Increased demand for fuel management is propelling the growth of the Australia Fuel Card
Latest market study on "Australia Fuel Card Market to 2027 by Type (Branded Fuel Cards, Merchant Fuel Cards, and Universal Fuel Cards); and Application (Fuel Refill, Parking, Vehicle Service, and Toll Charge) – Analysis and Forecast", the Australia fuel card market is estimated at US$ XX Mn in 2018 and is expected to grow at a CAGR of 5.1% during the forecast period 2019 – 2027, to account to US$ 605.8 Mn by 2027. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The growth in Australia market is attributed to the awareness regarding benefits of digital payments among people and fleet owners. Further, the players operating in the Australian market are investing significantly in the market to enhance the overall fuel card offerings as well as to decrease the fraud risk, minimize form filling, and enhance tracking and reporting capabilities. Also, fuel card players are leveraging online channels as well as mobile applications to deliver services, thereby offering omni-channel experience to their customers.
The growing fleet expenses has resulted in increased concerns amongst fleet owners for securing their surplus expenditure by making use of optimized fleet management. Adoption of fuel cards allow real-time actionable insights to avoid unauthorized purchases, tracking non-fuel purchases, and fleet spending limits among others. Fuel cards are helpful to both fleet owners as well as drivers. Moreover, adoption of fuel cards eradicates manual tasks including auditing and submission of receipts along with benefitting the business with discounted fuel price offers. Further, the market is anticipated to notice high growth rate during the coming years, attributed to increasing alliances and collaborations among various fuel companies, fuel card companies, and other merchants.
The major market strategy opted by the players operating in the market is expanding their loyalty offering by adding value-added services as well as expanding their fuel network by collaborating with several fuel retailers across the country. Various supermarkets as well as other retailers. Further, innovation in payment systems and intense shift of businesses towards payment digitalization is fuelling the market growth. The current trend in the fuel card industry includes omni-channel experience. Fuel card providers have started utilizing mobile applications offering services to the customers’ and assisting them in locating the nearest fuel station. Another trend is the integration of telematics to derive strong reporting facilities. Moreover, integration of additional security features such as CDCVM, PIN code and chips is helping in reduction of frauds.
With the constant increase in the demand for Australia Fuel Card, several players operating in the supply chain are significantly investing to efficiently compete in the market. Some of the key players operating in the market includes Shell, BP, WEX, Motorcharge, 7-Eleven, Mobil, Caltex, and Business Fuel Cards Pty Ltd among others.
The report segments the Australia Fuel Card market as follows:
Australia Fuel Card Market – By Type
Australia Fuel Card Market – By Application
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