[ad_1]
LONDON, Dec. 13, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s fuel cards global market report 2023, the global fuel card market is set to witness a meteoric rise, surging from $720.08 billion in 2022 to $802.61 billion in 2023 at an impressive Compound Annual Growth Rate (CAGR) of 11.5%. This trajectory is expected to persist, propelling the fuel card market to $1197.46 billion by 2027, maintaining a robust CAGR of 10.5%.
Driving Force: Expanding Logistic Sector
The growth of the fuel card market is intricately tied to the expanding logistics sector. This pivotal industry, responsible for the collection, manufacturing, and delivery of materials and goods, is experiencing unprecedented growth. Fuel cards play a vital role in enabling operators to manage finances meticulously, monitor each driver’s spending, and track fueling habits. The Council of Supply Chain Management Professionals (CSCMP) reports a record-high expenditure of $2.3 trillion on corporate logistics in the US in 2023, up from $1.85 trillion in 2022, constituting 9.1% of the country’s GDP – the highest GDP proportion ever. The burgeoning logistics sector emerges as a compelling driver propelling the fuel card market.
Learn More In-Depth On The Fuel Cards Market
https://www.thebusinessresearchcompany.com/report/fuel-cards-global-market-report
Industry Leaders Guiding the Journey
Key players shaping the landscape of the fuel card market include Exxon Mobil Corporation, TotalEnergies SE, Chevron Corporation, and others. These industry giants are instrumental in steering innovation, promoting product diversity, and driving market expansion.
Innovation at the Helm
Fuel card market leaders are steering towards product innovation as a key trend. In a paradigm-shifting move, BP p.l.c. and First National Bank of Omaha (FNBO) introduced the BPme Rewards Signature Visa Credit Card, redefining the conventional fuel card. This innovative credit card combines the strength of BPme Rewards with the versatility of standard credit cards, offering cash-back incentives and flexible redemption options, expanding consumer benefits beyond traditional fuel cards.
Strategic Acquisitions for Market Dominance
Shell plc, a UK-based oil and gas company, acquired MSTS Payments LLC and its Multi Service Fuel Card business from Multi Service Technology Solutions Inc. in November 2021. This strategic move enhances Shell’s global corporate card business, client value propositions (CVPs), and services, positioning the company as a leader in the competitive fuel card market.
Get A Free Sample Of The Global Fuel Cards Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=12472&type=smp
This comprehensive fuel card market report not only sheds light on the growth trajectory of the fuel card market but also provides a strategic compass for stakeholders. Industry players can leverage the insights within this report to identify growth opportunities, navigate technological trends, and make informed decisions. As the fuel card market continues its trajectory of remarkable expansion, this report empowers stakeholders to align their strategies with the dynamic landscape, fostering growth and innovation.
Fuel Cards Global Market Report 2023 by The Business Research Company provides insights on the fuel cards market size, fuel cards market segments, fuel cards market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Cards Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/cards-global-market-report
Lending And Payments Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/lending-and-payments-global-market-report
Smart Card In Healthcare Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/smart-card-in-healthcare-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
[ad_2]
Source link