australia fuel card Market

The Australia fuel card market was valued at US$ XX Mn in 2018 and is expected to grow at a CAGR of 5.1% during the forecast period 2019 – 2027, to account to US$ 605.8 Mn by 2027. Factors such as to increasing preference of people toward digital payment, availability of varied fuel card options, as well as, loyalty offerings is expected to drive the Australia fuel card market growth.

The huge majority of Australian businesses are SMEs, which accounts for around 57% of the country’s GDP, employing nearly 7 Mn of workforce. Adoption of fuel cards by the SMEs in the country has witnessed a considerable growth. A fuel card enables business owners to report as well as control fuel and maintenance expenses. Further, they can also be used to make payment for other vehicle operating expenses thereby, enabling business owners to have a comprehensive view of all business expenses as well as manage vehicle taxes.

Any SME, which operates vehicles need to manage a lot of details, and for efficiently managing fleet, it is essential to know certain details such as fuel economy, cost/kilometer, etc. Several fuel cards companies provides fuel management reports that enables the business to receive this information. A detailed view of all these expenses regarding the fleet facilitates business to perform an analysis and make improved decisions. The benefits of fuel cards includes saving money, tracking purchases, easy reimbursements, as well as reduction in fraud. Thus, fuel cards simplify management and eliminates the manual task of receipts, audit, as well as issuance of checks.

The Australia fuel card market is moderately consolidated with few major players sharing the larger pie of the market. Also, major and smaller players are trying to come up with innovative solutions and strategic partnerships as well as different business models to attract a large base of customers. Some of the key players operating in the Australia fuel card market includes Shell, BP, WEX, Motorcharge, 7-Eleven, Mobil, Caltex, and Business Fuel Cards Pty Ltd among others.

The overall Australia fuel card market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Australia fuel card market. It also provides the overview and forecast for the Australia fuel card market based on all the segmentation provided. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fuel card industry.