Fuel cards integrated with telematics and an increase in demand for fuel cards from developing nations are expected to provide lucrative opportunities for the global market, according to a new report from Allied Analytics LLP.
The fuel card, also known as a fleet card, is a payment card, which is used to manage different types of expenses associated with vehicles such as vehicle maintenance, fuel filling, vehicle servicing and others. In addition, major oil and other specialized credit card companies provide fuel card to provide their customers & employees with different benefits and improve their market value.
Transporting companies majorly use fuel cards to provide delivery services and ride-sharing services. Furthermore, the increase in popularity of fuel card among end users, owing to its benefits, such as comprehensive reporting and real-time expense track of these fleets, drives the growth of the market. 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.
Fuel Cards Management
Need for improved fuel management and penetration of digital transaction solutions in the transport industry drive the growth of the market. In addition, efficient fleet administration with the help of enhanced data capture fuels the growth of the market. Moreover, the lack of security measures hampers the growth of the market. Furthermore, integration of telematics with fuel cards and an increase in demand for fuel cards from developing nations are expected to provide lucrative opportunities for the market.
The key players profiled in the fuel card market analysis are British Petroleum, Engen, ExxonMobil, First National Bank, FleetCor, Oilibya, Puma Energy, Royal Dutch Shell, U. S. Bancorp, and Wex Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The Allied Analytics LLP study provides an in-depth analysis of the global fuel card market forecast along with the current & future trends to understand the imminent investment pockets. The key drivers, restraints, and opportunities and their impact analysis on the global fuel card market size are provided in the report. Porter’s five forces analysis highlights the potency of the buyers and suppliers operating in the industry. The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
Key Fuel Card Topics
Need for Improved Fuel Management
Penetration of Digital Transaction Solutions
Efficient Fleet Administration With the Help of Enhanced Data Capture
Increase in Demand from Developing Countries
Integration of Telematics With Fuel Cards
Covid-19 Impact Analysis on Fuel Cards Market
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. They also refer to a broad array of industry sources for their secondary research.
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