Fuel Card Is Anticipated To Reach Transaction Value of US$ 2,725.3 Billion By 2032

The worldwide gasoline card market has a transaction value of US$ 1,433.0 billion in 2022 and is predicted to grow at a 6.6% CAGR to a transaction value of US$ 2,725.3 billion by the end of 2032.At the end of 2022, universal fuel cards accounted for roughly one-third of the global fuel card market.

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A wide range of macroeconomic and microeconomic variables, such as increased urbanization and transportation, the use of digital payment methods, and the demand for effective fleet management, continue to have an impact on the worldwide fuel card industry. The growing demand to reduce fuel prices and avoid fraudulent transactions more efficiently drives growth in the global fuel card market.

Competitive Landscape:

The cards and payments industry is undergoing fast transition, driven by both technological developments and altering end-user expectations and behavior. Fintech companies’ innovative tactics, mobile devices’ modification of the customer experience, millennial clients’ engagement of social media, and regulatory advancements that affect how business is conducted are all to blame for these shifts. When compared to other card product offerings, the development of payment methods and card goods in the case of fuel cards has lagged. However, due to the considerable shift toward payment digitization and the impact of the internet of things (IoT), this is going to change.

Fuel Card Market

Key Players:

  • FleetCor Technologies, Inc.
  • WEX Inc.
  • Voyager Fleet Card
  • Fuel Genie (Worldline IT Services Ltd.)
  • H24 (Ingenico Group)
  • Valero Energy Corporation
  • Eurowag (W.A.G. payment solutions, a.s.)
  • Hoyer GmbH
  • 360Fuelcard
  • Exxon Mobil Corporation
  • BP Plc.
  • Royal Dutch Shell Plc.
  • Total S.A.
  • Marathon Petroleum Corporation
  • Repsol, S.A.
  • Petro-Canada Superpass (Suncor Energy Inc.)
  • Radius Payment Solutions
  • DKV Euro Service (DKV Mobility Services Group)
  • Edenred

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Regional Analysis:

 How Are Fuel Cards Increasing in Europe?

 When considering adopting a new digital payment method, functional aspects and features are regarded as more important than the service provider; practically all participants would choose a bank, a central bank, or a European organization to a huge technological business. As the provider, a bank or central bank would be preferred because these institutions are seen as more dependable, trustworthy, and safe.

The benefits provided by European gasoline cards are expected to drive demand in Europe. Multinational firms, for example, can control their travel expenses by adopting European fuel cards. These facilitate car refueling throughout Europe, allowing enterprises to continue functioning there.

China is gradually developing as one of the world’s major players in logistics and transportation due to factors such as government constraints, good road, rail, and transit infrastructure, a massive network of warehouse and storage facilities, and a strong IT infrastructure. Prior to the outbreak, the Asia-Pacific region was a major player in the worldwide freight forwarding market. The rapid rise of China’s e-commerce sector has ushered in a new era in the country’s economic history.

Key Segments of Industry:

  • By Type of Fleet:
    • Truck Fleet Operators
    • Business Fleet
    • Construction Fleet Operators
    • Other Customer Group
  • By Card Type:
    • Universal Fuel Card
    • Fuel Credit Cards
    • OnG Corporation Cards
    • Network Cards
    • Over the Road Fuel Cards
  • By Subscription Type:
    • Bearer Card
    • Registered Card
  • By Fleet Type:
    • Commercial Fleet
    • Over the Road
    • By Use Case:
    • Oil Fees Payment
    • Parking Payment
    • Toll Fee Payment
    • Fleet Maintenance
    • Other Payments

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