Mexico Fuel Card Market to 2027 - Country Analysis and Forecasts by Type; and Application

The fuel card market in Mexico was valued at US$ 330.4 million in 2018 and is projected to reach US$ 574.4 million by 2027; it is expected to grow at a CAGR of 6.5% from 2019 to2027.

Fuel cards enable enhanced tracking of fleet expenses by real-time mileage tracking in fleet vehicles. Fleet operators use fuel cards for purposes such as truck maintenance, truck repairs, fuel, truck cleaning, and replacement vehicle rental. 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, amount spent and date support rich repowering for fleet managers. All these data permit richer reporting that can be used by fleet operators to identify problem zones such as fraudulent transaction by truck drivers or truck with lower fuel efficiency. Certain fuel card providers have started implanting the telematics interface and strong reporting abilities as usual product offering to enhance fleet management efficiency. This comprises GPS data integration along with purchase data with a purpose to track fleet or driver performance. The integration of fuel card with telematics is one of the key trends in the fuel card market in Mexico.

The adoption of fuel cards by SMEs in the country has witnessed a considerable growth and are driving the fuel card market in Mexico. A fuel card enables business owners to report as well as control fuel and maintenance expenses. Further, they can 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.

Any SME that operates vehicles need to manage vast data to efficiently handle fleet; it is essential to know details such as fuel economy and cost/km. Several fuel cards companies provide fuel management reports that enable the business to receive this information. A detailed view of all these expenses regarding the fleet facilitates business to perform an analysis and make improved decisions. The benefits of fuel cards include saving money, tracking purchases, easy reimbursements, as well as reduction in fraud. Thus, fuel cards simplify management and eliminate the manual task of receipts, audit, as well as issuance of checks. These factors are significantly boosting the fuel card market in Mexico.

The fuel card market in Mexico is segmented into type and application. Based on type, the fuel card market in Mexico is further segmented into branded fuel cards, merchant branded fuel cards, and universal fuel cards. Based on application, the fuel card market in Mexico is further segmented into fuel refill, parking, vehicle service, toll charge, and others.

The well-established market players operating in the fuel card market in Mexico include BP PLC;Edenred SA; Exxon Mobil; FleetCor Technologies Inc.; LeasePlan Corporation; Royal Dutch Shell PLC; Total SA; US bank; Wex, Inc.; and World Fuel Corporation.

The overall fuel card market size in Mexico has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the fuel card market in Mexico. It also provides an overview and forecast for the Mexico fuel card market based on all the segmentations provided for the country. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fuel card industry.

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