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  • 3 December 2019 22:52

Fuel Cards Market: Global Opportunity Analysis and Industry Forecast, 2017-2023

A fuel card refers to reloadable prepaid card that is used for making payment of expenses related to a vehicle such as fuel filling, vehicle servicing, vehicle maintenance, and others.

These cards are gaining popularity owing to the benefits offered such as comprehensive reporting for the fleet of corporates that provide real-time expense track of these fleets.

In addition, implementation of fuel cards eliminates manual tasks such as auditing and submission of receipts while profiting the corporate with discounted fuel price offers.

The growth of the fuel card market is driven by the transforming customer experience, owing to rise in adoption of prepaid cards among millennial population. Moreover, increase in preference towards payment digitization and influence of Internet of Things supplement the fuel cards market growth. However, lag of innovation within the fuel card product offerings as compared to that of other payment cards restrains the fuel cards market growth. The benefits and convenience offered by fuel cards is expected to provide opportunities for the market in the years to come.

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The global fuel card market is segmented based on Type, application, and geography. On the basis of Type, the fuel cards market is divided into branded, universal, and merchant fuel cards. Applications covered in the study include fuel refill, parking, vehicle service, toll charge, and other. Geographically, the fuel cards market is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

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