The global fuel card market is anticipated to gather pace with the integration of novel technologies that improve the features of products offered to customers. Changing customer preferences could play a significant role in increasing the demand in the global fuel card market. On the other hand, technological shifts are expected to propel the growth of the global fuel card market. High focus on payment security due to the rise of payment digitalization could attract a massive number of consumers in the global fuel card market. However, players are foreseen to focus more on offering customer-driven, scalable, and flexible models in the event of the rising popularity of electric cars and legal framework challenges.
Introduction of value-added services is predicted to push the global fuel card market. Moreover, the swelling demand for cashless fuel transactions could work in the favor of the global fuel card market.
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Fact.MR prognosticates the global fuel card market to rise at a 4.8% CAGR during the forecast period 2017-2022 to attain a valuation of US$11.7 bn by the end of 2022. On the basis of application, the global fuel card market is classified into fleet maintenance, tolls, parking, oil fees, and other segments. Among these, oil fees are forecast to become a prominent application of fuel card. This could be due to the increasing use of fuel card for paying oil fees.
By the final forecast year, the oil fees segment of the global fuel card market is foretold to achieve a valuation of US$3.7 bn. Changing fuel prices could be another factor augmenting the demand for fuel card. Loyalty programs and discount offered on the use of fuel card are also expected to create opportunities in the oil fees market.
By type of card, the global fuel card market is segmented into registered and bearer cards. Among these, registered card is envisioned to secure close to two-third of the total share of the global fuel card market by revenue. By the end of 2022, the global fuel card market could witness the registered card segment reaching a valuation of US$7.8 bn. However, bearer card is expected to show promising growth in the global fuel card market. It could create an incremental opportunity of US$0.8 bn during the course of the forecast period mentioned earlier.
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By type of fleet, the global fuel card market is divided into over the road, marine, aviation, and commercial fleet. Among these, over the road is envisaged to increase the adoption of fuel card in the near future. It could be one of the highest revenue getters of the global fuel card market. By the end of 2022, it is predicted to collect more than a US$3.5 bn in the global fuel card market. However, it could exhibit a moderate growth rate in the global fuel card market. Over the road fleets are expected to bank on the need to prevent unauthorized purchases, track drivers’ spending, and control fleet expenses to dominate the global fuel card market.
Regionally, Europe and North America are projected to attract a whole lot of market growth in the foreseeable future. The growing trend of moving to a customer-driven approach from a card-driven one on account of the advent of new payment methods could bode well for the regional fuel card markets in Europe and North America. This is expected to create promising growth opportunities for fuel card issuers in both the regions. Contrastingly, Latin America could show a lethargic rise in the global fuel card market because of the lack of internet connectivity and awareness about the benefits of various products offered to customers.
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