Rockville, MD , July 11, 2018 (GLOBE NEWSWIRE) — Fuel remains a significant cost for many businesses. Hence, fuel card has emerged as one of the valuable tools for fleet management and leasing companies. Fuel card providers are integrating various technologies that not only support fuel purchase but also provides a detailed report to the fleet managers including liters of fuel filled, mileage of the vehicle and also if there is a need for vehicle servicing. Along with this, there has been an increase in partnerships between fuel companies and fuel merchants to provide branded fuel cards, and merchant branded cards. Fuel cards are now being embedded with Telematics interface providing enhanced data and improving fleet management. Host Card Emulation (HCE) technology is also being used by fuel card issuers. As integrating fuel cards into Near Field Communication (NFC) based mobile payment will result in ease of use for fleet owners. Fuel card issuers are focusing on enhancing security, leveraging mobile apps for providing various customer services, loyalty program, etc.
Browse 226 market data Tables and 72 Figures spread through 170 Pages and in-depth TOC on “Fuel Card Market”
According to a study by Fact.MR, the global fuel card market is expected to experience moderate growth, registering 4.8% CAGR during the forecast period, 2017-2022. Fuel cards are gaining popularity among the customers and fleet owners. Fuel card providers have started integrating new technologies, providing real time updates and payment security. Below are the few insights on the future of the global fuel card market.
Key Highlights on Global Fuel Card Market
1- APEJ region is expected to remain dominant in the global fuel card market. Witnessing a steady growth, the region is estimated to reach close to US$ 3,500 million by the end of 2022.
2- North America is expected to emerge as the second largest market for fuel card. Quick adoption of innovative technologies with improving profitability and significant discounts offered under fuel card programs are some of the factors fueling the growth of fuel card in the region.
3- Adoption of fuel card is expected to be the highest among Over the Road fleets. By the end of 2017, Over the Road fleets are projected to account for nearly one-third of the revenue share of global market value. Over the Road fleets are estimated to reach nearly US$ 3,600 million revenue by the end of 2022.
4- Compared to the bearer card, registered card as the type of fuel card is estimated to account for nearly two-third of the revenue share by the end of 2017. Towards the end of 2022, registered card is projected to bring in nearly US$ 7,800 million revenues.
5- A fuel card is expected to be largely used for Oil fees. Accounting for nearly one-third of the revenue share by 2017 end, oil fees is estimated to create an incremental opportunity of over US$ 600 million between 2017 and 2022. Meanwhile, fleet maintenance will also witness significant growth in the global fuel card market.
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Over the Road Fleets to Gain Maximum Revenue Share
Over the road fleets are expected to be the major adopters of a fleet card. Witnessing moderate growth, over the road fleets are estimated to surpass US$ 3,500 million revenues towards the end of 2022. Helping to control fleet expenses, tracking spending by drivers, thereby preventing unauthorized purchase are some of the factors leading to the increasing adoption of fuel card by over the road fleets.
Registered Card to be Highly Preferred Fuel Card
The registered card is projected to account for around two-third of the revenue share by the end of 2017. The registered card is estimated to reach nearly US$ 7,800 million by 2022 end. Meanwhile, Bearer card is projected to create an incremental opportunity of over US$ 800 million during the forecast period, 2017-2022.
The report also provides a detailed profile of the leading players in the global market for fuel card, which will remain active through 2022. These include companies such as Exxon Mobil Corporation, B.P p.l.c, Royal Dutch Shell, WEX Inc., and Fleetcor Technologies Inc.
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