Growing focus on efficient fuel management systems and digital disruption in finance industry drove fuel card transactions to over US$ 1 trillion in 2018, according to a new study by Fact.MR. Gains continue to be steady in 2019, with transaction value likely to grow at 6.5% in 2019.
According to the study, the fuel card market has been gaining steady growth on account of multipronged factors, notably increasing importance of fleet management and fuel management services. Stringent fuel efficiency laws and regulations are being imposed by governing bodies, which is influencing businesses to incorporate fuel management systems and limit their fuel consumption.
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Trucking Industry Holds Significant Share in the Fuel Card Market
Fact.MR finds that undergoing digital transformation and environmental regulations have triggered adoption of fuel cards for optimizing fuel consumption among truck fleet operators. Fact.MR opines truck fleet operators currently account for nearly 70% transactional value of fuel cards globally.
Robust freight demand, triggered by the rapidly-growing e-commerce sector, has fueled the growth of the trucking industry around the world. As a result of increasing manufacturing output and discretionary spending, leading truck fleet operators have expanded in terms of fleet size and bulk fuel purchasing.
Fleet management teams have discovered the efficiency, simplicity, and productivity of fuel cards for accounting fuel expenses of the company. Leading players in the trucking industry are implementing digital fleet management systems, which involve the use of fuel cards, in order to improve profitability of their businesses. The study finds that digitization trend in the rapidly-expanding trucking industry has boosted the uptake of fuel cards, contributing to the burgeoning growth of the fuel card market.
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Shift to Electric Vehicles Likely to Induce Shifts in Status-Quo
Strict regulations to control harmful emissions and growing environmental concerns among consumers has accelerated the adoption of electric vehicles across the world. While most fuel cards are used for conventionally-fueled vehicles, the electrification of the automotive industry could pose critical challenges for fuel card market players.
However, leading stakeholders in the fuel card market have adopted strategies to leverage first-mover advantages by introducing a proprietary fuel card system that can be integrated with electric vehicle charging stations. With the implementation of next-generation technologies, large companies in the fuel card market are offering electric vehicle fleet cards. Innovative electric vehicle fuel cards can provide similar controls as conventional fuel cards to track when and where drivers are plugging in electric vehicles to be recharged.
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Offering High-level Payment Security Remains Focus for Market Players
The fuel card industry has cross the trillion dollar mark and market leaders have established their customer base of leading oil companies as well as large fleet management organizations. According to the Fact.MR study, commercial fleet holds around 87% of the revenue share of the fuel card market. Thereby, offering high-level security to fuel transactions made by fuel card has become the most important focus area for fuel card market players.
According to the study, market leaders are concentrating their efforts of making fuel card transaction smarter than before to offer more security and control to fleet managers over their fuel expenses. Top-tiered companies are aiming for efficient security assistance and other services to balance the simplicity of using fuel cards, in order to attract end-users from all the industrial sectors.
The Fact.MR report tracks developments in the fuel card market for the period 2018-2028. According to the report, the fuel card transactions are likely to grow at 6.8% CAGR through 2028.