Fuel Cards Market to exceed $2.4 Tn by 2032, Says Global Market Insights Inc.
Major fuel cards market participants include Aral Fuel Cards, Engen Limited, British Petroleum, FleetCor Technologies and U.S. Bancorp
Selbyville, Delaware, April 22, 2024 (GLOBE NEWSWIRE) --The fuel cards market valuation is predicted to reach USD 2.4 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The growing focus of fuel cards industry providers on offering mobile apps and digital platforms for real-time transaction tracking, expense management, and location-based services to enhance user experience and help users in finding nearby fuel stations and services will contribute to the industry growth. To cite an example, in December 2022, DAT introduced the DAT One Fuel Card, its new OTR solutions-powered offering that provides savings, valuable expense management tools, unmatched convenience, and zero in-network transaction fees.
The surging adoption of data analytics is making way for personalized services and insights to customers. By analysing fuel consumption patterns and transaction data, these providers are offering tailored recommendations to optimize fleet management for businesses. The strong emphasis on sustainability along with the rising number of programs to incentivize the use of eco-friendly fuels to offset carbon emissions from fuel consumption will favor the product uptake.
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The fuel cards market from branded fuel cards is likely to grow at a robust pace between 2023 and 2032, due to their easy integration with services and products like vehicle maintenance, roadside assistance, and convenience store purchases. Branded fuel cards are typically accepted at a network of fuel stations. For businesses with fleets of vehicles, these fuel cards provide additional benefits, such as centralized billing, expense tracking, and reporting tools. The surging demand for branded fuel cards in the commercial sector is another factor driving the product uptake.
The fuel cards market from the toll charges application segment is expected to witness lucrative growth from 2023 to 2032, owing to rising assistance to drivers in swiping the cards at toll booths for making the process faster and more efficient. Lately, multiple fuel card programs are offering integration with toll systems for allowing drivers to use their fuel cards to pay for tolls seamlessly for streamlined payment processes and reduced need for multiple payment methods. Access to discounts or rebates on toll charges along with growing incorporation of features for tracking and reporting fuel expenses will contribute to the market demand.
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Europe fuel cards market is estimated to attain substantial valuation by 2032, led by the rising investments in cybersecurity measures and compliance with data protection regulations like GDPR. The growing importance of data in decision-making, data security and privacy across the region is increasing the digitization of fuel card transactions. Leading fuel card companies are forming strategic partnerships and alliances with businesses to expand their service offerings and reach, subsequently adding to the regional market growth.
For instance, in October 2022, Aral and payment processing firm for transport services LOGPAY collaborated on MOBILE FUELING, the latter’s Pay@Pump solution for enabling digital payment via the CHARGE&FUEL app directly at the pump.
Some of the prominent fuel cards market providers include Aral Fuel Cards, Engen Limited, British Petroleum, FleetCor Technologies, and U.S. Bancorp. These companies are focusing on new service launches, partnership ventures and R&D investments to proliferate their global presence and customer base. For instance, in October 2023, FleetCoor’s multi-branded fuel card FleetCard doubled down on its services platform with a new positioning to focus on delivering freedom for clients.
*Partial chapters of report table of contents (TOC):*
*Chapter 1 Methodology & Scope*
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
*Chapter 2 Executive Summary*
2.1 Fuel cards market 360^ synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Card Type trends
2.5 Type trends
2.6 Deployment model trends
2.7 Application trends
2.8 End-use trends
*Chapter 3 Fuel Cards Market Insights*
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 China-U.S. trade war impact
3.4 Industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Fuel cards value & volume, by region
3.6.1 North America
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 Latin America
3.6.5 MEA
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Product launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Growing concerns over cost control and fuel management
3.10.1.2 Increasing demand for cashless transactions
3.10.1.3 Emphasis on effective fleet management
3.10.1.4 Increasing demand for cross border operations
3.10.2 Industry pitfalls & challenges
3.10.2.1 Cyber-attacks and fraudulent activities
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
*Chapter 4 Competitive Landscape, 2022*
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 British Petroleum
4.3.2 Royal Dutch Shell
4.3.3 FleetCor Technologies
4.3.4 U.S. Bancorp
4.3.5 WEX Inc.
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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*About Global Market Insights Inc.*
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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