Market Highlights
The global fuel card market is expected to shine bright with several companies chipping in with their own strategic moves. The market, along with the individual companies, are expected to expand. It is bound to get assistance from mergers, acquisitions, new product launch, collaboration and other smart moves on its endeavor in pushing the boundary far.
In 2016, the global fuel cards market 2020 was valued at USD 595,720 million. It has been estimated that it will reach USD 842,410 million by 2023, growing at the CAGR of 5.8% from 2017-2023. Due to rise in mobile payments, increase in digitalization in various regions, growth associated with prepaid cards, a significant amount of growth is expected in the global fuel card market.
Rising pricing, product offerings, ingenious product introduction is contributing immensely towards the growth of global market. Vendors are investing bulky amounts to improve the fuel card experience. The Asia-Pacific Fuel Card market is estimated to show the highest CAGR. India, Japan, China and Australia are expected to allow profitable opportunities for key market players. Exposure to internet has allowed the users to have the privilege of using plastic money instead of hard cash. Several banks have stated that the new age segment is one of the essential factors implementing sale transactions through fuel cards, in order to avoid manual work like auditing. Countries in Latin America, Africa and the Middle East are yet not technologically advanced which may cause hindrance in the global market growth. Today, fuel cards are being used as a debit card. It allows the driver to pay for fuel, repairs, and maintenance. Initially, fuel cards were utilised by trucking companies. However, the demographics have changed past few years. These are few of the substantial factors which bring an impact on the fuel card market.
On the other hand, the fuel card market is facing a serious threat from security breach and privacy issues. Cybercrimes and other fraudulent activities can jeopardize the entire fuel card market growth during the forecast period. Furthermore, imposition of stringent laws can impede the expected market growth.
Regional Segmentation
Geographic conceptualization of the fuel card market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America has the largest market share. The stellar proliferation of internet across sectors is impacting lives in significant ways and one such is fuel card which aims at reducing daily hassles. Furthermore, the region tends to go cashless, which makes fuel cards all the more popular. The U.S. is contributing the most to the regional market growth.
Europe is doing exciting business as well in fuel card market. They can attribute the market growth to the Western European countries such as the U.K., France, and Germany who are putting together efforts to make the market go in right direction. Furthermore, several fuel card providers are from North America and Europe which is impacting the market in a profound way.
Key Competitors
The key market players in fuel card market are Royal Dutch Shell (Netherlands), Exxonmobil (U.S), BP (U.K), FleetCor Technologies, Inc. (U.S), Wex Inc. (U.S), Oilibya (Libya), Puma Energy (Singapore), Engen Limited (South Africa), First National Bank (U.S), Britsh Petroloeum (U.K), Fuelman (U.S), Arco Limited (U.K), and Comdata (U.S). Industry Updates: Feb 2020 Sinclair Oil and Wex have announced to extend their 15-year-old partnership. Wex assists the Sinclair Fleet Track Card which allows fleet managers in automatic accounting, reports and tools for saving. The security features help in preventing unauthorized use and allows the managers to keep a check on the expenses based on produce type, dollar amount, time of day and the other details.
Segmentation:
The global fuel card industry is categorisedon the basis of card, type, application , vehicle and geography.
On the basis of card, the fuel card can be segmented into business fuel card, individual fuel card, and prepaid fuel card. Out of all these, business fuel card has an extensive lead in the market.
By Type, the fuel card can be categorised into branded, universal, and merchant.
On the basis of Application, the fuel card market can be categorised into fuel refill, parking, vehicle service, toll charge, and others. Toll charge leads the pack with a
By Vehicle Type, the fuel card market can be segmented into Heavy Fleets and Light Fleets. Heave Fleets segment has the market lead.By Application, the fuel card market can be segmented into fuel refill, parking, vehicle service, toll charge, and others. Toll charge leads the pack with a considerable amount of revenue. By Geography, the fuel card market can be categorised into Europe, North America, Middle East, Asia-Pacific, and Africa (MEA) and South America.
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What wins it accolades is the transparency and accessibility with which it can operate.
The global mobile payments market is now eyeing for an astonishing USD 3,300 billion valuation with a 32% CAGR during the forecast period (2018-2023).
Apart from the benefits enjoyed by consumers, businesses can also benefit as the transaction becomes smoother and hassle-free.
The digitalized process also helps in the analysis of customer behavior which can be a great tool for customer retention policies.
Mobile payments are slowly replacing the traditional alternatives like credit cards, debit cards, cash etc.
Payments Market AnalysisThe global Mobile Payments Market size is predicted to touch USD 3,300 billion at a 32% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis.
Mobile payment, simply put, is the payment of services or goods or transfer of money with smartphones/mobiles.
This form of payment is used in different operations such as buying movie tickets, smartphone game upgrades, ordering takeaway food, and others.Various factors are propelling the global mobile payments market share.
Of these, the mobile wallet/bank cards segment will lead the market over the forecast period.By mode of transaction, the global mobile payments market is segmented into near field communication (NFC), short message service (SMS), and wireless application protocol (WAP).
Of these, the retail segment will have a major share in the market over the forecast period.Regional AnalysisBased on the region, the global mobile payments market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW).Of these, the APAC region will dominate the market over the forecast period.
The rise in smartphone users, growing awareness about mobile banking, rising internet penetration, favorable government approaches to promote the digital economy, and heavy investments to promote mobile solutions and mobile payments are adding to the global mobile payment technologies market growth in the region.The global mobile payment technologies market in Europe is predicted to hold the second-largest share over the forecast period.
