Fuel Cards Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

Published: Jun 2022 Pages: 142 SKU: IRTNTR73631

The fuel cards market share is expected to increase to USD 2.89 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.19%.

This fuel cards market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers fuel cards market segmentation by type (branded, universal, and merchant) and geography (Europe, North America, APAC, Middle East and Africa, and South America). The fuel cards market report also offers information on several market vendors, including Bharat Petroleum Corp. Ltd., BP Plc, China National Petroleum Corp., DKV EURO SERVICE GmbH and Co. KG, Edenred SE, Exxon Mobil Corp., FirstRand Ltd., FleetCor Technologies Inc., Hindustan Petroleum Corp. Ltd., Indian Oil Corp. Ltd., OLA Energy Holdings Ltd., Petroliam Nasional Berhad, Shell plc, Suncor Energy Inc., TotalEnergies SE, Trafigura Group Pte. Ltd., U.S. Bancorp, WEX Inc., and Worldline SA among others.

What will the Fuel Cards Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Fuel Cards Market Size for the Forecast Period and Other Important Statistics

 

Fuel Cards Market: Key Drivers, Trends, and Challenges

The rising penetration of digitalization in every sector is notably driving the fuel cards market growth, although factors such as the lack of awareness and infrastructure may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the fuel cards industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Fuel Cards Market Driver

  • One of the key factors driving growth in the fuel cards market is the rising penetration of digitalization in every sector.
  • Multinational companies and large business organizations are riding the wave of digitization in monetary transactions.
  • The increased inclination of people toward digital transaction solutions, such as mobile wallets, prepaid cards, and contactless payment will escalate the fuel cards market growth during the forecast period.
  • The proliferation of smartphone applications for digital transactions is a key factor that will drive the growth of the market.
  • The ongoing pandemic has expanded the use of contactless and automated forms of payment.
  • Despite affinity towards cash, government initiatives are underway that are likely to simplify digital transactions and back fuel card ownership in developing countries. Therefore, rising digitalization will enhance technologies and increase the adoption of fuel cards.

Key Fuel Cards Market Trend

  • The strategic alliance and acquisition is a fuel cards market trend that is expected to have a positive impact in the coming years.
  • The oil vendors are entering into partnerships with many technology companies and financial sector companies to improve the fuel card services offered to customers and attract the customer base to adopt fuel cards during the forecast period.
  • In November 2021, Shell Oil Company announced the acquisition of MSTS Payments, LLC and its Multi Service Fuel Card business from Multi Service Technology Solutions, Inc.
  • In March 2022, UTA Edenred entered a partnership with ServiCon Service Consult eG.
  • In August 2021, US Bank partnered with Mastercard, a global technology company in the payments industry, to expand its business with the US Bank Voyager Mastercard, which can be used for fleet-related expenses anywhere Voyager or Mastercard are accepted. Such acquisitions and partnerships will help vendors expand their businesses.

Key Fuel Cards Market Challenge

  • The lack of awareness and infrastructure will be a major challenge for the fuel cards market during the forecast period.
  • Fuel cards lack proper infrastructure and awareness in many countries.
  • Developing countries such as India, Brazil, Chile, and South Africa are not completely aware of the fuel card benefits and features associated with it. These countries have a slow adoption rate of technology. Such factors negatively affect the fuel cards market.
  • The oil and marketing companies need to provide awareness programs and establish the proper technologies required to provide customer service. Therefore, a lack of awareness and established infrastructure for fuel cards in developing countries will have a negative impact on market growth.

This fuel cards market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global fuel cards market as a part of the global specialized consumer services market within the global diversified consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the fuel cards market during the forecast period.

