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Fuel Card Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024
Fuel Card Market size is forecast to reach $8.23billion by 2025 growing at a CAGR of 5.9% during 2020-2025. The growth of the fuel card market is driven by the transforming customer experience, owing to the rise in adoption of prepaid cards among the millennial population. Moreover, an increase in preference towards payment digitization and influence of Internet of Things (IoT) supplement the fuel cards market growth. Additionally, the benefits associated with fuel cards such as cost transparency, discounted fuel, convenience, flexibility reporting, automatic expense reporting and improved efficiency will further enhance the overall market demand for Fuel Card industry during the forecast period.
Key Takeaways
• Europe dominates the Fleet Card or fuel card market owing to increasing acceptance of branded fuel cards at fuel refilling station across European countries.
• Benefits associated with fuel cards such as reward points, discounts, convenience have been attracting customers to adopt fuel cards. In addition to these, fleet cards or fuel cards provide access to data such as odometer reading and miles per gallon (MPG) in order to avoid fuel fraud, thereby driving the market.
• Growing need for fuel management and introduction of fuel cards or charge cards with discounts by major companies set to create opportunities for fuel card market.
• Digitalization is opening the way for new ventures and marketing strategies for robust new service offerings for fuel card issuers. Simple loyalty programs to further offerings and services have been strengthening customer relationships and leverage business opportunities of companies, thereby driving the demand of fuel card industry.
Type- Segment Analysis
Branded Fuel cards segment held the largest share in the Fuel Card market in 2018. Branded fuel cards are the cards that are issued by fuel companies and can be used for a brand.For instance, ExxonMobil, BP, Sunoco are some of the examples of branded fuel cards.Increasing gasoline consumption in the U.S. Introduction of new fuel cards and expanding their services in various countries set to drive the fuel card market size.
Application - Segment Analysis
Fuel Refill has been the primary market for Fuel Card. The transaction value of fuel cards has been increasing due to the high application of fuel cards in fuel refill. Introduction of customer benefit programs by various companies set to boost the fuel card market. For instance, Hindustan Petroleum Corporation Limited (HPCL) had introduced HPCL HP Refuel program which is a powerful loyalty and payment program that provides complete fuel management solution to its owners and operators in the form of combination of control, convenience, security and attractive reward points. With these benefits, high adoption of fuel cards at petrol pumps for fuel refill is set to drive the fuel card market industry.
Geography- Segment Analysis
Europe dominated the Fuel Card market with a share of more than 33%, followed by North America and APAC. The presence (headquarters) of major companies such as BP, Shell and others in European countries set to boost the fuel card market in Europe. For instance, Shell fuel card has been accepted at over 27,000 sites across Europe and it had expanded its services to other parts of the World such as Middle East and African countries. In 2018, WEX Europe services had added its Esso card acceptance network in the U.K. Increasing acceptance of branded cards in more number of fuel station networks across European countries is poised to create the opportunities for fuel cards in Europe.
Drivers –Fuel Card Market
• Need for improved fuel management
It is vital for fleets to monitor fuel purchases in order to manage and control fuel consumption. Fuel cards can provide good quality data on fuel purchases, helping to monitor individual vehicle and driver fuel economy, and implement effective strategies to improve performance. Fuel card reporting allows the tracking of fuel spend, the type of fuel purchased and the purchase location. This can help to encourage the use of lower-cost sites and the purchase of standard rather than premium fuels. Adoption of fuel cards for fuel management set to drive the demand of fuel card market growth.
• Discounts on fuel cards
Discounts on fuel cards have been encouraging drivers or fleet managers to use fuel cards over credit cards. The trucking industry Governments globally are focusing on boosting the fuel economy in accordance with standards of the Corporate Average Fuel Economy, and Fuel Card help in the reduction of vehicular emission.At present, Fuel Card are required to meet the inevitably strict vehicular emission standards, as developing countries like China, and India are updating instructions to control emissions which will further boost the adoption of fuel additives.
