Fuel remains a significant cost for many businesses. Thus, the fuel card has emerged as one of the valuable tools for fleet management and leasing companies. Fuel card providers are integrating various technologies that not only support fuel purchasing but also provide a detailed report to fleet managers including gallons of fuel filled, vehicle mileage and even if vehicle maintenance is required. . Along with this, there has been an increase in partnerships between fuel companies and fuel merchants to supply branded fuel cards and merchant branded cards.Fuel cards are now being integrated with the telematics interface which provides advanced data and improves fleet management. Host Card Emulation (HCE) technology is also used by fuel card issuers. As the integration of fuel cards into Near Field Communication (NFC) based mobile payment will result in ease of use for fleet owners. Fuel card issuers are focusing on enhancing security, leveraging mobile apps to provide various customer services, loyalty programs, etc.
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However, the fuel card industry is still facing some definite challenges, including the changing legal framework, increased competition, increased customer expectations, increase of electric and hybrid cars will result in stations being replaced service stations with charging stations, so fuel card providers will have to adapt to this change and budget concerns due to fuel price volatility. All of these challenges together put significant pressure on fuel card providers.
According to a study by Fact.MR, the global fuel card market is expected to experience moderate growth, registering a CAGR of 4.8% during the forecast period, 2017-2022. Fuel cards are gaining popularity among customers and fleet owners. Fuel card providers have started integrating new technologies, providing real-time updates and payment security. Below are some insights into the future of the global fuel card market.
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5 Global Fuel Card Market Forecast Highlights
- The APEJ region is expected to remain dominant in the global fuel card market. Seeing steady growth, the region is estimated to reach nearly $3.5 trillion by the end of 2022.
- North America is expected to emerge as the second largest market for fuel cards. The rapid adoption of innovative technologies with improved profitability and significant discounts offered under fuel card programs are some of the factors fueling the growth of fuel cards in the region.
- Fuel card adoption is expected to be the highest among Over the Road fleets. By the end of 2017, Over the Road fleets are projected to account for almost a third of the revenue share of the global market value. Over the Road Fleets are estimated to reach nearly $3.6 trillion in revenue by the end of 2022.
- Compared with the bearer card, the card registered as a fuel card type is estimated to account for nearly two-thirds of the revenue share by the end of 2017. million revenues.
- A fuel card is expected to be widely used for oil taxes. With nearly a third of the revenue share by the end of 2017, oil taxes are estimated to create an incremental opportunity of more than US$600 million between 2017 and 2022. Meanwhile, fleet maintenance will also see growth significant player in the global fuel card market.
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Global Fuel Card Market: In-Depth Assessment on Key Segments
The global fuel card market is segmented on the basis of fleet type, card type, subscription type, fleet type, end use, and region.
- Truck fleet operators
- Company fleet
- Construction fleet operators
- Other customer group
Kind of paper
- Universal fuel card
- Fuel credit cards
- OnG Corporation Cards
- Network cards
- Road fuel cards
- Bearer card
- Registered card
- Commercial Fleet
- On the road
- Payment of oil taxes
- Parking fees
- Toll payment
- Fleet maintenance
- Other Payments
- North America
- Latin America
- East Asia
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