing platform provides Shell with a closed-loop payment network used by Commercial Road Transport (CRT) companies at thousands of truck stops in North America.
In November 2023, Comdata has launched a payment solution that allows fleet owners to enjoy both the benefits of a fuel card and the rewards of their existing credit card. The new Comdata Connect Card can also be linked to the cardholder’s bank accounts, making it easier to add funds to the card instantly.
Key Target Audience
Fuel Card Vendors, Oil & Petroleum Vendor, Banks, Distributors/Suppliers, End-User and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.