Over the years, fuel card has gained immense popularity among logistics service providers, large and small fleet operators, and corporate customers in various end-use industries as an integral part of fleet control all over the world. The need for managing several off-the-map expenses in hassle-free ways has led to the rapid evolution of the fuel card market. Growing number of benefits of fuel card such as in managing fuel costs and vehicle maintenance, improving compliance to fleet companies’ policies, and gaining fleet-wide visibility has broadened its acceptance in end-use industries such as aviation, automotive, and marine. The drive for improving overall fleet productivity, optimize fuel costs, and reducing maintenance and repair expenses has been propelling the Fuel Card Market Growth. Among the various fleet types, over-the-road (OTR) companies are increasingly adopting the use of fuel cards and has largely helped them manage fleet expenses and exercise better control on fuel purchasing behavior of drivers. The rapidly rising acceptance of fleet cards by logistics companies with various benefits is a key factor boosting the fuel card market.
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Digitization of Payments and Changing Consumer Preferences to boost Popularity of Registered Cards
The growing trend of digitization of payments, coupled with substantial advances in online payment channels, has underpinned several technology shifts in the fuel card market. The growing trend of leveraging the potential of telematics data for bolstering the capabilities of fuel cards has paved way to one such shifts. In addition, the integration of chips with prepaid fleet cards is a recent case in point in emerging markets. Fuel card providers are intensively focusing on advancing payment security and reducing the chances of real-time frauds. This is expected to catalyze the rapid expansion of the fuel card market. Emerging customer preferences has led the center to gravity to shift from bearer fuel card to registered type. The rising popularity is driven by growing number of partnerships between fuel card merchants and oil companies. The extensive use of fuel cards for the payment of oil fees is a key factor adding large chunks of revenue to the global fuel card market. The uptake is to an extent supported by constant volatility in fuel prices in several countries.
About the Report
The report titled “Fuel Card Market Forecast, Trend Analysis & Competition Tracking – Global Market insights 2017 to 2022”. The report offers detailed assessment of key growth dynamics shaping the contours of the global fuel card market. The study sheds light on key end-use trends, emerging avenues and investment pockets, major technological advances, and competitive landscape. The study analyzes the prospects of the various fleet types in the fuel card market such as in commercial fleets, aviation, marine, and over-the-road vehicles. The various analyses offered in the report also takes a closer look at the opportunities in key application areas such as oil fees, parking, tolls, and fleet maintenance.
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Fuel card or popularly called fleet card was conventionally used for the payment of fuel or lubricants by trucking companies, and its use was key determinant in well managing fuel costs for fleet owners. It can be used for a wide range of applications for various fleet owners and logistic companies such as making payments for various maintenance and repair costs, including for lubricants. The products in the fuel card market have been instrumental in offering these companies fleet-wide visibility of their vehicles’ operations. The digitization of payments is opening new growth trajectories in the market.
Assessment of Strategic Landscape of Global Fuel Card Market
Some of the prominent companies whose companies will be keenly watched in the fuel card market are WEX Inc., Fleetcor Technologies Inc, Royal Dutch Shell, Exxon Mobil Corporation, and B.P plc.
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