B2B Fuel Card Market Have High Growth But May Foresee Even Higher Value
Updated · May 14, 2023
Published Via 11Press : The latest research study published by HTF Market Intelligence on “B2B Fuel Card Market Growth 2022–2029″ gives readers information on tactical business choices and strategic planning that affect and stabilize the market’s growth forecast. However, a few disruptive trends will have opposing and significant effects on the growth of the B2B Fuel Card market in the United States and the distribution of players. To offer additional explanations of why specific trends would have a significant impact and how these trends can be taken into account when determining the market’s trajectory and the strategic planning of players like WEX Fleetcor Technologies, Inc., Sunoco US Bancorp Shell Chevron Exxon Mobil Corporation, BP p.l.c., Citibank Fuelman, etc.
A fuel card is a pre-or post-paid transaction authorization card. These cards are used to authorize the sale and purchase of products and services associated with mobility on the road, such as fueling, vehicle servicing, maintenance, parking, and other related activities. Fuel cards are also known as fuel cards, and transportation businesses mostly use them for their fleet. Fuel cards may be used as branded and merchant accounts in business-to-business contractual relationships. A sort of payment card called a B2B gasoline card enables companies to control costs related to the cars they own and run.
These cards have become a very popular option for simple fleet management, streamlined expenses, and a budget-friendly approach. Additionally, it offers additional security and control, allowing businesses to either limit purchases to just fuel or allow them to include other forecourt services. Employees in the transportation industry also frequently utilize B2B fuel cards for gasoline and maintenance and repair of their vehicles. These cards are also rapidly evolving, largely due to technological advancements and shifting consumer habits. These modifications are the result of fintech players’ creative thinking.
According to HTF Market Intelligence, the market for B2B Fuel Card is expected to register a CAGR of 15.08% during the forecast period to 2028. Cashless transactions and digital payments have become more prevalent than ever as the main drivers of this rise. Numerous users and business owners from a variety of industries have been drawn to it because of its exceptional speed, convenience, and other advantages. One such sector that has seen a significant impact from cashless transactions in recent years is the retail of fuel.
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|Value Unit||(Million) US$|
|Dominating Type||Universal Fuel Card|
|Dominating Type % Share||72.81%|
|Scope customization||Get customization when you buy this study. Subject to practicality, the final deliverable may include more portions, a different country, or both.|
The report offers several leading players-
- Fleetcor Technologies Inc.
- US Bancorp
- Exxon Mobil Corporation
- BP p.l.c.
Key Market Segmentation:
- Universal Fuel Card
- Branded Fuel Card
- Oil Fees Payment
- Road Tolls & Taxes
- Fleet Maintenance
- Parking Payment
By Subscription Type
- Bearer Card
- Registered Card
- Based on a number of variables, including pricing, product portfolio, and distinctiveness, the market for B2B Fuel Cards is both fiercely competitive and highly fragmented.
- The expansion of the US market is also being aided by an increase in pricing tactics, product options, and new and inventive product introductions. Additionally, manufacturers of B2B Fuel Card products around the world are constantly working to improve the quality of their products, along with their ergonomics and material durability.
- The tracking of fleet expenses and the efficiency of the fleet is made possible by improved data. These B2B Fuel cards are frequently used to pay for costs like fuel, truck repairs, truck maintenance, rental cars for backup vehicles, and other expenses.
- Enhancing data can be any information, including the odometer reading, fuel kind, fuel type, vehicle identification number, etc. For fleet managers, this improved data acquisition enables rich repowering. Situational security has emerged as one of the top issues in the market today. The payments sector is still greatly impacted by tokenization and biometric authentication for increased security.
- Digital payments and cashless transactions are the focus of more projects than ever. Numerous users and business owners from a variety of industries have been drawn to it because of its exceptional speed, convenience, and other advantages.
- One such sector that has seen a significant impact from cashless transactions in recent years is the retail of fuel. The types of fuels and energies available as well as the services offered at the stations are evolving rapidly in the B2B fuel retail industry.
- Fuel cards have changed the outcome to accommodate changing consumer expectations, delivering a more seamless digital experience and covering sales of energy and other fuels. Utilizing fuel cards is a simple way for businesses to save money.
- By keeping an eye on and reining in employee expenditure, it assists in managing the company’s fleet of automobiles. The small business gasoline card gives users access to roughly 90% of the world’s petrol stations.
- Preventing Fuel Card fraud becomes a top priority, and many businesses are the best way to combat this fraud. All service providers are increasingly concerned about misuse, slippage, and fraud.
- There are numerous kinds of controls that can be set up to aid in preventing fraud, slippage, and misuse. Companies are re-exploring the market in new regions to meet these problems, using mergers and acquisitions, expansions, investments, the launch of new solutions, and collaborations as their methods.
- Fuel purchases at petrol stations are made through the Fuel Card sector. The payments and card industries are those that change the fastest due to both technological advancements and shifting consumer preferences.
- The creative methods used by fintech companies, the transformation of the customer experience by mobile devices, the embrace of social media by millennial consumers, and legislative developments that have an impact on how business is conducted are all responsible for these shifts.
- Compared to other product offers in the card sector, innovation in payment systems and card products. In addition, there has been a significant trend toward payment digitization, and the Internet of Things has had an impact.
Sources of Data for the B2B Fuel Card Market Study
Primary Data Collection: Key industry participants and appointees, subject-matter experts, and C-level executives of the B2B Fuel Card Industry, among others, including independent industry consultants, and experts, are some of the sources used to gather primary data. InMail, LinkedIn Groups, Survey Monkey, Google, and other expert forums are a few of these sources. They are also used to obtain and verify critical qualitative commentary and opinion and quantitative statistics to evaluate future market prospects.
According to the following guidelines, primary interviews and data were collected:
• C, D, and Others by Designation
• Tier 1, Tier 2, and Tier 3 businesses, broken down by company type The annual reports of B2B Fuel Card companies, news releases, analyst meetings, conference calls, investor presentations, management statements, regulatory websites, associations, the World Bank, and other sources were used as secondary data sources.
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Customization of the Report
HTF Market Intelligence provides extensive value-added analysis on the following subjects in addition to providing precise market forecasts:
– Market Trends: Technological Innovations and Trends
– Growth Limitations and Indicators
– Indicators of Market Maturity: Entry/Exit Barriers and New Entrants into the B2B Fuel Card Market
– To Seize Strong Market Opportunities
– Identify key business segments, the market proposition, and the analysis of the gaps
B2B Fuel Card Study sheds light on these Difficult Issues
— The state and unique characteristics of the B2B fuel card market. To end this, HTF Market Intelligence researchers organized and carried out surveys of the B2B Fuel Card industry participants. The final picture offers a framework for understanding why and how the industry is likely to evolve. — where the B2B fuel card market is going. Financial analysis, surveys, and to gain insights, interviews with experts are used.
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