Challenges – Fuel Card Market
• Security is the major issue with fuel cards
Fuel cards are as vulnerable to fraud as other types of payment at the pump. The use of skimmers which are the devices that grab numbers from cards swiped at pumps have increased the prevalence of fuel fraud. Additionally, fuel card means a restricted network of petrol stations, limited to a particular brand of fuel. Due to this, drivers have to travel out of their way to find a forecourt where they can refuel.This hampers the growth of the fuel card market size. However, fuel card companies are focusing to develop ways to use the transactional data to better assess the transactions and determine whether they are fraudulent or not.
MarketLandscape
Technology launches, acquisitions and R&D activities are the key strategies adopted by players in the Fuel Card market. In 2018, the market of Fuel Card has been consolidated by the top five players accounting for xx% of the share. Major players in the Fuel Card Market areBP p.l.c. ENGEN Petroleum Ltd, Exxon Mobil Corporation, Shell, WEX Inc, andamong others.
Acquisitions/Technology Launches
- In May 2019, BP p.l.c. had launched a new fuel andcharge fuel which can be used by fleet drivers in order to pay for petrol, diesel or electricity.The card provides fleets access to the BP Plus cross acceptance network of more than 3,600 fuel sites and the polar electric vehicle (EV) charging network which has more than 7,000 charge points. Drivers can check the nearest available EV charging points or BP forecourt through BP fuel and charge card app. The introduction of new fuel cards with various features set to create opportunities for fuel card market share.
- In March 2019, WEX Inc had acquired Go Fuel Card which is the fuel card business of EG Group.The Go Fuel Card business is headquartered in Netherlands with approximately 200,000 proprietary cards in circulation across the Belgium, France, Netherlands, and Luxembourg. This acquisition had made WEX Inc in strengthening their position in Europeby expanding its footprint in attractive markets and broadening their card acceptance through an independent, proprietary card network.
1. Fuel Card Market - Overview
1.1 Definitions and Scope
2. Fuel Card Market - Executive summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by type of Application
2.3 Key Trends segmented by Geography
3. Fuel Card Market
3.1 Comparative analysis
3.1.1 Product Benchmarking - Top 10 companies
3.1.2 Top 5 Financials Analysis
3.1.3 Market Value split by Top 10 companies
3.1.4 Patent Analysis - Top 10 companies
3.1.5 Pricing Analysis
4. Fuel Card Market - Startup companies Scenario Premium
4.1 Top 10 startup company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Fuel Card Market - Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top 10 companies
6. Fuel Card Market Forces
6.1 Drivers
6.2 Constraints
6.3 Challenges
6.4 Porters five force model
6.4.1 Bargaining power of suppliers
6.4.2 Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Fuel Card Market - Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Product life cycle
7.4 Suppliers and distributors Market Share
8. Fuel Card Market - By Product Type (Market Size -$Million / $Billion)
8.1 Market Size and Market Share Analysis
8.2 Application Revenue and Trend Research
8.3 Product Segment Analysis
8.3.1 Branded Card
8.3.2 Universal Card
8.3.3 Merchant Card
9. Fuel Card Market - By Type (Market Size -$Million / $Billion)
10. Fuel Card - By Application (Market Size -$Million / $Billion)
10.1 Segment type Size and Market Share Analysis
10.2 Application Revenue and Trends by type of Application
10.3 Application Segment Analysis by Type
10.3.1 Fuel Refill
10.3.2 Parking
10.3.3 Vehicle Service
10.3.4 Toll Charge
11. Fuel Card - By Geography (Market Size -$Million / $Billion)
11.1 Fuel Card Market - North America Segment Research
