Rising Investments in New Airport and Fixed Base Operator Center Construction is Driving the Aviation Fuel Card Market Growth
According to our latest market study on "Aviation Fuel Card Market Forecast to 2030 – Global Analysis – by Type, Application, and Geography," the market is expected to grow from US$ 2,459.07 million in 2022 to US$ 4,743.44 million by 2030; it is anticipated to grow at a CAGR of 8.6% from 2022 to 2030.
Various developed and developing countries across the globe are focusing on increasing their total number of airports. In 2023, the government of Vietnam intends to build more than 30 airports by 2030 in order to enhance tourism and trade. The country has established 22 airports; however, the government is focused on constructing new airports in order to accommodate the growing number of aircraft. The government also approved the building of the Long Thanh International Airport in 2021, with completion scheduled for 2025. The Long Thanh International Airport will be Vietnam's largest airport, with a capacity of up to 100 million people per year. Such government initiatives demonstrate the country's commitment to developing its aviation industry.
Aviation Fuel Card Market Share — by Region, 2022
Aviation Fuel Card Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Merchant and Branded) and Application (Commercial and Private)
Aviation Fuel Card Market Size Report – Outlook & Forecast 2030
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Source: The Insight Partners Analysis
In 2022, Skyservice expanded its network to California with the opening of a new jet center. Fixed-based operations (FBO) and maintenance services will be available at the 60,000 full-service private jet center at Napa County Airport (APC). These new projects are projected to attract high air traffic in the coming years. Increased air traffic at the newly built airports will lead to increased refueling and ancillary service activities, ultimately leading to high usage of aviation fuel cards. Aviation fuel card service providers are partnering with the newly built fixed base operators to support the network expansion as well as increase the overall usage of aviation fuel cards. Aviation fuel-producing companies can expand their aviation fuel sales by offering lucrative offers and discounts on their aviation fuel card usage at the new airports. Thus, rising investments in new airport and fixed base operator center construction is projected to create lucrative opportunities to expand their network and service offerings, which is anticipated to fuel the aviation fuel card market growth during the forecast period.
Aviation is one of the notable industries in the US. As per the data published by Airlines for America in 2023, commercial aviation accounted for 5% of US GDP, i.e., US$ 1.25 trillion in 2022. Every day, more than 25,000 flights depart from the US to almost 80 nations, conveying 2.5 million passengers. In addition, the country is engaged in handling more than 59,000 tons of cargo that are sent to and received from across the world. Thus, the demand for aviation fuel is high in the country. According to the Energy Information Administration, in 2022, the average daily consumption of jet fuel was 1.5 million barrels. Apart from expanding commercial aviation, the presence of a large number of fixed-base operators in the country is another factor driving the aviation fuel card market share.
As per the data provided by the National Air Transportation Association, fixed-base operators are major service providers to general aviation aircraft operators. The fixed-base operator industry in the US has ~3,000 establishments at airports across the country. Thus, the presence of fixed-base operators in the continuously expanding aviation industry is driving the demand for aviation fuel cards in the country. Further, the growing adoption of sustainable aviation fuel in the country is expected to generate lucrative opportunities for aviation fuel card market players through partnerships and collaborations with sustainable fuel producers.
Shell Plc, BP Plc, Associated Energy Group LLC, Viva Energy Group Ltd., TITAN Aviation Fuels Inc., CSI Enterprises Inc., Total Energies, EPIC Aviation LLC, Avfuel Corp, and Kropp Holdings Inc are among the key aviation fuel card market players profiled during this study. In addition, several other important aviation fuel card market players have been studied and analyzed during the study to get a holistic view of the aviation fuel card market and its ecosystem.
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