B2B Fuel Cards Market Report Overview
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The global B2B Fuel Cards market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.
Fuel cards help fleet vendors by gathering low-level information on vehicle mileage, fuel consumption, and maintenance requirements. To increase the productivity of fleet management, fuel card service providers are moving towards embedded telematics interface and robust reporting capabilities as standard product offerings. These cards are savailable in various forms, such as branded fuel cards, universal fuel cards, and merchant scards. It is anticipated that the integration of telematics with fuel cards and a rise in demand from emerging nations for fuel cards would present the industry with attractive potential.
B2B Fuel Cards are a type of corporate credit card that can be used to purchase fuel for business vehicles. They offer tax benefits and controls on spending and can help businesses manage their travel expenses.
In the next years, it is projected that the worldwide B2B Payments market would see new possibilities due to the rising trend of digitalized payments among businesses and numerous government efforts of various nations to boost B2B payment. Additionally, the growing use of cloud-based technology, the expansion of B2B e-commerce, the rise in smartphone penetration, the advancement of business process automation, the trend towards real-time payments, and the rise in cross-border payments will all contribute to the market's expansion in the years to come.
COVID-19 Impact: COVID-19 Pandemic Disruptions Leading Significant Loss In Market Growth
Due to the low demand for oil and gas, it is anticipated that the market for fuel cards will take some time to recover from the effects of the COVID-19 pandemic . Lockdowns and decreased commerce decreased the need for fuel cards by lowering the demand for oil and gas. Yet, it is projected that the increase in digital transactions and businesses' initiatives in fuel cards would boost demand. Via Routex gasoline cards, BP Spain provided free fuel for emergency services in 2020. Consumers might give the same amount using their reward points.
In 2020, BP Germany's Aral Retail Network distributed approximately 10000 gasoline cards to health professionals. Similar to this, the business supplied hospitals in Poland BP Supercards to help pay for gasoline for emergency services.
Latest Trends
"Fast Omnichannel Sales Adoption Leading Market Extension"
At various stages of the purchasing process, customers use a variety of sales channels, including videoconferencing, online marketplaces, face-to-face interactions, and online chat. This provides customers with a seamless shopping experience across multiple channels of operation, including mobile shopping, online desktop and mobile experiences, as well as brick-and-mortar stores.
B2B Fuel Cards Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into Active Cards, Non-Active Cards. Active Cards is anticipated to be the leading segment.
- By Application Analysis
Based on application, the market can be divided into Cars, Taxis, Buses, Goods Vehicles, Others. Cars will be the dominating segment.
Driving Factors
"Rising Demand For Fuel Cards Leading Market's Expansion"
The rising demand for fuel cards from fleet operators and businesses is responsible for the market's expansion. Type, application, and geographic regions are used to segment the worldwide B2B gasoline card market. The market is split into active cards and non-active cards according to kind. The distinction between active and non-active cards is that the former are utilised for purchases at gas stations, while the latter are not (such as gift or loyalty cards). The market is segmented based on application into automobiles, cabs, buses, trucks, and other applications. Additional uses include maritime craft, aviation, farm and construction machinery, mining machinery, military equipment, and so forth.
"Fast Expansion Of Worldwide Commerce Propel The Market Growth"
The fast expansion of worldwide commerce owing to increasing import and export of products and services is the main factor driving the growth of the global B2B Payments market. Furthermore noteworthy are the B2B payment system's quick digitization and automation, improvements in transparency throughout B2B Payments, and the rising collaboration between B2B payment companies and FinTech behemoths. The growing use of technology in B2B Payments, the rapid growth of regional SMEs, and the involvement of medium-sized businesses in significant transactions are some of the reasons that will support the market's progress in the years to come. It is projected that the rising trend towards digitalized payments among businesses and numerous government measures to encourage B2B payments would open up new prospects for the worldwide B2B Payments industry. Additional factors driving the market's expansion in the coming years include the growing trend of real-time payments, rising cloud adoption, rising smartphone penetration, expanding B2B e-commerce sector, advancements in business process automation, rising urbanisation, and rising cross-border payments. The market will expand over the projected period as a result of expanding international commerce and an increase in cross-border transactions involving numerous suppliers, wholesalers, retailers, and companies.
"Volume Of Internet Orders Has Increased Leading Market Extension"
Businesses and organisations may quickly assess and quantify their marketing efforts, product mix, sales performance, customer effectiveness, inventory turns, and customer engagement through the use of eCommerce. Hence, more online orders and digital customers are anticipated to fuel market expansion.
Online shopping is now something that many people do on a regular basis all around the world. For instance, industry statistics show that there will be 2.14 billion digital purchasers worldwide in 2021, up from 1.66 billion in 2017. Also, according to Oberlo, there were 900 million more digital consumers in 2021 than in 2020, a 4.4% rise from the previous year.
Restraining Factors
"Security And Data Privacy Worries Hindering The Market Expansion"
eCommerce sites may be vulnerable to threats that breach the visitor information collected. They may be deliberate, unintentional, or the result of human mistake. Personal or card data theft or abuse, phishing and social engineering, malware, and hacking are some of the most frequent privacy and security risks.
Almost 15 billion data records were exposed in 2019, up 284% from the previous year, according to a BigCommerce post. Moreover, Google reported filtering more than 18 million phishing and malware emails per day connected to COVID-19 in April 2020.
B2B Fuel Cards Market Regional Insights
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"North America Increased Its Market Share The Most Throughout The Anticipated Period"
Due to customers' growing preference for digital payment methods including mobile wallets, prepaid cards, and contactless payment in the area, North America is a significant market for gasoline cards. The U.S. governs and controls the majority of the Canada is the next largest market in the area. Additionally, the local governments are committed to promoting the establishment of a cashless society. It is anticipated that the industry would develop even further as smartphone applications for digital transactions proliferate.
Due to the region's expanding IT infrastructure and significant expenditures from both private and governmental entities, the Asia Pacific is predicted to increase throughout the course of the assessed time frame.
Due to their large populations and rising use of vehicles, nations like India, China, and Japan make up a significant portion of the global emissions.
With more than 40% of the global revenue share, the Asia Pacific region was the largest regional market in 2017. Due to the rising number of business travellers in nations like China, India, and Japan, the area is anticipated to maintain its dominance during the projection period. Also, during the next several years, growth will be fueled by the increasing acceptance of fuel cards by a variety of businesses, including transportation. For instance, due to the widespread use of these cards by consumers to pay for food delivery services in nations like China and India, restaurants are increasingly adopting them. North America is predicted to be one of fastest-growing areas with a CAGR above 5% from 2022 to 2031 on account of increased demand from customers in the U.S.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- ExxonMobil (U.S.)
- Shell (U.K.)
- SPC (U.S.)
- Caltex (South Korea)
- DBS (Singapore)
- UOB (Singapore)
- OCBC (Singapore)
- Citibank (U.S.)
- Standard Chartered (U.K.)
- ANZ (Australia0
- HSBC (U.K.)
- POSB (Singapore)
- American Express (U.S.)
- Maybank
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
Frequently Asked Questions
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What are the key factors driving the B2B Fuel Cards market?
The fast expansion of worldwide commerce owing to increasing import and export of products and services is the main factor driving the growth of the global B2B Payments market.
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What is the leading region in the B2B Fuel Cards market?
North America is the leading region in the B2B Fuel Cards market.
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What are the key players in the B2B Fuel Cards market?
ExxonMobil, Shell, SPC, Caltex, DBS, UOB, OCBC, Citibank, Standard Chartered, ANZ, HSBC, POSB, American Express, Maybank are the key players in the B2B Fuel Cards market.