A new study on the global fuel cards market has been recently added to the vast repository of Report Ocean. The report, titled “Fuel Cards Market by Type (Branded, Universal, and Merchant Fuel Cards), Application (Fuel Refill, Parking, Vehicle Service, Toll Charge, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027,” offers a detailed study of this market on the basis of its past and current performance.
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As per the study, the rising popularity of fuel cards among end users, thanks to its benefits, such as real-time expense track and comprehensive reporting of fleets, is the main factor behind the growth of the global fuel cards market. With the implementation fuel cards, the need for manual tasks, such as auditing and submission of receipts, decreases, profiting corporates with discount offers on fuel prices.
Going forward, the rising need for better fuel management and the increasing penetration of digital transaction solutions in the transport industry is likely to support this market in the years to come. On the other hand, the dearth of security measures may limit the growth of the market in the near future. However, the integration of telematics with fuel cards and the rising demand for fuel cards in developing economies are expected to offer lucrative opportunities for market players in the long turn.
Impact of Covid 19 on Global Fuel Cards Market
The impact of Coronavirus pandemic on the global fuel cards market is quite visible as the transportation industry – the main end-use industry for fuel cards – has endured the worst decline due to this pandemic. With the restriction imposed on traveling and transportation, the demand for fuel decreased significantly and so has the need for fuel cards, which has reflected negatively on this market.
Global Fuel Cards Market: Business Dynamics
In this research report, the global fuel card market has been evaluated on the basis of the type, application, and the region. Based on the type, it has been divided into branded, universal, and merchant fuel cards. The universal fuel cards segment has emerged as the market leader. In terms of application, it has been classified into fuel refill, parking, vehicle service, toll charge, and others. The fuel refill segment has acquired the dominance. Region wise, it has been analyzed across North America, Europe, Asia Pacific, and LAMEA. Asia Pacific is expected to lead the global market during the forecasted period.
The key players in the global fuel cards market, profiled in this research study, are British Petroleum, Engen, ExxonMobil, First National Bank, FleetCor, Oilibya, Puma Energy, Royal Dutch Shell, U.S. Bancorp, and Wex Inc. These participants have taken up a number of strategies to increase their market penetration and strengthen their position in the global market.
Key Findings:
- By type, the universal fuel cards segment has emerged as the market leader.
- By application, the fuel refill segment has acquired the dominance.
- By region, Asia Pacific is expected to lead the global market during the forecasted period.
The global fuel cards market is segmented into:
By Type
- Branded
- Universal
- Merchant
By Application
- Fuel refill
- Parking
- Vehicle service
- Toll charge
- Others
By Region
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
LAMEA
- Latin America
- Middle East
- Africa
Companies Mentioned in the Report
- British Petroleum
- Engen
- ExxonMobil
- First National Bank
- FleetCor
- Oilibya
- Puma Energy
- Royal Dutch Shell
- S. Bancorp
- Wex Inc.
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Contact Information:
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