mexico fuel card Market

Mexico fuel card market was valued at US$ 330.4 Mn in 2018, is expected to reach US$ 574.4 Mn by 2027, growing at a CAGR of 6.5% from 2019 - 2027.

Fuel cards enable enhanced tracking of fleet expenses and efficiency of the fleet by tracking real-time mileage and fuel usage by vehicles in a fleet. Fleet operators use fuel cards for costs such as truck maintenance, truck repairs, fuel, truck cleaning, and replacement vehicle rental, among others. Data captured by a fuel card include odometer reading, fuel grades, fuel product, and quantity of fuel, vehicle ID, driver ID and tax information along with transaction details such as time, location, spend amount and date support rich repowering for fleet managers. All of these enhanced data permits richer reporting, which can be used by fleet operators to identify problem zones such as fraudulent transaction by truck drivers or truck with lower fuel efficiency. Certain fuel card providers have started implanting the telematics interface as well as strong reporting abilities as usual product offering to enhance fleet management efficiency. This comprises of GPS data integration along with purchase data with a purpose to track fleet or driver performance. Integration of fuel card with telematics is one of the key trend for Mexico fuel card market.

Adoption of fuel cards by the SMEs in the country has witnessed a considerable growth and are driving Mexico fuel card market. 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 provide 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 include saving money, tracking purchases, easy reimbursements, as well as reduction in fraud. Thus, fuel cards simplify management and eliminate the manual task of receipts, audit, as well as issuance of checks. These factors are significantly boosting the Mexico fuel card market.

The Mexico Fuel Card market has been segmented on the basis of type and application. Based on of type, the Mexico fuel card market has been segmented into branded fuel cards, merchant branded fuel cards, and universal fuel cards. Based on application, the Mexico fuel card market has been segmented into fuel refill, parking, vehicle service, toll charge, and others.

The well-established market players operating in the Mexico fuel card market include BP PLC, Edenred SA, Exxon Mobil, FleetCor Technologies Inc., LeasePlan Corporation, Royal Dutch Shell PLC, Total SA, US bank, Wex, Inc. and World Fuel Corporation and among others.

The overall Mexico 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 Mexico fuel card market. It also provides an overview and forecast for the Mexico fuel card market based on all the segmentation provided for the country. Also, 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 online program management industry.