The global fuel cards market was valued at almost USD 267 billion in 2016 and is expected to reach around USD 401 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on fuel cards for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the fuel cards market during the forecast period. Some of the top vendors listed in this industry analysis include BP, FleetCor, Wex, ExxonMobil, and Royal Dutch Shell.
During 2016, Europe dominated the global market by accounting for around 28% of the overall market share. During the forecast period, the growth rate of cashless transactions in Europe is projected to experience an upsurge due to the improvements in the regulatory environment.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Suppliers in the market are increasingly embedding telematics interface and reporting facilities in fuel cards to improve the efficiency of fleet management. This brings about the transparency of fuel spend across the fleet as well as helps improve driver behavior with regard to fuel spending.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Availability of value-added services
Many fuel card providers in the market space offer a host of options apart from purchasing fuels such as payment of tolls, parking, and taxes; reporting tools; access to real-time data; prediction of expenses; VAT recovery; breakdown assistance; and payments for lubricants, vehicle accessories, car washes, and food and refreshments. Such value-added services help fleet managers minimize fraudulent claims, improve fuel management, and drive the growth of the global fuel cards market. Furthermore, suppliers also send out latest news and updates on fuel prices to enable buyers to make cost-effective decisions.
Effective mitigation of fuel theft
Employee-related fuel theft in the US trucking industry accounts to more than USD 2 billion per year. As a result, there is increased demand for efficient fuel management systems that facilitate fleet management among buyers in the market. Fuel cards use a driver’s ID and PIN at the POS, and this adds security for users. They can be deactivated when lost or stolen. Fuel cards also track the card number, driver’s name, unit number, and odometer reading to ensure that spending is secure and legitimate.
Cost savings from discounts, rebates, and offers
The availability of real-time data enables fleet managers and drivers to receive regular updates on fuel prices at locations throughout the country; this helps buyers identify outlets that offer the lowest possible fuel prices. Loyalty programs offered by most fuel card providers allow drivers to accrue points while using fuel cards, which provides additional benefits and savings.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Fuel Cards Market – Procurement Market Intelligence 2017’.
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