The global fuel card market is estimated to account 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.
Fuel cards enable enhanced tracking of fleet expenses and efficiency of the fleet by tracking real-time mileage and fuel usage by vehicles in a fleet. Fleet operators use fuel cards for costs such as truck maintenance, truck repairs, fuel, truck cleaning, and replacement vehicle rental, among others. Data captured by a fuel card include odometer reading, fuel grades, fuel product, and quantity of fuel, vehicle ID, driver ID and tax information along with transaction details such as time, location, spend amount and date support rich repowering for fleet managers. All of these enhanced data permits richer reporting, which can be used by fleet operators to identify problem zones such as fraudulent transaction by truck drivers or truck with lower fuel efficiency. Thus, fuel cards provide complete insight into vehicle operating cost and driver behavior that provides fleet managers with a complete oversight and trends required to analyze shortcomings in the fleet. Above mentioned metrics are expected to drive the adoption of fuel card by fleet operators around the world over the forecast period from 2019 – 2027.
Certain fuel card providers have started implanting the telematics interface as well as strong reporting abilities as usual product offering to enhance fleet management efficiency. This comprises of GPS data integration along with purchase data with a purpose to track fleet or driver performance. It further helps in determining whether the vehicle is refueling at an appropriate location. Moreover, integrating fuel cards with telematics helps in receiving accurate Miles/Gallon reports for each vehicle. The recorded data enables the business or users to effortlessly identify any inadequacies or pinpoint drivers who may need further training. Companies such as WEX Inc. and Business Fuel Cards Pty Ltd among others have already started offering the telematics integration with fuel cards in Australia however, the trend is further expected to gain traction in the near future owing to rising adoption of telematics in vehicles.
Some of the key players operating in global fuel card market are BP P.L.C., Exxon Mobil Corporation, Fleetcor Technologies, Inc., Royal Dutch Shell plc, U.S. Bank, Wex Inc., DKV, World Fuel Services, Edenerd, and Radius Payment Solutions and among others.
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Efficient fleet administration with the help of enhanced data capture
Fuel cards enable enhanced tracking of fleet expenses and efficiency of the fleet by tracking real-time mileage and fuel usage by vehicles in a fleet. Fleet operators use fuel cards for costs such as truck maintenance, truck repairs, fuel, truck cleaning, and replacement vehicle rental, among others. Data captured by a fuel card include odometer reading, fuel grades, fuel product, and quantity of fuel, vehicle ID, driver ID and tax information along with transaction details such as time, location, spend amount and date support rich repowering for fleet managers. This factor would be propelling the demand of fuel card market in the forecast period.
Less Fraudulent risk associated with the usage of fuel card
Fuel card usage offers benefits in terms of functionality and security when compared to alternative methods of payment for fuel such as petty cash. Cards can be imprinted with the vehicle registration number or driver’s name and the company name providing further protection against fraudulent usage or cards for refueling. Comprehensive information on all fuel dealings reduces the prospective for employee misuse and offers superior control over authentic vehicle usage. Therefore, the fuel card market across the globe is anticipated to grow.
The Report Segments the Global Fuel Card Market as Follows:
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Fuel Card Market – By Type
1.3.2 Global Fuel Card Market – By Application
1.3.3 Global Fuel Card Market – By Geography
- Key Takeaways
- Research Methodology
3.2 Secondary Research
3.3 Primary Research
- Fuel Card Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Fuel Card Market – North America PEST Analysis
4.2.2 Fuel Card Market – Europe PEST Analysis
4.2.3 Fuel Card Market – Asia-Pacific PEST Analysis
4.2.4 Fuel Card Market – Middle East and Africa PEST Analysis
4.2.5 Fuel Card Market – South America PEST Analysis
- Fuel Card Market – Key Market Dynamics
Fuel Card Market to 2027 - Global Analysis and Forecasts By Type (Branded Fuel Cards, Merchant Fuel Cards, and Universal Fuel Cards); Application (Fuel Refill, Parking, Vehicle Service, Toll Charge, and Others)
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