The aviation fuel card market was valued at US$ 2,459.07 million in 2022 and is projected to reach US$ 4,743.44 million by 2030; it is expected to record a CAGR of 8.6% from 2022 to 2030.
Analyst Perspective:
Geographically, the aviation fuel card market share is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In 2022, the largest revenue share of the global aviation fuel card market was held by North America, and Asia Pacific is also expected to register the highest growth rate in the global aviation fuel card market during the forecast period. This growth is attributed to growing air travel, increasing demand for cost optimization, and rising aviation fuel consumption. As air travel continues to grow in emerging markets, there is a greater demand for modern and efficient fueling operations to support the increasing number of flights and passengers. Many emerging economies are investing heavily in airport infrastructure to boost their connectivity and interest in tourism and trade. Establishing new airports and expanding existing ones require fuel suppliers. This enables fuel-producing companies and aviation fuel card service providers to expand their network in emerging countries from Asia Pacific. For instance, in April 2023, the Government of India announced its plans to invest ~US$ 11.81 billion in the development of airport infrastructure over the next two years. This investment is a response to the growing travel demand and the need to upgrade and expand existing airport facilities to accommodate the increasing number of passengers and aircraft is driving the aviation fuel card market.
Market Overview:
Based on application, the global aviation fuel card market share is divided into commercial and private. The commercial segment is projected to acquire a larger share of the market, owing to the growing demand for aviation fuel. As per the estimates given by the Airports Council International (ACI) World, 2024 is predicted to be a turning point in global passenger traffic, with 9.4 billion passengers welcomed, an increase of 102.5% from the 2019 level (9.2 billion passengers). On the other hand, the private segment is estimated to register a higher CAGR during the forecasted period. As per the report published by the Institute for Policy Studies in May 2023, in the last two decades, the global fleet of private jets has more than doubled, and in 2022, the manufacturing of private jets reached the highest demand ever.
Based on geography, the global aviation fuel card market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America and Asia Pacific are dominating the market. The aviation industry is one of the notable industries in the US. As per the data published by Airlines for America in 2023, commercial aviation accounts 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. The UK aviation fuel card market is driven by a variety of factors, such as increased aviation fuel consumption, a rise in preferences for sustainable fuel, and key players’ activities. In August 2023, Avfuel added London Southend Jet Centre, the airport-owned and operated FBO at London Southend Airport (EGMC), to its European dealer network. In the last three years, India's civil aviation industry has emerged as one of the rapidly expanding industries in the country. As per the data provided by the Indian Government in 2023, the air traffic witnessed 327.28 million air traffic movements in 2023, up from 188.89 million in 2022.
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Aviation Fuel Card Market: Strategic Insights
Market Size Value in US$ 2,459.07 million in 2022 Market Size Value by US$ 4,743.44 million by 2030 Growth rate CAGR of 8.6% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Aviation Fuel Card Market: Strategic Insights
| Market Size Value in | US$ 2,459.07 million in 2022 |
| Market Size Value by | US$ 4,743.44 million by 2030 |
| Growth rate | CAGR of 8.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Rising Fuel Consumption is Driving the Aviation Fuel Card Market Growth
Due to the high demand for air travel, overall fuel consumption has increased. In 2022, US airlines carried 194 million more passengers compared to 2021, an increase of 30% year on year. From January to December of 2022, US airlines handled 853 million passengers, up from 658 million in 2021 and 388 million in 2020. In 2021, the European Union (EU) experienced a significant rebound in air travel as the total number of passengers reached 373 million. This figure reflects a remarkable increase of 34.9% compared to the previous year, 2020. The surge in air passenger numbers was observed in Croatia, which experienced a remarkable increase of 84% in comparison to 2021.
