Global Fuel Card Market Is Estimated To Burgeon At A CAGR Of Over 6.5% By 2030

Retail and Consumer Goods

The global fuel card market is presently witnessing a downturn, at a time when people around the globe are resorting to social isolation, working from home, and reducing non-discretionary spending in the midst of the outbreak. Consumers are becoming more likely to accept contactless payments. New research shows that U.S. customers are becoming more interested in contactless payments, whereas more than half of current card payments in Germany are contactless compared as compared to 40% before the outbreak.

The global fuel card market is estimated to burgeon at a CAGR of over 6.5% over the forecast period (2020-2030). As digitization continues on an upward trend, most companies are scrambling to adapt to digital finance services. As a consequence, fuel card companies are set to seek FinTech-innovations, and establish a strong network among fleet managers across the globe. This report evaluates trends that are driving growth of each segment on a global level and offers potential takeaways that could prove substantially useful to fuel card providers looking to enter the market.

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Key Takeaways of Fuel Card Market

  • Europe is poised to capture more than 30% share in the global fuel card market in 2019, generating an incremental opportunity of over US$ 280 Bn by the end of 2030.
  • South Asia fuel card markets are projected to grasp more than 11% of the revenue share in 2019. Among the developing markets, East Asia fuel card market is projected to show a positive CAGR of over 8.5% during the forecast period, followed by South Asia with a CAGR of over 7.5%.
  • Truck fleet operators captured remarkable market share (>65%) in 2019. The segment is prophesied to grow significantly owing to the rising digital transactions for the commercial fleet across the globe.
  • Increasing demand for fuel cards is aiding fuel business due to suitable fuel management. Flourishing business across countries in South Asia and East Asia, respectively, is encouraging the presence of prominent service & card providers.

Global Fuel Card Market: In-Depth Assessment on Key Segments

The global fuel card market is segmented on the basis of type of fleet, card type, subscription type, fleet type, end-use, and region.

  • 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 Fees
    • Toll Fee Payment
    • Fleet Maintenance
    • Other Payments
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia

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