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Fuel Cards in India 2021

The fuel cards market in India was valued at $21,884.7 million in 2020 and is projected to grow at a CAGR of over 9% between the forecast period 2021-2024. Rising fuel prices and growing volumes of fuel sold through fuel cards will drive the growth of fuel card market value.  

India has recorded an upward trend in the growth of fuel cards since 2015. The total number of fuel cards in circulation grew by more than 50% from 2015 to 2019. The growth continued in 2020 with more than 448,000 new cards issued. However, the proportion of active fuel cards witnessed a fall, declining in 2020 from 2019, as fleet and CRT owners were forced to reduce the size of their fleets due to lack of business. Although trade in India was affected by COVID-19, CRT vehicles were not as hard-hit as they were still required to transport essential supplies.

India fuel cards market overview

India fuel cards market overview

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What are the fuel cards market dynamics in India?

The value of the fuel card market is expected to increase due to increases in fuel card volumes and average fuel prices. Market value is thus expected to increase by more than 30%. The rising fuel prices and growing volumes of fuel sold through fuel cards will drive the growth of fuel card market value.

In the forecast period, all new cars are expected to become compliant with more stringent emission targets set by the Indian government. This has affected the annual sales of diesel vehicles in the country and will positively impact fuel sales value, as vehicles will switch to gasoline, which is a costlier fuel option. Investing in services such as washrooms, overnight parking, free Wi-Fi, driver meal deals, and driver loyalty schemes will encourage drivers to use a specific card. This will increase card volumes over the next five years.

What are the key channels in India’s fuel cards market?

Key channels in the Indian fuel cards market are Fleet card and CRT card. The fuel sold from fleet cards saw uninterrupted growth and fleet card volumes are expected to decrease by 0.6% to reach 6,194 million liters.

The rising demand from logistics companies for the services offered by fuel card operators have contributed to the increase in fuel sold to CRT vehicles. Fuel sold through CRT cards saw continuous growth from 2015 to 2019. The trend is expected to continue, and CRT card volumes will increase in the forecast period after declining by more than 1% during the pandemic.

India fuel cards market, by channel

India fuel cards market, by channel

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Who are the key players in the India Fuel Card market?

The top three fuel card operators constituted more than 90% of the overall fuel card market in 2020 Indian Oil Corporation and Bharat Petroleum were the largest fuel card operators in India, accounting for more than 60% of the market. Small domestic fleets are drawn to their large card acceptance networks.

In 2020, the largest company in the Indian fuel card market was Indian Oil Corporation followed by Bharat Petroleum and Hindustan Petroleum.

The majority of card operators in India have a card acceptance network smaller than that of Indian Oil Corporation, making it difficult for them to compete for fleet fuel volumes. With fleet vehicles set to be a main market growth segment over the next five years, it is crucial that card operators create partnerships with each other in order to expand their card acceptance networks and compete with the market leader effectively towards 2024.

India fuel cards market, by key players

India fuel cards market, by key players

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Market report scope

Market size (Year – 2020) $21,884.7 million
Market value growth rate CAGR of >9% between 2021-2024
Base year for estimation 2020
Forecast period 2021-2024
Segmentation by Channel Fleet card and CRT card
Key players Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum, Reliance Industries Limited and Shell.

Reasons to Buy

  • Plan effective market entry strategies by uncovering current and future volumes and values of the Indian fuel card market.
  • Assess whether you should increase network acceptance of your card and identify potential new merchants by uncovering the position of competitors. Whether you are an issuer, a processor, a leasing company or a fuel retailer, make informed pitches to partners by understanding their business.
  • Enhance fuel sales at your service stations by identifying which fuel cards you should accept based on their market shares and network acceptance.

Key Players

Indian Oil Corporation

Bharat Petroleum

Hindustan Petroleum

Reliance Industries Limited

Shell

Table of Contents

Table of Contents

Market Overview

Market Size

Market Forecast

Channel Share

Market Shares

Major Competitors

Competitor Card Analysis

Contact Us

Frequently Asked Questions

The fuel cards market in India was valued at $21,884.7 million in 2020.

The fuel cards market in India is expected to grow at a compound annual growth rate of more than 9% during the forecast period 2021-2024.

Fleet card and CRT card are the major channels in the Indian fuel cards market.

Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum, Reliance Industries Limited, and Shell are the key players in the Indian fuel cards market.

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