Leading fuel card providers are seeking to bolster quality standards, leveraging digitalized payment in fuel card market trends with telematics and EMV tech integration.
NEW YORK, NY / ACCESSWIRE / April 15, 2021 / The fuel card market is projected to exhibit a healthy trajectory of growth at over 6% CAGR, through the forecast period (2021-2031). As per a new Fact.MR report, the global fuel card market will cover applications such as fuel refills, toll charges, and parking charges among others. The increased adoption of fuel cards can largely be attributed to the growing role of information technology in the banking sector.
The COVID-19 outbreak has adversely impacted short term prospects for fuel card services. The problem has been compounded by the temporary disruption of trade, commercial and passenger transport owing to strict lockdown regulations. Growing penetration of digital payment platforms in addition to data analytics will bolster adoption. The demand for fuel cards will steadily recover through 2021 as the pandemic subsides, reveals FACT.MR.
"Fuel cards provide a number of advantages to fleet owners by extracting basic data on factors such as fuel purchases, vehicle mileage, in addition to predicting the requirements of vehicle services. Leading service providers have also started embracing telematics as standard product offerings to give end users better control over fleet management productivity operations," says the FACT.MR analyst.
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Fuel Card Market - Key Takeaways
- Commercial fleet applications will reflect strong growth owing to organizational benefits to leverage digitalization.
- Universal fuel cards major fleet card market share, supported by data capture, online reporting, and universal coverage benefits.
- Germany emerges as a key market for fuel cards, supported by its role as an international automotive hub.
- China will display strong potential for growth on the back of tech developments and advances in internet penetration.
Fuel Card Market - Key Driving Factors
- Convenience to drivers is a major factor supporting the adoption the fuel card market growth.
- Better compliance to company policy on fuel purchases allows for improved sales prospects.
- Digitalization of payment records minimizes administrative work boosting popularity of fuel cards.
Fuel Card Market - Key Constraints
- Lack of awareness and infrastructure, particularly in developing countries remains a challenge to market players.
- Additional costs incurred by fleet operators could limit the adoption of fuel cards.
Projected Impact of COVID-19
Strict lockdown regulations during the ongoing coronavirus pandemic have had a disruptive impact on the fuel card market forecast. On One hand, transportation fleets for essential goods and services remained operational, partially mitigating losses in the sector. On the other hand, non-essential fleets were left stranded over months, reducing fuel transactions, hurting short term demand.
On the other hand, recovery is likely to be strong through 2021 and beyond as fuel emission standards become stricter, while electric vehicles make a notable entry into the automotive sector. These factors will set up a conducive environment for the growth of the fuel card market in the coming decade.
Explore the global fuel card market report with 180 illustrative figures, 148 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.factmr.com/report/265/fuel-card-market
Key players in the moderately fragmented fuel card market include but are not limited to Ingenico Group, Edenred S.A., Fuel Genie, FleetCor Technologies, Repsol S.A., WEX Inc., Total S.A., Petro-Canada Superpass, Royal Dutch Shell Plc, Radius Payment Solutions, BP Plc., DKV Euro Service, and Exxon Mobil Corporation.
Leading players in the fuel card market are focused on the development and launch of new products, in addition to seeking strategic investments into product development, and distribution operations to consolidate market growth.
In March 2021, Centrica announced the launch of a new fleet charging management system, which acts as a virtual fuel card for electric commercial vehicles, aimed towards bolstering remote working operations.
Shell Fleet Solutions UK launched a new fuel card management appfor businesses in the country, which are operating up to 10 vehicles, which is compatible with both Android and iOS platforms to track fuel card spending.
In April 2021, Fleetcor UK announced its decision to make a minority investment into Mina, a digital, cloud-based software platform for charging and payment applications for electric vehicle fleets operating in the United Kingdom.
More About the Report
The FACT.MR's market research report of 300 pages offers comprehensive insights on fuel card market. The market is analyzed on the basis of type of fleet (truck fleet operators, business fleet, construction fleet operators, and others), card type (universal, fuel credit cards, OnG corporation cards, network cards, over the road fuel cards), subscription type (bearer and registered), fleet type (commercial and over the road), and use case (oil fees payment, parking fees, toll fee payment, fleet maintenance, and others), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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