DataCube Research offers market analysis, trends, future outlook, market size, and forecast for the research study titled “Fuel Cards Market: Global Industry Analysis, Size, and Forecast, 2019-2031".
Earlier, fuels cards were especially introduced for the payment of fuel expenses at petrol stations. Nowadays, increased popularity and the advancement in digital payment technologies has expanded the use cases of fuels cards. For instance, vehicle owners or drivers prefer fuel cards for payment of car wash, vehicle repair and maintenance expenses. In addition, fuel cards have provided the capabilities to a vehicle owner or fleet manager to track vehicle expenses in real-time and eliminated the need for maintaining manual records for fuel and other vehicle expenses.
Browse Full Report: Fuel Cards Market | Analysis 2019-2031
Business Fuel Cards Increasingly Gaining Traction Among Small and Medium-sized Enterprises
Business fuel cards are increasingly gaining traction among small and medium-sized enterprises. Business fuel cards have simplified the process of maintaining business vehicle fuel costs records. Further, it eliminates the use of personal or company’s credit card by vehicle driver for payment of fuel charges at a fuel station. Moreover, business fuel cards offer cashless convenience and help with fuel efficiency and budgeting as well.
Vehicle-Specific Fuel Cards to Cater Precise Needs
Key vendors are focused towards offering vehicle-specific fuel cards to meet the specific need and requirements of vehicle owners. Further, based on certain parameters such as the type of vehicle engine and vehicle size, prominent players differentiate their offerings.
Additionally, fuel cards provided for large commercial vehicles and heavy trucks offer a special discount on each transaction at different fuel brand stations. This is a part of the promotional strategy used by key fuel cards providers to increase their popularity and penetration of fuel cards among vehicle drivers or owners.
Online Stores to Play Crucial Role in Fuel Cards Market Size Expansion
Usually, independent cars owners and drivers prefer to compare and purchase fuel cards through online channels. However, nowadays business enterprises no matter what size, are increasingly shifting towards online channels to buy fuel cards. As online stores help users to save their time and efforts by enabling them to easily compare different available fuel cards (based on several factors such as brand, rewards, and fees) and special offers at the same time.
Expanding Use Cases to Boost Fuel Cards Industry Growth at a Considerable Rate
Nowadays, fuel cards are rapidly expanding their use cases in various applications. This is attributed to the increasing awareness among end users along with high level of security and safety while doing transaction.
Developed Markets Still Lucrative for Prominent Players
In 2021, North America was one of the leading fuel cards markets. This was attributed to the early adoption of fuel cards among vehicle owners and enterprises, increase in popularity of cashless transaction, and a high presence of major regional players. Moreover, the market in the region is anticipated to create massive growth opportunities for other international players offering vehicle-specific fuel cards.
DataCube Research Identified that Fuel Cards Penetration to Increase at a Considerable Rate During the Forecast Period
The rise in the need for fleet expense management among enterprises across the globe is increasing the adoption of fuel cards. In addition, continuous advancement in digital payment technologies along with the availability of value-added services has increased the penetration of fuels cards among end users. Further, the increased popularity of cashless transactions in both developed and emerging countries, uptake of smartphones among consumers, increased Internet penetration, growth in tech-savvy population, availability of attractive fuel cards offers and rise in adoption of fuel cards for rewards has accelerated the global fuel cards market growth.
Rising Cutthroat Competition—Vendors to Provide Special Offers to Gain Market Share
Prominent players in the fuel cards market are aimed at entering into strategic collaboration and partnerships to enhance technological capabilities and drive innovation. Moreover, key vendors are focused towards offering multi-purpose business fuel cards that allow a user to pay apart from fuel expenses such as parking fees and public transport traveling expenses. Further, an employer can limit the user spending and set expenditure parameter too. Prominent players profiled in the global fuel cards market are WEX Inc., FLEETCOR, Chevron & Texaco Business, U.S. Bancorp Fuel card, British Petroleum (BP), Comdata, Valero, Esso, Aral, Eurowag, and Auchan.