U.S. Fleet Card Market Review and Forecast, 2018–2023
- Date:December 30, 2019
- Research Topic(s):
- Commercial & Enterprise
- Merchant
- PAID CONTENT
Overview
The fleet (fuel) card market saw continued growth during the past year, but headwinds are forming through fuel efficiencies and increasing alternative vehicle growth. Industry leaders are adapting in several ways, with technology and tactical policy/product changes creating potential new growth opportunities.
In a new research report, U.S. Fleet Card Market Review and Forecast, 2018–2023, Mercator Advisory Group reviews the estimated current market size and network share, projecting spending through 2023. The report delves into the issues and trends affecting this niche portion of the payments industry.
“The closed loop network portion of the spending continues to predominate since industry legacy approaches reside with larger fleets and the specialized controls associated with the more abundant data capabilities in these systems,” commented Steve Murphy, Director of Mercator Advisory Group’s Commercial and Enterprise Payments Advisory Service, author of the report. “As the service providers attempt to broaden their reach into small businesses and midsized fleets, collaboration with open loop network products will increase. This is one way to offset fuel price volatility and efficiency impacts in the shorter term, while a looming change is also there from the effects of alternative vehicles. Industry participants recognize the challenges and a need to adapt to the latest-generation technology, and there is general optimism that challenges will be met successfully.”
The document is 16 pages long and contains 5 exhibits.
Companies and other organizations mentioned in this report include: American Express,AT&T,Comdata, CyntrX, EFS, FleetCor, Geotab, GlobalStar, GPS Insight Mastercard, MSTS, Navistar, OmniTracs, Spireon, Teletrac Navman, Tom Tom, Trimble, UPS, U.S. Bank, WEX, Verizon, and Visa.
One of the exhibits included in this report:
- Estimated share of closed and open loop network spending in fleet cards in the United States.
- Review of key challenges facing the industry service providers, including the mandate for electric logging devices (ELD) and the upcoming EMV liability shift.
- Projected U.S. overall open and closed loop spending through 2023.
- Analysis of the future trend toward electronic vehicles and adoption across fleets in the U.S.
Learn More About This Report & Javelin
Related content
Commercial Cross Border: This is Getting Good
Commercial cross-border transactions are a big business, and they’re only getting bigger, projected to expand at nearly an 11% compound annual growth rate through 2030. Such transa...
Shredding Inefficiency: A Blueprint for Eliminating Paper Checks
The use of paper checks in commercial payments doggedly persists, accounting for 33% of such transactions globally, with an overwhelming number of corporations still accepting chec...
Movements in Global Commercial Payments and Banking: 2024 Edition
Global commercial banking and payments are evolving swiftly, driven by technological progress, evolving corporate habits, and emerging market dynamics. This puts businesses on the ...
Make informed decisions in a digital financial world