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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.
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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
Key Fuel Cards Market Trend
Key Fuel Cards Market Challenge
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.
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.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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.
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.
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.
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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.
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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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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