How Fuel Cards Market predicted to Reach $842,410 Million by 2023: Growth Drivers and Global Trends

The adoption of fuel cards is on a continuous rise, due to the increase in cashless payment transactions. Moreover, the need to ensure compliance with company fuel usage policies is anticipated to drive the fuel cards market among enterprises. The global fuel cards market was valued at $595,720 million in 2016 and is projected to reach $842,410 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023.

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Global vendors are investing heavily in the market to improve the overall fuel card offerings to decrease the risk of fraud, minimize form filling, and improve tracking and reporting. The Asia-Pacific fuel cards market is expected to register the highest CAGR in the near future. China, India, Japan, and Australia are expected to offer lucrative opportunities for market players. Moreover, increase in demand for mobile payments and need to monitor spending and fuel rebates drive this market in the region.

The global fuel cards market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Rise in new payment methods is expected to help fuel card issuers to evolve from a card-driven environment to a customer-driven environment, thereby contributing to the growth of fuel cards in North America and Europe. However, LAMEA is expected to account less market share in the global market as compared to other regions, due to lack of awareness about the benefits and lack of internet connectivity in underdeveloped countries. Furthermore, Latin America and Middle East are expected to gain traction, but the fuel cards market growth is expected to be stable during the forecast period.

Top Impacting Factors-

High Number of Internet Users and Rise in New Payment Methods:

Rise in internet users has compelled customers to use plastic money instead of keeping hard cash. As stated by several banks, the new age segment has been one of the key factors enforcing sale transaction through fuel cards globally to eliminate manual tasks such as auditing and submission of receipts.

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Prone to Fraudulent Attacks:

Fuel cards have become the fastest growing payment method, owing to evolution in electronic payment. This advanced payment method is prone to hacking, as currently these cards do not have enough security measures that can prevent payment frauds. Such security breaches leading to data loss and confidentiality breach of crucial information are possible, since dozens of criminal hackers have started to exploit fuel card systems as well as back-office systems.

Change in Demographics Landscape:

Fuel cards are utilized by fleet owners to manage and control fuel costs while providing better visibility of the operations. Fuel cards are being used as debit cards that allow drivers to pay for fuel, repairs, and maintenance. Earlier, fleet cards were used mostly by trucking companies; however, over the past few years, there has been a change in customer demographics. The change offers ample opportunities to fuel card providers to innovate their product offerings for each customer type.

Analyst Review:

Fuel cards provide various benefits to fleet vendors by capturing low-level data on mileage of vehicles, the gallons of fuel filled, and the need for servicing the vehicle. Fuel card service providers have started to embed the telematics interface and robust reporting facilities as standard product offerings to improve fleet management productivity. Moreover, there are various forms in which fuel cards are available, these include branded fuel cards, universal fuel cards, and merchant cards. The merchant fuel cards are anticipated to witness the highest growth rate during the forecast period.

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In 2016, the fuel refill segment was the highest contributor in the global fuel cards market share, in terms of revenue, followed by the vehicle service segment. Furthermore, the others segment is anticipated to witness the highest growth rate, owing to rising demand for cashless fuel transactions.

Key players have adopted various strategies, such as new product launch, business expansion, acquisition, and strategic alliances, to create more awareness about fuel cards and increase adoption across the end users.

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