11.2 North America Market Research (Million / $Billion)
11.2.1 Segment type Size and Market Size Analysis
11.2.2 Revenue and Trends
11.2.3 Application Revenue and Trends by type of Application
11.2.4 Company Revenue and Product Analysis
11.2.5 North America Product type and Application Market Size
11.2.5.1 U.S
11.2.5.2 Canada
11.2.5.3 Mexico
11.2.5.4 Rest of North America
11.3 Fuel Card- South America Segment Research
11.4 South America Market Research (Market Size -$Million / $Billion)
11.4.1 Segment type Size and Market Size Analysis
11.4.2 Revenue and Trends
11.4.3 Application Revenue and Trends by type of Application
11.4.4 Company Revenue and Product Analysis
11.4.5 South America Product type and Application Market Size
11.4.5.1 Brazil
11.4.5.2 Venezuela
11.4.5.3 Argentina
11.4.5.4 Ecuador
11.4.5.5 Peru
11.4.5.6 Colombia
11.4.5.7 Costa Rica
11.4.5.8 Rest of South America
11.5 Fuel Card- Segment Research
11.6 Market Research (Market Size -$Million / $Billion)
11.6.1 Segment type Size and Market Size Analysis
11.6.2 Revenue and Trends
11.6.3 Application Revenue and Trends by type of Application
11.6.4 Company Revenue and Product Analysis
11.6.5 Segment Product type and Application Market Size
11.6.5.1 U.K
11.6.5.2 Germany
11.6.5.3 Italy
11.6.5.4 France
11.6.5.5 Netherlands
11.6.5.6 Belgium
11.6.5.7 Denmark
11.6.5.8 Spain
11.6.5.9 Rest of Europe
11.7 Fuel Card - APAC Segment Research
11.8 APAC Market Research (Market Size -$Million / $Billion)
11.8.1 Segment type Size and Market Size Analysis
11.8.2 Revenue and Trends
11.8.3 Application Revenue and Trends by type of Application
11.8.4 Company Revenue and Product Analysis
11.8.5 APAC Segment - Product type and Application Market Size
11.8.5.1 China
11.8.5.2 Australia
11.8.5.3 Japan
11.8.5.4 South Korea
11.8.5.5 India
11.8.5.6 Taiwan
11.8.5.7 Malaysia
11.8.5.8 Hong kong
11.8.5.9 Rest of APAC
11.9 Fuel Card - Middle East Segment and Africa Segment Research
11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
11.10.1 Segment type Size and Market Size Analysis
11.10.2 Revenue and Trend Analysis
11.10.3 Application Revenue and Trends by type of Application
11.10.4 Company Revenue and Product Analysis
11.10.5 Middle East Segment Product type and Application Market Size
11.10.5.1 Israel
11.10.5.2 Saudi Arabia
11.10.5.3 UAE
11.10.6 Africa Segment Analysis
11.10.6.1 South Africa
11.10.6.2 Rest of Middle East & Africa
12. Fuel Card Market - Entropy
12.1 New product launches
12.2 M&A s, collaborations, JVs and partnerships
13. Fuel Card Market - Industry / Segment Competition landscape Premium
13.1 Market Share Analysis
13.1.1 Market Share by Country- Top companies
13.1.2 Market Share by Region- Top 10 companies
13.1.3 Market Share by type of Application - Top 10 companies
13.1.4 Market Share by type of Product / Product category- Top 10 companies
13.1.5 Market Share at global level - Top 10 companies
13.1.6 Best Practises for companies
14. Fuel Card Market - Key Company List by Country Premium
15. Fuel Card Market Company Analysis
15.1 Market Share, Company Revenue, Products, M&A, Developments
15.2 Bancorp
15.3 Bp P L C
15.4 Engen Petroleum Ltd
15.5 Exxon Mobil Corporation
15.6 Firstrand Bank Limited
15.7 Fleetcor Technologies, Inc
15.8 Oil Holding Ltd
15.9 Puma Energy
15.10 Royal Dutch Shell Plc
15.11 Wex Inc
15.12 Company 12
15.13 Company 13 & More
*Financials would be provided on a best efforts basis for private companies
16. Fuel Card Market - Appendix
16.1 Abbreviations
16.2 Sources
17. Fuel Card Market - Methodology
17.1 Research Methodology
17.1.1 Company Expert Interviews
17.1.2 Industry Databases
17.1.3 Associations
17.1.4 Company News
17.1.5 Company Annual Reports
17.1.6 Application Trends
17.1.7 New Products and Product database
17.1.8 Company Transcripts
17.1.9 R&D Trends
17.1.10 Key Opinion Leaders Interviews
17.1.11 Supply and Demand Trends
LIST OF TABLES
