The adoption of fuel cards is on a continuous rise, due to an increase in cashless payment transactions. Moreover, the need to ensure compliance with company fuel usage policies is anticipated to drive the fuel cards market among enterprises.
The fuel refill application segment witnessed high demand in 2016, as fuel cards help to determine the gallons or liters of fuel filled along with the details on the mileage of vehicles. In addition, increase in usage of cashless payment methods, growth associated with prepaid cards, and rise in a number of fleet owners and small and medium enterprises are expected to fuel the fuel cards market growth in the near future. Moreover, the vehicle service segment witnessed increased adoption of fuel cards across various regions, owing to increase in a number of fleets globally that use cards to pay for vehicle maintenance and expenses at the discretion of the fleet owner.
Global fuel cards market was valued at $595,720 million in 2016 and is projected to reach $842,410 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023.
Increase in demand for mobile payments and rise in a number of large fleets are anticipated to augment the market penetration. The prominent markets, such as North America, Europe, and Asia-Pacific, provide growth opportunities to the global fuel cards market. Moreover, growth in adoption of cashless payments methods is expected to boost the fuel cards market growth in the near future.
The Europe fuel cards market was the largest in terms of the market size in 2016, owing to growth in the automobile sector and developments in smart chip technology. Global players focus on offering value-added services such as payment of vehicle repairs and other expenses to strengthen their product offering. In addition, industry participants are focused on providing enhanced security to avoid any fraud or misuse of payment transactions. Major oil companies, merchants, and suppliers need to securely receive a huge range of payments instruments, including partner fuel and loyalty cards. In addition, with strict regulations, fleet cards providers need to adapt to varying legal frameworks, as well as numerous cybersecurity threats.
The key players profiled in the study include Royal Dutch Shell, ExxonMobil, British Petroleum, FleetCor, U.S. Bancorp, Wex, Inc., Oilibya, Puma Energy, Engen, and First National Bank. All these players are involved in competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership, to accelerate the fuel cards market.
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