fuel card Market

The global fuel card market is estimated to account to US$ 6.29 Bn in 2018 and is expected to grow at a CAGR of 5.8% during the forecast period 2019 – 2027, to account to US$ 10.39 Bn by 2027.

The increasing penetration of digitization in various industries, including logistics and transportation, is driving the demand for efficient and transparent payment solutions. In addition to this, the changing consumer preferences and increasing technological shifts are the two major factors that are driving the paradigm shift in global payments and cards industry. The rising penetration of mobile phones has led customers to embrace mobile and in-app payment methods over the traditional payment methods. This trend of using alternative payment methods over traditional ones is anticipated to drive the adoption of fuel cards in North America.
 
Various governments in this region are formulating policies to attract foreign direct investments (FDIs) in the technology sector with the increasing demand for enhanced digital services from customers. For instance, China’s government relaxed the restrictions on new entries with an objective to encourage overseas and private capital investments in their economy. In the digital landscape, the Chinese government is very keen to maintain its stronghold and competitiveness through initiatives such as Industry 4.0, Made in China 2025, and Internet Plus. Australia has also taken initiatives to promote digital transformation of various industries with announcement of ‘Digital Transformation Strategy’. Over the past three years, Australia had delivered some transformational new services such as Airport SmartGates, myTax and Medicare which focused on transforming traditional services into digital services.  This strategy lays a roadmap to 2025. Increasing tech savvy population, rising investments in digital solutions by enterprises and favorable government policies to promote digitization are some of the major factors that are expected to drive the demand of fuel cards in the Asia Pacific region.
 
The fuel card market has been segmented based on type, application, and geography. Based on type, the fuel card market has been segmented into branded fuel cards, merchant fuel cards, and universal fuel cards. In 2018, the universal fuel cards segment contributed a substantial share in the global fuel card market. The merchant branded fuel cards segment is anticipated to grow at a rapid CAGR of 6.6% during the forecast period. The fuel card market is further segmented on the basis application into fuel refill, parking, vehicle service, toll charge, and others.

 The overall 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 fuel card market. Also, multiple primary interviews were conducted with industry participants and commentators 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 market.

Allstar, Arco, Caltex , Chevron Texaco, Commdel, EDC, Engen Petroleum Ltd., FastFuel, Fleetcare Pty Ltd, fuelGenie, Fuelman, and HDFC Bank few other market players from value chain which are not profiled in the report but the can be included based on request.