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Segmental Analysis:
Based on type, the aviation fuel card market is divided into merchant and branded. Merchant card services are primarily provided by aviation service companies or independent fuel providers. Merchant type is gaining momentum owing to operational flexibility. Branded cards are provided by major fuel and oil companies. Brand loyalty plays a pivotal role, as users are drawn to the recognition and association with specific fuel brands. Thus, although the operation flexibility of branded cards is low compared to merchants, the demand for these cards is growing constantly. On the other hand, merchant card providers have a stronghold of the network owing to agreements with local suppliers and other resources. Thus, merchant aviation fuel cards are projected to grow at a notable growth rate. The merchant segment holds the largest share in 2022 and over the forecasted period due to increasing demand for digital transaction methods using fuel cards, which is driving the aviation fuel card market growth.
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Regional Analysis:
The US, Canada, and Mexico are the major economies in North America that have witnessed growth in the fuel card market for the aviation sector. The North America aviation fuel card market is mainly driven by the growing awareness of the fuel card concept. Moreover, the growing aviation industry in countries such as the US and Canada is further driving the aviation fuel card market. The aviation industry is one of the notable industries in the US. A large network of airports and fixed base operators in the US has supported the increased use of aviation fuel cards. In 2022, the US operated more than 5,100 public airports and 14,850 private airports. The air transportation industry contributes significantly to the Canadian economy. As per the International Air Transport Association (IATA), the industry contributed US$ 37 billion to Canadian GDP in 2018. Rising aviation fuel consumption and increasing aviation prices are driving the aviation fuel card market in Mexico. In June 2022, state-owned Pemex's wholesale jet fuel prices increased dramatically. The US held the largest share in the North America aviation fuel card market in 2022.
Key Player Analysis:
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 with significant market share that are profiled in this aviation fuel card market study.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global aviation fuel card market. A few recent developments by key the aviation fuel card market players are listed below:
Year | News | Country |
September, 2023 | Air bp, the international aviation fuel products and services supplier, is offering Jet-A1 fuel at Berlin Brandenburg Airport’s (BER) General Aviation (GA) terminal in a newly agreed agency collaboration with ExecuJet. Air bp will refuel aircraft at the GA terminal supported by two Air bp tankers. | Europe |
August, 2022 | AEG Fuels announced that National Jets is a part of AEG Connect, AEG Fuels’ network of world-class FBOs. Headquartered at Fort Lauderdale-Hollywood International Airport (KFLL), National Jets has joined a leading group of FBOs carefully selected for their world-class service, operational excellence, and competitive pricing. | North America |
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Due to the high demand for air travel, overall fuel consumption has increased. In 2022, US airlines carried 194 million more passengers than in 2021, an increase of 30% year on year. From January to December of 2022, US airlines handled 853 million passengers, up from 658 million in 2021 and 388 million in 2020. In 2021, the European Union (EU) experienced a significant rebound in air travel as the total number of passengers reached 373 million. This figure reflects a remarkable increase of 34.9% compared to the previous year, 2020. The surge in air passenger numbers was observed in Croatia, which experienced a remarkable increase of 84% in comparison to the 2021.
The need for sustainable aviation fuel is growing significantly to reduce carbon emissions in the aviation industry. Sustainable aviation fuel (SAF) is an alternative jet fuel derived from renewable and waste feedstocks that can reduce greenhouse gas emissions during its entire lifecycle. In recent years, SAF production and use in the US have increased; this fuel is now used by airlines at two major commercial airports in California.
The US, Canada, and Mexico are the major economies in North America that have witnessed growth in the fuel card market for the aviation sector. The North America aviation fuel card industry is mainly driven by the growing awareness of the fuel card concept. Moreover, the growing aviation industry in countries such as the US and Canada is further driving the aviation fuel card market.
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.
Shell Plc, BP Plc, Avfuel Corp, Total Energies, and EPIC Aviation LLC are the key market players operating in the global aviation fuel card market.
The List of Companies - Aviation Fuel Card Market
- Shell Plc
- BP Plc
- Associated Energy Group LLC
- Viva Energy Group Ltd
- TITAN Aviation Fuels Inc
- CSI Enterprises Inc
- Total Energies
- EPIC Aviation LLC
- Kropp Holdings Inc
- Avfuel Corp
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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