Global Fuel Card Market to 2027 - Leveraging Telematics with the Adoption of Fuel Cards
DUBLIN, Dec. 5, 2019 /PRNewswire/ -- The "Fuel Card Market to 2027 - Global Analysis and Forecasts By Type; Application" report has been added to ResearchAndMarkets.com's offering.
The global fuel card market is estimated to account to US$ 6.29 Bn in 2018 and is expected to grow at a CAGR of 5.8% during the forecast period 2019 - 2027, to account to US$ 10.39 Bn by 2027.
The increasing penetration of digitization in various industries, including logistics and transportation, is driving the demand for efficient and transparent payment solutions. In addition to this, the changing consumer preferences and increasing technological shifts are the two major factors that are driving the paradigm shift in global payments and cards industry.
The rising penetration of mobile phones has led customers to embrace mobile and in-app payment methods over the traditional payment methods. This trend of using alternative payment methods over traditional ones is anticipated to drive the adoption of fuel cards in North America.
Various governments in this region are formulating policies to attract foreign direct investments (FDIs) in the technology sector with the increasing demand for enhanced digital services from customers. For instance, China's government relaxed the restrictions on new entries with an objective to encourage overseas and private capital investments in their economy. In the digital landscape, the Chinese government is very keen to maintain its stronghold and competitiveness through initiatives such as Industry 4.0, Made in China 2025, and Internet Plus.
Australia has also taken initiatives to promote digital transformation of various industries with announcement of Digital Transformation Strategy'. Over the past three years, Australia had delivered some transformational new services such as Airport SmartGates, myTax and Medicare which focused on transforming traditional services into digital services. This strategy lays a roadmap to 2025. Increasing tech savvy population, rising investments in digital solutions by enterprises and favorable government policies to promote digitization are some of the major factors that are expected to drive the demand of fuel cards in the Asia Pacific region.
The fuel card market has been segmented based on type, application, and geography. Based on type, the fuel card market has been segmented into branded fuel cards, merchant fuel cards, and universal fuel cards. In 2018, the universal fuel cards segment contributed a substantial share in the global fuel card market. The merchant branded fuel cards segment is anticipated to grow at a rapid CAGR of 6.6% during the forecast period. The fuel card market is further segmented on the basis application into fuel refill, parking, vehicle service, toll charge, and others.
Key Topics Covered:
1. Introduction
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. Fuel Card Market Landscape
4.1 Market Overview
4.2 PEST Analysis
5. Fuel Card Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Efficient fleet administration with the help of enhanced data capture
5.1.2 Less Fraudulent risk associated with the usage of fuel card is expected to drive the market
5.2 Key Market Restraints
5.2.1 Concerns related to security
5.3 Key market opportunities
5.3.1 Integration of telematics with fuel cards
5.4 Future Trends
5.4.1 Leveraging telematics with the adoption of fuel card
5.5 Impact Analysis of Drivers and Restraints
6. Fuel Card Market Analysis - By Type
6.1 Overview
6.2 Global Fuel Card Market Breakdown, By Type, 2018 & 2027
6.3 Branded Fuel Cards
6.4 Merchant Fuel Cards
6.5 Universal Fuel Cards
7. Fuel Card Market Analysis - By Application
7.1 Overview
7.2 Fuel Card Market Breakdown, By Application, 2018 & 2027
7.3 Fuel Refill
7.4 Parking
7.5 Vehicle Service
7.6 Toll Charge
7.7 Others
8. Global Fuel Card Market - Geographic Analysis
9. Industry Landscape
9.1 Market Initiative
9.2 New Development
10. Fuel Card Market - Company Profiles
- BP P.L.C.
- Exxon Mobil Corporation
- Fleetcor Technologies, Inc.
- Royal Dutch Shell plc
- U.S. Bank
- Wex Inc.
- DKV
- World Fuel Services
- Edenerd
- Radius Payment Solutions
For more information about this report visit https://www.researchandmarkets.com/r/oz67z2
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SOURCE Research and Markets
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