Market Overview 2022-2027:
The latest research study “Fuel Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global fuel cards market reached a value of US$ 654.75 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,286.83 Billion by 2027, exhibiting a CAGR of 11.70% during 2022-2027.
Industry Definition and Application:
Fuel cards are payment solutions utilized for budgeting and managing vehicle-related expenses while reducing the hassle of administrating costly reimbursements and expense reports. They can be used by employees who operate corporate vehicles for maintenance and other related costs and repairs. Fuel cards are generally protected via individual personal identification numbers (PINs) and anti-fraud technology to make tracking easier. They manage multiple cards, offer online access to the linked account, set up reporting systems, and assist in downloaded statements. As a result, fuel cards find widespread applications for individual and corporate vehicles.
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The escalating demand for digital payment methods, the incorporation of the internet of things (IoT), and the increasing focus on efficient fleet administration are driving the fuel cards market. Besides this, the elevating utilization of these solutions by small and medium-scale enterprises (SMEs) to set spending limits, track purchases in real-time, and manage expenses is further augmenting the market growth.
Apart from this, the integration of fleet fuel cards with embedded chips and the introduction of smartcards, which are more durable than magnetic strips, quick response (QR) codes, and near-field communication (NFC) technology via mobile apps to handle payments are also catalyzing the global market. Moreover, the growing popularity of these solutions that offer discounted prices and other rebates to consumers is acting as another significant growth-inducing factor. Furthermore, the development of customized solutions with detailed reporting is expected to bolster the fuel cards market in the coming years.
|Fuel Cards Market Report Scope|
|Market size value in 2021||US$ 654.75 Billion|
|Market forecast in 2027||US$ 1,286.83 Billion|
|Growth Rate||CAGR of 11.70% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Technology, Application, End User and Region|
The report has been segmented the market into following categories:
Breakup by Type:
Breakup by Technology:
- Smart Cards
- Standard Cards
Breakup by Application:
- Fuel Refill
- Vehicle Services
- Toll Charges
Breakup by End User:
Breakup by Geography:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Competitive Landscape with Key Player:
- Absa Group Limited
- BP p.l.c.
- Puma Energy (Trafigura Group Pte. Ltd.)
- Shell plc
- TotalEnergies SE
- Chevron Corporation
- Engen Petroleum Ltd.
- Exxon Mobil Corporation
- FirstRand Limited
- FleetCor Technologies Inc.
- U.S. Bancorp
- WEX Inc.
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