Posted by Global Fuel Cards Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Fuel Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global fuel cards market trends, size, share, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global fuel cards market size reached US$ 732.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,424.9 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
Fuel cards, also known as fleet cards or gasoline cards, serve as specialized payment tools designed for businesses to effectively manage and enhance the efficiency of their fuel-related expenditures. These cards come equipped with comprehensive reporting features, offering businesses valuable insights into their fuel consumption patterns, ultimately facilitating improved decision-making and cost optimization. Cardholders are empowered to procure gasoline, diesel, or other vehicle-related necessities at fuel stations, with such cards typically being issued by either financial institutions or fuel companies. Fuel cards cater to a wide range of businesses, from small enterprises with a handful of company vehicles to large corporations boasting extensive vehicle fleets. They deliver numerous advantages, including real-time expense tracking, fortified security measures, and the flexibility to establish spending limits and purchase restrictions. This ensures that businesses can keep a tight grip on their fuel-related expenses and foster a higher degree of financial control. By enabling continuous oversight and facilitating seamless transactions, fuel cards emerge as an indispensable asset for businesses looking to optimize their operations and manage their budget effectively.
Global Fuel Cards Market Trends and Drivers:
Currently, the corporate sector is increasingly embracing fuel cards as a means to bolster the efficiency of their fleet management operations. This trend is a pivotal driver behind the expansion of the market. Furthermore, the escalating demand for stringent cost control and improved expense management practices is compelling businesses to adopt fuel cards. They use these cards to establish spending limits, restrict purchases solely to fuel-related items, and negotiate discounts with fuel providers, thereby enhancing their financial management capabilities. In addition to this, the growing dependence on contactless payment technology within fuel card systems is ushering in greater convenience and speed in transactions, which is proving to be a positive force in the market’s favor. Moreover, the surge in tax and compliance benefits offered by fuel cards, such as detailed transaction records, is simplifying the process of claiming tax deductions and accurately reimbursing employees for fuel expenses incurred during business activities. Furthermore, the increasing integration of fuel cards with telematics systems is affording businesses valuable insights into the performance and fuel efficiency of their vehicles, thereby supporting market growth. Additionally, the mounting implementation of government regulations, emissions standards, and reporting requirements is prompting businesses to adopt fuel cards as a means to monitor and mitigate their environmental impact. Notably, the expanding array of customization and flexibility options available in fuel card programs is empowering key market players to tailor their offerings to meet specific needs and seamlessly integrate them with other business expense management tools and systems.
Global Fuel Cards Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Absa Group Limited, BP p.l.c., Chevron Corporation, Engen Petroleum Ltd., Exxon Mobil Corporation, FirstRand Limited, FleetCor Technologies Inc., Puma Energy (Trafigura Group Pte. Ltd.), Shell plc, TotalEnergies SE, U.S. Bancorp and WEX Inc.
The report segmented the market on the basis of region, type, technology, application and end user.
Breakup by Type:
- Branded
- Universal
- Merchant
Breakup by Technology:
- Smart Cards
- Standard Cards
Breakup by Application:
- Fuel Refill
- Parking
- Vehicle Services
- Toll Charges
- Others
Breakup by End User:
- Individual
- Corporate
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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