Rockville, WA -- (SBWire) -- 07/25/2018 --A fuel card is known by another name – fleet card. It is utilized for repair and maintenance of vehicle and making payment for fuel. A fuel card is particularly utilized for dealing with the costs with respect to vehicles. The providers of fuel card are likewise giving extra advantages to the owner of the vehicles including information on liter of fuel filled, vehicle mileage, and so forth. Be that as it may, with the combination of issuers of advanced innovation fuel card have begun giving the current updates along with improved information.
Driven by the advancement in technology and changing consumer inclinations, providers of fuel card are always dealing with upgrading the features by incorporating creative innovations. With the increase in usage of digitization while payment, fuel card providers are concentrating more on payment security. Expanding number of associations between fuel organizations and fuel dealers can as well be seen in the fuel card industry. This is bringing about the surge in demand for fuel cards. Be that as it may, fuel card industry is additionally confronting different difficulties with respect to the developing market for electric automobiles, legal framework, and so on. Subsequently, the providers of fuel card are concentrating on versatile, adaptable, and user driven plan of action.
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As indicated by the most recent report by Fact.MR, the global market for fuel card is estimated to have a moderate growth in forthcoming years. The market is assessed to reach around the revenue of worth US$ 11,734.2 mn before the end of 2022. Saving money on fuel is one of the drivers due to which, the vehicle owners are accepting the usage of fuel cards. In addition, fuel card suppliers are additionally embracing creative innovations to offer a superior experience and track vehicle information consistently.
Registered Card Segment to Lead Market Due to Reduced Fleet Costs
Based on fleet type, the global fuel card market is divided into aviation, over the road, commercial fleets, and marine. Among these, over the road fleet segment are estimated to be the significant adopters of a fuel card. Seeing moderate development, the mentioned segment are evaluated to outperform the revenue of worth US$3,500 mn by the end of forecast period. Contribution in tracking the expenditure by drivers, which helps in counteracting unapproved expenditure, and reducing fleet costs are among the key factors prompting the growth in usage of fuel card.
Among bearer card and registered card, the latter segment is anticipated to represented around two-third of the revenue share in 2017. The registered card segment is assessed to reach about worth of US$ 7,800 mn by 2022. In the meantime, the former segment is anticipated to make an incremental jump of over US$ 800 million amid the figure time frame, 2017-2022.
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Oil Cost to be Major Segment to Lead in Terms of Application
A fuel card is likely to witness most extreme utilization in oil expenses. Oil expenses as per the application of fuel card is anticipated to pitch in around worth of US$ 3,700 million revenue before the end of forecast period. Unpredictability in the fuel cost is one of the factors driving the utilization of fuel card to make fuel payment. In addition, fuel card suppliers are additionally offering rebates on fuel purchase by utilizing a fuel card, encouraging the users to use them more often.
Some of the key players in the global fuel card market are Exxon Mobil Corporation, B.P p.l.c, Royal Dutch Shell, WEX Inc., and Fleetcor Technologies Inc.
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Fluctuating Fuel Costs to Boost Demand in Global Fuel Card Market
According to the latest report by Fact.MR, the global market for fuel card is expected to witness average growth. The market is estimated to reach US$ 11,734.2 million revenue by the end of 2022. Saving on fuel cost is one of the factors fleet owners are adopting fuel cards. Moreover, fuel card providers are also adopting innovative technologies to offer a better experience and track vehicle data on a real-time basis.