Portland, OR -- (SBWire) -- 01/15/2018 --The global 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 according to latest research report published by allied market research.
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 mileage of vehicles. In addition, increase in usage of cashless payment methods, growth associated with prepaid cards, and rise in number of fleet owners and small and medium enterprises are expected to fuel the fuel cards market growth in the near future. Moreover, the vehicle service segment witnessed increased adoption of fuel cards across various regions, owing to increase in number of fleets globally that use cards to pay for vehicle maintenance and expenses at the discretion of the fleet owner.
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Demand Drivers:
Increase in demand for mobile payments and rise in number of large fleets are anticipated to augment the 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 adoption of cashless payments methods is expected to boost the fuel cards market growth in the near future.
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 rise in number of motor vehicles in emerging countries such as China, South Korea, and Japan.
The Key Players Profiled in the Study Include,
-Royal Dutch Shell
-Exxon Mobil
-British Petroleum
-FleetCor
-U.S. Bancorp
-Wex, Inc.
-Oilibya
-Puma Energy
-Engen
-First National Bank.
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All these players are involved in competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership, to accelerate the fuel cards market.
Fuel Cards Market Expected to Reach $842,410 Million Globally by 2023
The adoption of fuel cards is on a continuous rise, due to increase in cashless payment transactions. Moreover, the need to ensure compliance with company fuel usage policies is anticipated to drive the fuel cards market among enterprises.