Fleet management has become an important task for fleet owners in a highly mobilized world. With the number of cars increasing as a result of ride-hailing and sharing apps, the trend has put an added responsibility on owners to efficiently manage their fleets and adopt cost-effective methods. Stakeholders in the fuel card market are simplifying the work of fleet owners by offering them reward points, discounts and other lucrative incentives.
The production of smart card is estimated to reach an output of ~300 million units by 2027 in the fuel card market. Hence, manufacturers are making efforts to elevate the personalized experience of customers, based on analytics. They are adopting the omni-channel experience approach to make customer experience more seamless. This approach is complemented with online channels to make the process of customer acquisition easier, time-saving, and cost-efficient. Stakeholders in the fuel card market are developing mobile applications to implement customer servicing, and these apps also help customers locate the nearest fuel station.
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The fuel card market is moderately fragmented, which has encouraged emerging players to enter the market. However, certain challenges need to be addressed by stakeholders in this space. Omni-channel experience and analytics have opened up new opportunities for stakeholders in the fuel card market. However, within these opportunities, certain drawbacks in the framework are likely to impede market growth.
The fuel card industry is a complex environment to navigate complete end-to-end solutions for its many customers. Hence, it is virtually impossible for a single company to handle multiple functions of a modern fuel card management system. Thus, innovation is the key to constantly identify which function needs troubleshooting.
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Global Fuel Card Market: Regional Overview
- Asia Pacific is likely to be the fastest-growing region in the global fuel card market during the forecast period, due to supportive government initiatives to encourage cashless transactions. Furthermore, growing urbanization and increasing development of fleet management solution systems are likely to boost the demand for fuel cards in the next few years.
- Europe is the largest regional market in the global fuel card market. Significant consumer awareness about the advantages of fuel cards is driving market growth in the region. Moreover, rising fuel prices is leading individuals to keep a track of their fuel purchases, which helps them save on fuel costs.
Global Fuel Card Market: Competition Landscape:
- Shell Group
- BP plc.
- Total fuel Card
- WEX Inc.
- Puma Energy
- Engen Petroleum Ltd
- Absa Bank Limited
- Standard Bank
- First National Bank (FNB).
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