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 report, share, size, trends, 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 gas cards, are specialized payment instruments designed to help businesses effectively manage and streamline their fuel-related expenditures. These cards frequently come equipped with comprehensive reporting functionalities, granting companies valuable insights into fuel consumption trends, ultimately empowering them to make informed decisions and optimize costs. Fuel cards provide cardholders with the ability to procure gasoline, diesel, and other vehicle-related essentials at fuel stations, and they are typically issued by financial institutions or fuel companies. These cards cater to both small businesses with a limited number of company vehicles and large enterprises with expansive vehicle fleets. Key advantages include real-time expense monitoring, heightened security features, and the ability to establish spending limits and purchase restrictions.

Global Fuel Cards Market Trends and Drivers:

Currently, the burgeoning adoption of fuel cards within corporate circles, aimed at bolstering the efficiency of fleet management, stands as a pivotal driver propelling market expansion. Furthermore, the escalating demand for stringent cost control and more effective expense oversight is motivating businesses to employ fuel cards to institute spending caps, confine purchases to fuel-related items, and negotiate favorable agreements with fuel suppliers. In addition to this, the surging reliance on contactless payment technology embedded in fuel cards, aimed at enhancing transaction convenience and speed, exerts a positive impact on the market. Furthermore, the growing array of tax and compliance advantages associated with fuel cards, encompassing detailed transaction records, is simplifying the process of claiming tax deductions and accurately reimbursing employees for expenses linked to business-related fuel usage. Moreover, the increasing integration of fuel cards with telematics systems, facilitating more extensive data collection on vehicle performance and fuel efficiency, lends substantial support to market expansion. Additionally, the mounting emphasis on governmental regulations, emissions standards, and reporting requirements is compelling businesses to leverage fuel cards to monitor and curtail their environmental footprint. Beyond this, the expanding scope for customization and flexibility in fuel card programs enables prominent market players to tailor their offerings to suit specific requirements, seamlessly integrating them with other tools and systems for managing business expenses.

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

o  United States

o  Canada

·     Asia-Pacific

o  China

o  Japan

o  India

o  South Korea

o  Australia

o  Indonesia

o  Others

·     Europe

o  Germany

o  France

o  United Kingdom

o  Italy

o  Spain

o  Russia

o  Others

·     Latin America

o  Brazil

o  Mexico

o  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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