A recent study published by Fact.MR analyzes growth of the global Fuel Card Market to provide readers with exclusive and actionable market insights. This study is backed by a two-step research process which is inclusive of various primary and secondary resources.
The primary research methodology includes discussions with experts of fuel card industry and information gathered after interviewing other stakeholders. In the secondary process, detailed information about the fuel card market is garnered through various resources such as company annual reports, trade journals, paid resources, press releases, and other publications relevant to fuel card.
After studying industry-validated information about the fuel card market, qualitative conclusions about the prospects of the market can be reached. Findings from these two main processes were used to determine an accurate and exhaustive forecast of global fuel card market for the period from 2018 to 2028.
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In Brief
The fuel card market witnessed impressive growth at a CAGR of 5.8% during 2013-2017. The transaction value of fuel card was worth US$ 1 trillion in 2017, with growing adoption in business and truck fleet creating sustained opportunities.
Driven by growing need for implementing an efficient fuel management system, the transaction value of fuel card systems is likely to reach nearly US$ 1.1 trillion by 2019.
The fuel card market is projected to witness healthy growth at a CAGR of 6.8% between 2018 and 2028.
On the back of increasing awareness about environmental impact of harmful emissions and imposition of strict environmental rules, Europe is likely to remain the leading market for fuel cards during the forecast period.
Increasing vehicle fleet and ongoing industrial developments in China and South Korea are likely to create lucrative opportunities in East Asia.
5 Forecast Highlights on Global Fuel Card Market
APEJ region is expected to remain dominant in the global fuel card market. Witnessing a steady growth, the region is estimated to reach close to US$ 3,500 million by the end of 2022.
North America is expected to emerge as the second largest market for fuel card. Quick adoption of innovative technologies with improving profitability and significant discounts offered under fuel card programs are some of the factors fueling the growth of fuel card in the region.
Adoption of fuel card is expected to be the highest among Over the Road fleets. By the end of 2017, Over the Road fleets are projected to account for nearly one-third of the revenue share of global market value. Over the Road fleets are estimated to reach nearly US$ 3,600 million revenue by the end of 2022.
Compared to the bearer card, registered card as the type of fuel card is estimated to account for nearly two-third of the revenue share by the end of 2017. Towards the end of 2022, registered card is projected to bring in nearly US$ 7,800 million revenues.
A fuel card is expected to be largely used for Oil fees. Accounting for nearly one-third of the revenue share by 2017 end, oil fees is estimated to create an incremental opportunity of over US$ 600 million between 2017 and 2022. Meanwhile, fleet maintenance will also witness significant growth in the global fuel card market.
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