Report : Mexico Fuel Card Market to 2027 - Country Analysis and Forecasts by Type (Branded Fuel Cards, Merchant Fuel Cards, and Universal Fuel Cards); and Application (Fuel Refill, Parking, Vehicle Service, Toll Charge, and Others)
Fuel card market operates in a highly-competitive marketplace. As leading companies in this market continues to broaden their addressable market, by expanding their current product portfolio, diversifying their client base, and developing new applications and markets, all the prominent players faces an increasing level of competition, both from regional as well the leading global technology and industrial companies in the world. Market is fragmented at higher level with major eight to ten players comprising 30% of the market share, whereas at the regional level it is highly fragmented with several local players. Rise in fleet sizes around the world is pushing the market for fuel card as it helps a fleet owner to streamline the process of tracking driver behavior and fuel consumption per vehicle.
Fuel cards enable enhanced tracking of fleet expenses and efficiency of the fleet by tracking real-time mileage and fuel usage by vehicles in a fleet. Fleet operators use fuel cards for costs such as truck maintenance, truck repairs, fuel, truck cleaning, and replacement vehicle rental, among others. Data captured by a fuel card include odometer reading, fuel grades, fuel product, and quantity of fuel, vehicle ID, driver ID and tax information along with transaction details such as time, location, spend amount and date support rich repowering for fleet managers. All of these enhanced data permits richer reporting, which can be used by fleet operators to identify problem zones such as fraudulent transaction by truck drivers or truck with lower fuel efficiency. Thus, fuel cards provide complete insight into vehicle operating cost and driver behavior that provides fleet managers with a complete oversight and trends required to analyze shortcomings in the fleet. Above mentioned metrics are expected to drive the adoption of fuel card by fleet operators around the world over the forecast period.
The huge majority of Mexico businesses are SMEs, which accounts for ~52% of the country’s GDP, employing nearly ~78% of workforce. Adoption of fuel cards by the SMEs in the country has witnessed a considerable growth. A fuel card enables business owners to report as well as control fuel and maintenance expenses. Further, they can also be used to make payment for other vehicle operating expenses thereby, enabling business owners to have a comprehensive view of all business expenses as well as manage vehicle taxes.
Some of the key players operating in fuel card market BP PLC, Edenred Mexico S.A. De C.V., Exxon Mobil, FleetCor Technologies Inc., LeasePlan México, S.A. De C.V, Royal Dutch Shell PLC, Total SA, US bank, Wex, Inc. and World Fuel Corporation and among others.
The report segments the Mexico fuel card market as follows:
Mexico Fuel Card Market – By Application