Who are the Major Fuel Cards Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Bharat Petroleum Corp. Ltd.
  • BP Plc
  • China National Petroleum Corp.
  • DKV EURO SERVICE GmbH and Co. KG
  • Edenred SE
  • Exxon Mobil Corp.
  • FirstRand Ltd.
  • FleetCor Technologies Inc.
  • Hindustan Petroleum Corp. Ltd.
  • Indian Oil Corp. Ltd.
  • OLA Energy Holdings Ltd.
  • Petroliam Nasional Berhad
  • Shell plc
  • Suncor Energy Inc.
  • TotalEnergies SE
  • Trafigura Group Pte. Ltd.
  • U.S. Bancorp
  • WEX Inc.
  • Worldline SA

 

This statistical study of the fuel cards market encompasses successful business strategies deployed by the key vendors. The fuel cards market is fragmented and the vendors are deploying growth strategies such as forming a partnerships with regional vendors to compete in the market.

Product Insights and News

  • bp.com - The company offers fuel card that are designed to meet the different network and business requirements of customers.
  • bp.com - Under the gas and low carbon energy segment, the company offers predominantly produce natural gas, gas marketing and trading activities and the groups renewables businesses, including biofuels, solar and wind.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The fuel cards market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Fuel Cards Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the fuel cards market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Fuel Cards Market?

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38% of the market's growth will originate from Europe during the forecast period. UK and Germany are the key markets for fuel cards in Europe. Market growth in this region will be faster than the growth of the market in the North American and South American regions.

The presence of major players and the rapid adoption of the latest payment technology in the market will facilitate the fuel cards market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

As the COVID-19 outbreak grew in 2020, new measures for its containment were implemented in Europe, including shutdowns of various industries and the adoption of work from home culture, which created additional complications for the regional fuel cards market. However, due to the initiation of vaccination drives by the governments of various countries in the region, the activities in end-user industries reopened in 2021, with the demand for fuel cards rising. Thus, the increase in demand for fuel cards will drive the growth of the regional fuel cards market during the forecast period.

What are the Revenue-generating Type Segments in the Fuel Cards Market?

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The fuel cards market share growth by the branded segment will be significant during the forecast period. Branded fuel cards are gaining rapid popularity owing to customers faith in brands. Branded fuel cards have a number of advantages which include: purchase bonuses, online access and reporting, basic transaction limits and controls, and the introductory annual percentage rate (APR) specials or low-to-no fees on a regular basis. Such factors contribute to the branded fuel cards segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel cards market size and actionable market insights on post COVID-19 impact on each segment.

 

Fuel Cards Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 6.19%

Market growth 2022-2026

$ 2.89 billion

Market structure

Fragmented

YoY growth (%)

5.78

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 38%

Key consumer countries

US, China, India, UK, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Bharat Petroleum Corp. Ltd., BP Plc, China National Petroleum Corp., DKV EURO SERVICE GmbH and Co. KG, Edenred SE, Exxon Mobil Corp., FirstRand Ltd., FleetCor Technologies Inc., Hindustan Petroleum Corp. Ltd., Indian Oil Corp. Ltd., OLA Energy Holdings Ltd., Petroliam Nasional Berhad, Shell plc, Suncor Energy Inc., TotalEnergies SE, Trafigura Group Pte. Ltd., U.S. Bancorp, WEX Inc., and Worldline SA

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Fuel Cards Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive fuel cards market growth during the next five years
  • Precise estimation of the fuel cards market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the fuel cards industry across Europe, North America, APAC, Middle East and Africa, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of fuel cards market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Type

