Fuel Card Market to Expand at a CAGR of 5.6% during Forecast Period, notes TMR Study

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Sep 21, 2022, 07:30 ET

Due to their substantial cost savings and improved fleet management, fuel cards and fleet management are gaining in popularity amongst fleet owners and consumers
The category of smart cards is anticipated to increase steadily as customers' preferences for simple payments increase

WILMINGTON, Del., Sept. 21, 2022 /PRNewswire/ -- In 2021, the value of global fuel card market stood at US$ 35.1 Bn. The global market is anticipated to progress at 5.6% CAGR during the forecast period, from 2022 to 2031. The global fuel card market is predicted to attain value of US$ 59.2 Bn 2031. The global fuel card market is being driven by a rising demand for cashless fuel purchases and extensive use of technological innovations. Growing usage prepaid and contactless cards, as well as improvements in fuel card services, are expected to provide the global market with lucrative growth opportunities in the near future. Technological innovations in the field are the ultimate guide to choose a fuel card.

Fuel cards are easy to use and come with a number of advantages for customers. Smart cards make instant payments possible for fleet owners and customers without the trouble of using cash. In order to grow their market share, prominent market players putting their research and development efforts into cutting-edge technologies including telematics interfaces, mobile apps, tokenization, and cardholder verification techniques. In addition, they place a strong emphasis on reviewing payment and system procedures in light of shifting client preferences.

In 2021, Europe held a significant portion of the global fuel card market. Regional fuel card companies are incorporating highly advanced features that are beneficial for customers. The corporate end-user segment is growing in the region due to rapid growth of the corporate sector and rising number of fleet management firms operating throughout Europe.

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Key Findings of Market Report

Technologies such as contactless and prepaid are relatively new and are incorporated in best fuel cards for small business. Canada, France, the UK, the US, France, and Sweden are the five top cashless economies around the world, based on a survey. For market participants, rapid industrialization and urbanization in developing nations like Brazil, South Africa, Mexico, China, and India presents tremendous opportunities.
The transportation and logistics industries are increasingly using fleet management software. The use of analytics by major companies aims to improve the personalized consumer experience. Online channels are added to this strategy to facilitate client acquisition whilst reducing costs and time. Mobile applications are being created by participants in the fuel card market to improve customer service. These applications assist users in finding the closest gas station. Growing need for efficient fleet management is therefore anticipated to boost the global fuel card market.
The universal category led the market in 2021, depending on type and is expected to account for a significant fuel card market share. The market category is anticipated to keep leading during the forecast period. Fuel data management services are optimized with widespread station access provided by universal fuel cards. The cards are only used to purchase fuel. Compared to other cards, universal cards are more affordable.

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Global Fuel Card Market: Growth Drivers

In terms of technology, in 2021, the standard cards category accounted for 83% of all fuel card sales worldwide. Discounts on electricity bills and fuel costs are just a couple of the advantages that standard fuel cards can provide.
The growing use of prepaid and contactless technologies in Asia Pacific is expected to drive the regional market. The economies with the high growth rates include China and India where the usage of fuel cards is anticipated to soar in the coming years.

Global Fuel Card Market: Key Players

Some of the key market players are

First National Bank (FNB)
Engen Petroleum Ltd.
Total Fuel Card
Shell Group
BP plc.
Absa Bank Limited

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Global Fuel Card Market: Segmentation

Type

Branded
Universal
Merchant

Technology

Smart Cards
Standard Cards

End User

Individual
Corporate

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