Fuel Card Market (Type: Branded, Universal, and Merchant; Technology: Smart Cards, Standard Cards; a

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Fuel Card Market

Fuel Card Market

Rep Id : TMRGL32990

Fuel Card Market (Type: Branded, Universal, and Merchant; Technology: Smart Cards, Standard Cards; and End User:

Published : 2019-11-05

Individual, Corporate) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027

No. of Pages : 132

Category : Consumer Goods & Services

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Fuel Ca

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Fuel Card Market: Omni-channel Experience Enhances Personalized Customer Servicing Fleet management has become an important task for eet owners in a highly mobilized world. With the number of cars increasing as a result of ride-hailing and sharing apps, the trend has put an added

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responsibility on owners to efficiently manage their eets and adopt cost-effective methods. Stakeholders in the fuel card market are simplifying the work of eet owners by offering them reward points, discounts and

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other lucrative incentives.

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The production of smart card is estimated to reach an output of ~300 million units by 2027 in the fuel card market. Hence, manufacturers are making efforts to elevate the personalized experience of customers, based on analytics. They are adopting the omni-channel experience approach to make customer experience more seamless. This approach is complemented with online channels to make the process of customer acquisition easier, time-saving, and cost-efficient. Stakeholders in the fuel card market are developing mobile applications to implement customer servicing, and these apps also help customers locate the nearest fuel

COVID-19 : A Global Pandemic

station.

Another driver is the migration towards EMV (Europay, MasterCard, and Visa). Card-issuing players are increasing investments toward EMV to provide the bene ts of chip-based cards to customers.

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Co-branded Fuel Cards Offer Seamless Digital Cashless Transactions Co-branded fuel cards are being increasingly adopted by customers as a result of signi cant changes in their

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lifestyle and spending capacity. Stakeholders in the fuel card market are offering added bene ts in co-

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branded cards, which has led to the growing adoption of fuel cards.

2019 - 2027

To understand how our report can bring difference to your business strategy, Ask for a brochure The branded cards segment is anticipated to grow in terms of market share, and is projected to reach a

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production output of ~400 million units by 2027 in the fuel card market. Since Asia Paci c is anticipated for

Size, Share, Growth,

increased market growth, stakeholders are aiming to increase the penetration of branded cards in non-metro

Trends, and Forecasts

cities and towns of India. For instance, in September 2019, HDFC Bank LTD. an Indian banking and nancial

2019 - 2027

services company, announced the launch of a co-branded fuel credit card with Indian Oil Corporation Ltd. an Indian petroleum re ning company, to promote digital cashless transactions.

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Thus, stakeholders in the fuel card market are encouraging customers in smaller towns and cities to adopt

Growth, Trends, and

digital cashless payments.

Forecast 2019 - 2027

Troubleshooting and Innovation Help Overcome Technological Hindrances The fuel card market is moderately fragmented, which has encouraged emerging players to enter the market.

However, certain challenges need to be addressed by stakeholders in this space. Omni-channel experience and analytics have opened up new opportunities for stakeholders in the fuel card market. However, within these opportunities, certain drawbacks in the framework are likely to impede market growth.

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The fuel card industry is a complex environment to navigate complete end-to-end solutions for its many customers. Hence, it is virtually impossible for a single company to handle multiple functions of a modern fuel card management system. Thus, innovation is the key to constantly identify which function needs troubleshooting.

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For instance, the security of payments is a huge concern in the market, as a result of data breaches. Hence, manufacturers are introducing tokenization and biometric authentication to enhance security and make digital payments safer. Leading retailers and card issuers are integrating tokenization in cards, as the technology oers end-to-end encryption of mobile-based payments.

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Analysts’ Viewpoint Technological advancements are simplifying the work of customers and eet owners. As such, stakeholders in the fuel card market should innovate new technologies such as telematics interfaces and cardholder veri cation methods. However, the challenges faced by eet owners are anticipated to signi cantly aect Create PDF in your applications with the Pdfcrowd HTML to PDF API

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market growth, since eet management accounts as one of the major sources of income for stakeholders in the market. Thus, stakeholders should focus on re-examining payment and system processes according to changing customer preferences.