    • 5.1 Market segments
      • Exhibit 24: Chart on Type - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Type - Market share 2021-2026 (%)
    • 5.2 Comparison by Type
      • Exhibit 26: Chart on Comparison by Type
      • Exhibit 27: Data Table on Comparison by Type
    • 5.3 Branded - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Branded - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Branded - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Branded - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Branded - Year-over-year growth 2021-2026 (%)
    • 5.4 Universal - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Universal - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Universal - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Universal - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Universal - Year-over-year growth 2021-2026 (%)
    • 5.5 Merchant - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Merchant - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Merchant - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Merchant - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Merchant - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by Type
      • Exhibit 40: Market opportunity by Type ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 Europe - Market size and forecast 2021-2026
      • Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 UK - Market size and forecast 2021-2026
      • Exhibit 70: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.10 Germany - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.11 China - Market size and forecast 2021-2026
      • Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.12 India - Market size and forecast 2021-2026
      • Exhibit 82: Chart on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 BP Plc
              • Exhibit 93: BP Plc - Overview
              • Exhibit 94: BP Plc - Business segments
              • Exhibit 95: BP Plc - Key offerings
              • Exhibit 96: BP Plc - Segment focus
            • 10.4 Edenred SE
              • Exhibit 97: Edenred SE - Overview
              • Exhibit 98: Edenred SE - Business segments
              • Exhibit 99: Edenred SE - Key news
              • Exhibit 100: Edenred SE - Key offerings
              • Exhibit 101: Edenred SE - Segment focus
            • 10.5 Exxon Mobil Corp.
              • Exhibit 102: Exxon Mobil Corp. - Overview
              • Exhibit 103: Exxon Mobil Corp. - Business segments
              • Exhibit 104: Exxon Mobil Corp. - Key offerings
              • Exhibit 105: Exxon Mobil Corp. - Segment focus
            • 10.6 FirstRand Ltd.
              • Exhibit 106: FirstRand Ltd. - Overview
              • Exhibit 107: FirstRand Ltd. - Business segments
              • Exhibit 108: FirstRand Ltd. - Key offerings
              • Exhibit 109: FirstRand Ltd. - Segment focus
            • 10.7 FleetCor Technologies Inc.
              • Exhibit 110: FleetCor Technologies Inc. - Overview
              • Exhibit 111: FleetCor Technologies Inc. - Business segments
              • Exhibit 112: FleetCor Technologies Inc. - Key offerings
              • Exhibit 113: FleetCor Technologies Inc. - Segment focus
            • 10.8 Petroliam Nasional Berhad
              • Exhibit 114: Petroliam Nasional Berhad - Overview
              • Exhibit 115: Petroliam Nasional Berhad - Business segments
              • Exhibit 116: Petroliam Nasional Berhad - Key news
              • Exhibit 117: Petroliam Nasional Berhad - Key offerings
              • Exhibit 118: Petroliam Nasional Berhad - Segment focus
            • 10.9 Shell plc
              • Exhibit 119: Shell plc - Overview
              • Exhibit 120: Shell plc - Business segments
              • Exhibit 121: Shell plc - Key news
              • Exhibit 122: Shell plc - Key offerings
              • Exhibit 123: Shell plc - Segment focus
            • 10.10 TotalEnergies SE
              • Exhibit 124: TotalEnergies SE - Overview
              • Exhibit 125: TotalEnergies SE - Business segments
              • Exhibit 126: TotalEnergies SE - Key news
              • Exhibit 127: TotalEnergies SE - Key offerings
              • Exhibit 128: TotalEnergies SE - Segment focus
            • 10.11 WEX Inc.
              • Exhibit 129: WEX Inc. - Overview
              • Exhibit 130: WEX Inc. - Business segments
              • Exhibit 131: WEX Inc. - Key news
              • Exhibit 132: WEX Inc. - Key offerings
              • Exhibit 133: WEX Inc. - Segment focus
            • 10.12 Worldline SA
              • Exhibit 134: Worldline SA - Overview
              • Exhibit 135: Worldline SA - Business segments
              • Exhibit 136: Worldline SA - Key offerings
              • Exhibit 137: Worldline SA - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 138: Inclusions checklist
                • Exhibit 139: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 140: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 141: Research methodology
                • Exhibit 142: Validation techniques employed for market sizing
                • Exhibit 143: Information sources
              • 11.5 List of abbreviations
                • Exhibit 144: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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