Fuel Card Market Covering Trends, Opportunities and Growth Forecast during 2018-2028
Study by Fact.MR, the global fuel card market is expected to experience moderate growth, registering 4.8% CAGR during the forecast period, 2017-2022. Fuel cards are gaining popularity among the customers and fleet owners. Fuel card providers have started integrating new technologies, providing real time updates and payment security. Below are the few insights on the future of the global fuel card market.
[UKPRwire, Mon Apr 29 2019] This research report titled “Fuel Card Market Covering Trends, Opportunities and Growth Forecast during 2018-2028” focuses on the Fuel Card Market, published to the vast repository managed by Fact.MR. The analysis focuses on the prime geographical regions based on their market size, revenue and attractiveness factors. Furthermore, the research discusses various segments from the Fuel Card Market to examine future lucrativeness and spot growth prospects during the period between (2017-2022). Readers can even access information such as key developments, technologies, innovations, etc., concerned to the Fuel Card Market.
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According to a study by Fact.MR, the global fuel card market is expected to experience moderate growth, registering 4.8% CAGR during the forecast period, 2017-2022. Fuel cards are gaining popularity among the customers and fleet owners. Fuel card providers have started integrating new technologies, providing real time updates and payment security. Below are the few insights on the future of the global fuel card market.
Fuel remains a significant cost for many businesses. Hence, fuel card has emerged as one of the valuable tools for fleet management and leasing companies. Fuel card providers are integrating various technologies that not only support fuel purchase but also provides a detailed report to the fleet managers including liters of fuel filled, mileage of the vehicle and also if there is a need for vehicle servicing. Along with this, there has been an increase in partnerships between fuel companies and fuel merchants to provide branded fuel cards, and merchant branded cards. Fuel cards are now being embedded with Telematics interface providing enhanced data and improving fleet management. Host Card Emulation (HCE) technology is also being used by fuel card issuers. As integrating fuel cards into Near Field Communication (NFC) based mobile payment will result in ease of use for fleet owners. Fuel card issuers are focusing on enhancing security, leveraging mobile apps for providing various customer services, loyalty program, etc.
However, fuel card industry is still facing some definite challenges including changing legal framework, rising competition, increasing customer expectations, increase in electric and hybrid cars will result in petrol stations getting replaced with charging stations, hence, fuel card providers will need to adapt to this change and budgetary concerns due to volatile fuel prices. These all challenges together put a significant pressure on fuel card providers.
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A recent study published by Fact.MR analyzes growth of the global fuel card market to provide readers with exclusive and actionable market insights. This study is backed by a two-step research process which is inclusive of various primary and secondary resources.
The primary research methodology includes discussions with experts of fuel card industry and information gathered after interviewing other stakeholders. In the secondary process, detailed information about the fuel card market is garnered through various resources such as company annual reports, trade journals, paid resources, press releases, and other publications relevant to fuel card.
After studying industry-validated information about the fuel card market, qualitative conclusions about the prospects of the market can be reached. Findings from these two main processes were used to determine an accurate and exhaustive forecast of global fuel card market for the period from 2018 to 2028.
Leading players in the fuel card market are working towards establishing a strong network of payment software developers, fuel companies, as well as financial institutions to meet the increasing demand for fuel credit cards. Though universal fuel cards are among the most popular types of fuel cards, fuel credit cards are rapidly becoming conventional among end-users, especially across commercial fleet.
To capitalize on the rapidly increasing demand for fuel credit cards, a mounting number of world’s leading financial service companies are entering the fuel card market. As commercial fleet has expanded rapidly with growing urbanization and industrialization, commercial fleet remains the primary target for market players.
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