[FURL=https://www.industryarc.com/Report/19656/africa-fuel-card-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Africa Fuel Card Market[/FURL] is analysed to grow at a CAGR of 5.1% during the forecast 2021-2026 and is expected to reach $1.2 billion. Fuel card is expected to have significant growth in the market owing to its hassle-free secure cashless payment. It is also known as the Fleet Card, and is used as a gasoline, diesel and other fuel payment card at respective stations. The use of Fuel Card helps the users to saves time, money, and convenience. Fuel cards enable fleet owners and managers to receive real time accounts and set up purchase controls with their cards to help them stay informed of all business related expenses in their fleet management solution. Increase of digitalization in the country is set to drive the fuel card market size. The use of digital payments for fuel expenses through fleet card reduces fuel theft, provides accurate transaction data and help to manage the fuel expenses. Hence the Africa fuel card market size is expected to have substantial growth. Moreover due to COVID-19 pandemic the contactless payment have increased which is further set to propel the market during forecasted period 2021-2026.Key Takeaways
Growing digitalization and cashless transaction in the country is analysed to significantly drive the market during the forecast period 2021-2026.
Universal card is expected to hold significant share growing at a CAGR of 6%, this card provides effective fuel management and allow to access fuel stations at large.
Effective fuel data capturing and enhanced fleet management is the major driver propelling the fuel card in the country.
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Africa Fuel Card Market Segment Analysis - By Region
By country, the African fuel card market is dominated by South Africa. Increase in technology advancements among various industries such as Logistics and Transportation demanding the efficient and contactless transactions and thus fuel card and mobile application plays a major role. Fuel card is utilized by many corporate and minibus taxi market. More than 200,000 minibus taxis running in South Africa as it is major commuting medium that accounts 75% of the daily transport.
Africa fuel card Market Drivers
Efficient Fleet Administration with enhanced data capturing:
Need for improved fuel management:
Africa Fuel Card Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in Africa fuel card. The key players in the market include Engen Petroleum Ltd, Puma Energy, Total S.A, Standard Bank, World fuel service corporation, Exxon mobil corporation, Royal dutch shell plc., BP plc., Oilibya (OLA energy), OMV.
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