Mexico Fuel Card Market to Grow at a CAGR of 6.5% to reach US$ 574.4 Mn from 2018 to 2027

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)

Publication Month : Mar 2020

  • Report Code : TIPRE00009808
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 105
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Mexico fuel card market was valued at US$ 330.4 Mn in 2018, is expected to reach US$ 574.4 Mn by 2027, growing at a CAGR of 6.5% from 2019 – 2027.

Fuel card market operates in a highly-competitive marketplace. As leading companies in Mexico fuel card 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. Mexico fuel card market is fragmented at higher level with major eight to ten players comprising 30% of the Mexico fuel card 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. These features of fuel card are significantly driving the Mexico fuel card market.

Impact of COVID-19 on Mexico Fuel Card Market

COVID-19 is one of the most impactful disruptions till today. It has adversely impacted the transportation and logistics sector. Corona virus has forced transportation and logistics companies to delay resuming work.  Overall, vehicle movement nationwide was suspended for almost a month due to the outbreak, but there is still a chance that lost output can be made up for later. These factors are hindering the Mexico fuel card market.  

Mexico Fuel Card Market, By Revenue

Mexico Fuel Card Market, By Revenue
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Mexico Fuel Card Market Insights

Efficient fleet administration is one of the key factor boosting Mexico fuel card market

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 and to contribute to the Mexico fuel card market growth.

Leveraging telematics with the adoption of fuel card is a key trend in Mexico fuel card market

Certain fuel card providers have started implanting the telematics interface as well as robust reporting abilities as a natural product offering to enhance fleet management efficiency. This comprises of GPS data integration along with purchase data with a purpose to track fleet or driver performance. It further helps in determining whether the vehicle is refueling at an appropriate location. Moreover, integrating fuel cards with telematics helps in receiving accurate Miles/Gallon reports for each vehicle. The recorded data enables the business or users to effortlessly identify any inadequacies or pinpoint drivers who may need further training. Truck driver’s behavior can be tracked using telematics. Metrics related to driving speed, the route taken, harsh braking and trip schedule can be used to keep track of driver efficiency, habits and any anomalies such as deviation from the planned route, unscheduled stoppage refueling at non-partner fuel stations and driving behavior among others.

Mexico Fuel Card Market By Type

The Mexico fuel card market is segmented into three type by their function as branded fuel card, merchant fuel card, and universal fuel card. The Mexico fuel card market by type was led by universal fuel cards. Universal card are most convenient fuel card type, the providers of these cards usually partners with several fuel companies and offer great flexibility. Certain fuel card companies merely operate in some countries or regions. While others may only be accepted at particular fuel stations. Users with less options in their region may need to be cautious regarding limiting them to just a few fuel stations.

Mexico Fuel Card Market, by Type (2019 & 2027)

Mexico Fuel Card Market, by Type (2019 & 2027)
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Mexico Fuel Card Market: Strategic Insights

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Merger & acquisition strategy is commonly adopted by companies to expand their footprint worldwide and meet the growing demand in Mexico fuel card market. Few of the recent developments in Mexico fuel card market are listed below;

2018:

Edenred, the world leader in transactional solutions for companies, employees and merchants, today announced the signing of an agreement to acquire 80% of the share capital of The Right Fuelcard Company (TRFC) group, the number four fuel card program manager in the United Kingdom.

2018:

Mastercard unveiled a new service to automatically integrate fuel and maintenance data from a connected car’s dashboard into the payment process. The service will streamline the process, providing fleet managers greater transparency and control.

Mexico Fuel Market – By Type

  • Branded Fuel Cards
  • Merchant Branded Fuel Cards
  • Universal Fuel Cards

Mexico Fuel Market- By Application

  • Fuel Refill
  • Parking
  • Vehicle Service
  • Toll Charge
  • Others

Mexico Fuel Card Market- Companies Profiles

  • BP PLC
  • Edenred SA
  • Exxon Mobil
  • FleetCor Technologies Inc.
  • LeasePlan Corporation
  • Royal Dutch Shell PLC
  • Total SA
  • US bank
  • Wex, Inc.
  • World Fuel Corporation
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What is the key trend in Mexico fuel card market?

Certain fuel card providers have started implanting the telematics interface as well as robust reporting abilities as a natural product offering to enhance fleet management efficiency. This comprises of GPS data integration along with purchase data with a purpose to track fleet or driver performance. It further helps in determining whether the vehicle is refueling at an appropriate location.

Which factor is driving the Mexico fuel card market?

Efficient fleet administration with the help of enhanced data capture is the key factor driving the Mexico fuel card market. 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.

Which type led the Mexico fuel card market?

The Mexico fuel card market by type was led by universal fuel cards. Universal card are most convenient fuel card type, the providers of these cards usually partners with several fuel companies and offer great flexibility. Certain fuel card companies merely operate in some countries or regions. While others may only be accepted at particular fuel stations. Users with less options in their region may need to be cautious regarding limiting them to just a few fuel stations.

The List of Companies - Mexico Fuel Card Market

  1. BP p.l.c.
  2. Exxon Mobil
  3. Fleetcor Technologies Inc.
  4. Royal Dutch Shell Plc
  5. U.S. Bank
  6. WEX Inc
  7. U.S. Bank
  8. LeasePlan México, S.A. De C.V
  9. Edenred Mexico S.A. De C.V.
  10. Total SA

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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