- Increased preference for prepaid and contactless card together with technological advancements in fuel card are likely to support increased demand for fuel cards in the near future
- Reduced size of fleet and its timely maintenance, elimination of idle time, and shift to more fuel-efficient vehicles are likely to reduce consumption of fuel.
ALBANY, N.Y., Feb. 8, 2021 /PRNewswire/ -- Fleet management has emerged as one of the significant tasks for fleet owners in an extremely mobilized world. With the advent of ride sharing and ride hailing apps, the number of cars are rising, which has resulted in the owners of cars to opt for efficient and cost-effective methods of fleet management. Stakeholders in the global fuel card market are making efforts to make the work of fleet owners simple by offering them various lucrative incentives, discounts, and reward points. All these factors are likely to foster development of the global fuel card market over the timeline of analysis, from 2019 to 2027.
The production of smart card is likely to reach an output of around 300 million units through 2027. Utilizing analytics, manufacturers are striving to enhance the personalized experience of consumers. These manufacturers are making use of the approach of omni-channel experience to facilitate seamless customer experience. Online channels complement omni-channel approach to facilitate cost saving, time saving, and hassle-free acquisition of customers. These benefits are likely to support growth of the global fuel card market in the years to come. Market participants are coming up with different mobile applications to provide improved client servicing. These apps also assist customers in locating the fuel station closest to the customer.
In addition to that, migration toward Europay, MasterCard, and Visa (EMV) is likely to work in favor of the market. Companies issuing cards are making increased investment in EMV so as to offer chip-based cards and its benefits to its customers. Theglobal fuel card market is foreseen toregistersteady growth rate at ~6% CAGR over the forecast timeline, from 2019 to 2027. Increasing use of fuel cards in the automotives is anticipated to drive its demand in the near future.
Relaxation of Tax Policies and Cashless Transactions to Boost Market Growth
Several developing countries are encouraging people to go for cashless transactions and relaxing their tax policies. These factors are estimated to work in favor of the global fuel card market. Providers of fuel cards are offering advanced smart features to generate new avenues of growth. Expanding prepaid and contactless card businesses together with modernization of technologies in these cards are likely to support its demand over the analysis timeline, from 2019 to 2027. Technologies have impactedfleet management all over the world. Integration of fleet management software in analytics and data management has been rising, which is anticipated to boost demand for corporate fuel cards.
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Co-branded Fuel Cards to Gather Popularity due to Increased Spending Capacity
Customers are increasingly taking up co-branded fuel cards due to substantial changes in their spending capacity and their lifestyle. Stakeholders in the global fuel card market are offering many benefits with co-branded cards thereby resulting in increased adoption of fuel cards. Branded cards are gaining rapid popularity owing to customers' trust in the brands.
In Asia Pacific, stakeholders are targeting to increase the adoption of branded cards in towns and non-metro cities of India. A case in point is the launch of a co-branded fuel credit card by HDFC Bank and Indian Oil Corporation Ltd in September 2019. This product launch by Indian Oil and HDFC bank is likely to encourage digital cashless transactions. Launch of such products are likely to work in favor of the global fuel card market over the forecast timeline, from 2019 to 2027.
Explore 132 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Fuel Card Market (Type: Branded, Universal, and Merchant; Technology: Smart Cards, Standard Cards; and End User: Individual, Corporate) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/fuel-card-market.html
Fuel Card Market: Key Driving Factors
Technology has left a major impact on the fleet management. Adoption of this software in analytics and data management has been rising, which is likely to propel demand for fuel cards in the corporate sector.
Developing countries are increasingly relaxing their tax policiesso as to encourage people to go for cashless transactions. More of cashless transactions are likely to augur well for the global fuel card market in the near future.
Smart Card Market – Rapid urbanization and industrialization in the developing countries including China, India, Mexico, South Africa and Brazil are providing lucrative opportunities for the global smart card market. Over the years, growth in prepaid card and contactless card Industry has transformed that have shaped economies of several countries.
Contactless Payment Transaction Market – The demand within the global market for contactless payment transaction has been expanding on account of the need to make secure, safe, and easy payments across several industrial units. Contact payment transaction involves the use of near field communication (NFC) or RFID technologies in order to debit or credit money from one account to the other.
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