The Business Research Company’s Fuel CardsGlobal Market Report 2023is the most detailed report available on the market, including broad forecast periods and multiple geographies. The reportcovers the historic period – 2010-2021, and the forecast period – 2023-2032. The Fuel CardsGlobal Market Report 2023evaluates fuel cards market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global fuel card market is poised for substantial expansion, with a projected growth from $720.08 billion in 2022 to a significant $802.61 billion in 2023. This growth is underpinned by a robust compound annual growth rate (CAGR) of 11.5%. It is essential to contextualize this promising outlook within the backdrop of global events, such as the Russia-Ukraine conflict, which has had far-reaching consequences on the post-COVID-19 economic landscape. The geopolitical tensions have resulted in economic sanctions imposed on several nations, a sharp escalation in commodity prices, and disruptions in the supply chain, leading to inflationary pressures across a spectrum of goods and services. Consequently, these ripple effects have reverberated throughout various global markets, including the fuel card industry. The fuel card market is poised to exhibit a compelling trajectory, with anticipated growth to $1197.46 billion by 2027, supported by a CAGR of 10.5%.
One of the pivotal drivers of this growth trajectory is the expanding logistics sector, which plays a pivotal role in the movement and distribution of goods and materials to their respective destinations in a timely and efficient manner. Within this context, the fuel card emerges as an indispensable tool for operators, facilitating meticulous financial management, expenditure tracking, and comprehensive monitoring of fuel consumption patterns. For instance, as of June 2023, the Council of Supply Chain Management Professionals (CSCMP), a prominent organization in the United States dedicated to the logistics and supply chain management domains, reported a remarkable upswing in corporate logistics expenditure. This figure surged to an unprecedented $2.3 trillion in 2023, marking a significant increase from $1.85 trillion in the previous year, thereby constituting an impressive 9.1% of the nation’s GDP—the highest proportion to date.
In light of these developments, it becomes abundantly clear that the burgeoning logistics sector is a pivotal force driving the fuel card market forward. This market segment’s ability to optimize resource allocation, streamline operations, and enhance cost-efficiency underscores its importance in the broader economic landscape, making it a compelling and dynamic industry to watch in the years to come.
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The fuel cards market segments in the report are:
1) By Type: Branded, Universal, Merchant
2) By Technology: Smart Cards, Standard Cards
3) By Application: Fuel Refill, Parking, Vehicle Service, Toll Charges, Other Applications
4) By Vehicle: Heavy Fleet, Light Fleet
Top Major Players:
Exxon Mobil Corporation
TotalEnergies SE
Chevron Corporation
BP plc
Valero Energy Corporation
Europe was the largest region in the fuel card market in 2022.
The table of contents in TBRC’s fuel cards market report includes:
1. Executive Summary
2. Fuel Cards Market Characteristics
3. Fuel Cards Market Trends And Strategies
4. Fuel Cards Market – Macro Economic Scenario
5. Global Fuel Cards Historic Market Size and Growth, 2017 – 2022, Value ($ Billion)
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32. Global Fuel Cards Market Competitive Benchmarking
33. Global Fuel Cards Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fuel Cards Market
35. Fuel Cards Market Future Outlook and Potential Analysis
36. Appendix
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