Fuel remains a significant cost for many businesses. Hence, fuel card has emerged as one of the valuable tools for fleet management and leasing companies. Fuel card providers are integrating various technologies that not only support fuel purchase but also provides a detailed report to the fleet managers including liters of fuel filled, mileage of the vehicle and also if there is a need for vehicle servicing. Along with this, there has been an increase in partnerships between fuel companies and fuel merchants to provide branded fuel cards, and merchant branded cards. Fuel cards are now being embedded with Telematics interface providing enhanced data and improving fleet management. Host Card Emulation (HCE) technology is also being used by fuel card issuers. As integrating fuel cards into Near Field Communication (NFC) based mobile payment will result in ease of use for fleet owners. Fuel card issuers are focusing on enhancing security, leveraging mobile apps for providing various customer services, loyalty program, etc.
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However, fuel card industry is still facing some definite challenges including changing legal framework, rising competition, increasing customer expectations, increase in electric and hybrid cars will result in petrol stations getting replaced with charging stations, hence, fuel card providers will need to adapt to this change and budgetary concerns due to volatile fuel prices. These all challenges together put a significant pressure on fuel card providers.
According to a study by Fact.MR, the global fuel card market is expected to experience moderate growth, registering 4.8% CAGR during the forecast period, 2017-2022. Fuel cards are gaining popularity among the customers and fleet owners. Fuel card providers have started integrating new technologies, providing real time updates and payment security. Below are the few insights on the future of the global fuel card market.
5 Forecast Highlights on Global Fuel Card Market
APEJ region is expected to remain dominant in the global fuel card market. Witnessing a steady growth, the region is estimated to reach close to US$ 3,500 million by the end of 2022.
North America is expected to emerge as the second largest market for fuel card. Quick adoption of innovative technologies with improving profitability and significant discounts offered under fuel card programs are some of the factors fueling the growth of fuel card in the region.
Adoption of fuel card is expected to be the highest among Over the Road fleets. By the end of 2017, Over the Road fleets are projected to account for nearly one-third of the revenue share of global market value. Over the Road fleets are estimated to reach nearly US$ 3,600 million revenue by the end of 2022.
Compared to the bearer card, registered card as the type of fuel card is estimated to account for nearly two-third of the revenue share by the end of 2017. Towards the end of 2022, registered card is projected to bring in nearly US$ 7,800 million revenues.
A fuel card is expected to be largely used for Oil fees. Accounting for nearly one-third of the revenue share by 2017 end, oil fees is estimated to create an incremental opportunity of over US$ 600 million between 2017 and 2022. Meanwhile, fleet maintenance will also witness significant growth in the global fuel card market.
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The report also provides a detailed profile of the leading players in the global market for fuel card, which will remain active through 2022. These include companies such as Exxon Mobil Corporation, B.P p.l.c, Royal Dutch Shell, WEX Inc., and Fleetcor Technologies Inc.
Fuel Card Market Steady Growth to be Witnessed by 2028 End
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