The adoption of fuel cards is on a continuous rise, due to an increase in cashless payment transactions. Moreover, the need to ensure compliance with company fuel usage policies is anticipated to drive the fuel card market among enterprises.
According to a new report published by Allied Market Research, Fuel Cards Market was valued at $595,720 million in 2016 and is projected to reach $842,410 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023.
An increase in demand for mobile payments and a rise in the number of large fleets are anticipated to augment market penetration. The prominent markets, such as North America, Europe, and Asia-Pacific, provide growth opportunities to the global fuel cards market. Moreover, growth in the adoption of cashless payment methods is expected to boost the fuel card market growth in the near future.
The fuel refill application segment witnessed high demand in 2016, as fuel cards help to determine the gallons or liters of fuel filled along with the details on the mileage of vehicles. In addition, an increase in usage of cashless payment methods, growth associated with prepaid cards, and a rise in a number of fleet owners and small and medium enterprises are expected to fuel the fuel card market growth in the near future.
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The Europe fuel cards market was the largest in terms of the market size in 2016, owing to growth in the automobile sector and developments in smart chip technology. Global players focus on offering value-added services such as payment of vehicle repairs and other expenses to strengthen their product offering. In addition, industry participants are focused on providing enhanced security to avoid any fraud or misuse of payment transactions.
Europe was the highest revenue contributor in 2016, accounting for around 42.09% share of the overall fuel cards market. In addition, Asia-Pacific is projected to grow at the highest CAGR of 7.1% during the forecast period, driven by a rise in a number of motor vehicles in emerging countries such as China, South Korea, and Japan.