1.Global Fuel Card Market, By Type Market 2019-2024 ($M)1.1 Branded Card Market 2019-2024 ($M) - Global Industry Research
1.2 Universal Card Market 2019-2024 ($M) - Global Industry Research
1.3 Merchant Card Market 2019-2024 ($M) - Global Industry Research
2.Global Fuel Card Market, By Type Market 2019-2024 (Volume/Units)
2.1 Branded Card Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Universal Card Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 Merchant Card Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Fuel Card Market, By Type Market 2019-2024 ($M)
3.1 Branded Card Market 2019-2024 ($M) - Regional Industry Research
3.2 Universal Card Market 2019-2024 ($M) - Regional Industry Research
3.3 Merchant Card Market 2019-2024 ($M) - Regional Industry Research
4.South America Fuel Card Market, By Type Market 2019-2024 ($M)
4.1 Branded Card Market 2019-2024 ($M) - Regional Industry Research
4.2 Universal Card Market 2019-2024 ($M) - Regional Industry Research
4.3 Merchant Card Market 2019-2024 ($M) - Regional Industry Research
5.Europe Fuel Card Market, By Type Market 2019-2024 ($M)
5.1 Branded Card Market 2019-2024 ($M) - Regional Industry Research
5.2 Universal Card Market 2019-2024 ($M) - Regional Industry Research
5.3 Merchant Card Market 2019-2024 ($M) - Regional Industry Research
6.APAC Fuel Card Market, By Type Market 2019-2024 ($M)
6.1 Branded Card Market 2019-2024 ($M) - Regional Industry Research
6.2 Universal Card Market 2019-2024 ($M) - Regional Industry Research
6.3 Merchant Card Market 2019-2024 ($M) - Regional Industry Research
7.MENA Fuel Card Market, By Type Market 2019-2024 ($M)
7.1 Branded Card Market 2019-2024 ($M) - Regional Industry Research
7.2 Universal Card Market 2019-2024 ($M) - Regional Industry Research
7.3 Merchant Card Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Europe Fuel Card Market Revenue, 2019-2024 ($M)2.Canada Europe Fuel Card Market Revenue, 2019-2024 ($M)
3.Mexico Europe Fuel Card Market Revenue, 2019-2024 ($M)
4.Brazil Europe Fuel Card Market Revenue, 2019-2024 ($M)
5.Argentina Europe Fuel Card Market Revenue, 2019-2024 ($M)
6.Peru Europe Fuel Card Market Revenue, 2019-2024 ($M)
7.Colombia Europe Fuel Card Market Revenue, 2019-2024 ($M)
8.Chile Europe Fuel Card Market Revenue, 2019-2024 ($M)
9.Rest of South America Europe Fuel Card Market Revenue, 2019-2024 ($M)
10.UK Europe Fuel Card Market Revenue, 2019-2024 ($M)
11.Germany Europe Fuel Card Market Revenue, 2019-2024 ($M)
12.France Europe Fuel Card Market Revenue, 2019-2024 ($M)
13.Italy Europe Fuel Card Market Revenue, 2019-2024 ($M)
14.Spain Europe Fuel Card Market Revenue, 2019-2024 ($M)
15.Rest of Europe Europe Fuel Card Market Revenue, 2019-2024 ($M)
16.China Europe Fuel Card Market Revenue, 2019-2024 ($M)
17.India Europe Fuel Card Market Revenue, 2019-2024 ($M)
18.Japan Europe Fuel Card Market Revenue, 2019-2024 ($M)
19.South Korea Europe Fuel Card Market Revenue, 2019-2024 ($M)
20.South Africa Europe Fuel Card Market Revenue, 2019-2024 ($M)
21.North America Europe Fuel Card By Application
22.South America Europe Fuel Card By Application
23.Europe Europe Fuel Card By Application
24.APAC Europe Fuel Card By Application
25.MENA Europe Fuel Card By Application
26.Bp P L C, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Engen Petroleum Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Exxon Mobil Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Firstrand Bank Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Fleetcor Technologies, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Oil Holding Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Puma Energy, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Royal Dutch Shell Plc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Bancorp, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Wex Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)