Card-issuing players are introducing new technologies that comply with the growing range of rules, regulations, and reporting standards. Stakeholders should offer loyalty programs to customers, especially eet owners, since eet owners are always on the lookout for pro table offerings.

Fuel Card Market: De nition/Overview A fuel card is a payment card most commonly used at diesel, petrol, gasoline, and other fuel stations.

Fuel cards can also be used to pay for the maintenance and expense of vehicles. Generally, fuel cards are printed with the company name, signature strip, and vehicle registration number.

The global fuel card market is projected to expand at a CAGR of ~6%, increasing from ~US$ 35 Bn in 2019 to ~US$ 55 Bn by the end of the forecast period in 2027.

Global Fuel Card Market: Regional Overview Asia Paci c is likely to be the fastest-growing region in the global fuel card market during the forecast period, due to supportive government initiatives to encourage cashless transactions. Furthermore, growing urbanization and increasing development of eet management solution systems are likely to boost the demand for fuel cards in the next few years.

Europe is the largest regional market in the global fuel card market. Signi cant consumer awareness about the advantages of fuel cards is driving market growth in the region. Moreover, rising fuel prices is leading individuals to keep a track of their fuel purchases, which helps them save on fuel costs.

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Global Fuel Card Market: Trends Developing countries are easing their tax policies and encouraging individuals to opt for cashless transactions, which is expected to boost the fuel card market in these regions. Advanced smart features provided by key fuel card providers are set to create new avenues for market growth.

A growing contactless card and prepaid industry along with technological modernizations in fuel card, and the convenience and bene ts provided by these cards, are projected to offer opportunities for the global market throughout the forecast years.

The eet management market is impacted by technology all around. The adoption of eet management software in data management and analytics has been growing, which is driving the demand for corporate fuel cards.

Global Fuel Card Market: Drivers, Opportunities, and Restraints Companies are actively witnessing growth revival in developing economies such as Brazil, China, India, South Africa, and Mexico, due to economic advancement coupled with increasing number of cashless transections. This can be seen as a potential growth opportunity to introduce fuel card services in these markets, leading to high impact over the forecast period.

Contactless and prepaid technology are comparatively new in the fuel card market. According to Kalyani Pillay, Chief Executive of South African Banking Risk Information Centre (SABRIC), contactless payment cards are a highly secure option, just as traditional cards. SABRIC has not faced any registered crime incidents related to tap and go/contactless cards.

Measures such as switching to more fuel-efficient vehicles, eliminating idle time, reducing the eet size, and timely maintenance can help decrease fuel consumption. Managing the budget during variance in Create PDF in your applications with the Pdfcrowd HTML to PDF API

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fuel prices remains a challenge. As fuel prices are difficult to predict, it is difficult to plan and budget in advance. This can act as a restraint to the growth of the fuel card market.

Global Fuel Card Market: Key Segments The global fuel card market has been segmented based on type, technology, end user, and region.

By Type In terms of type, the global fuel card market has been divided into branded, universal, and merchant. Currently, the universal segment holds the highest share in the global fuel card market.

By Technology On the basis of technology, the global fuel card market has been classi ed into standard card and smart card. At present, the standard segment holds the most substantial share in the global fuel card market.

By End User In terms of end user, the global fuel card market has been categorized into individual and corporate.

In 2018, the individual segment held a major share of the global fuel card market.

By Region Based on region, the global fuel card market has been divided into: North America (U.S., Canada, and Rest of North America), Europe (U.K., France, Germany, and Rest of Europe), Asia Paci c (China, Japan, India, and Rest of Asia Paci c), Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America). Europe has the highest share in the global fuel card market.

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Global Fuel Card Market: Competition Landscape The global fuel card market is highly competitive with the presence of several global and regional players.

Companies are investing in product innovation to increase their customer base.

Some of the key players operating in the global fuel card market are Shell Group BP plc.

Total fuel Card WEX Inc. Caltex Puma Energy Engen Petroleum Ltd Absa Bank Limited Standard Bank First National Bank (FNB).

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