$5190
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The Aviation Fuel Card Market size is projected to reach US$ 4,743.44 million by 2030 from US$ 2,459.07 million in 2022. The market is expected to register a CAGR of 8.6% in 2022–2030.
Traditionally, the aviation industry has made payments for fuel in a variety of ways, depending on the fuel industry’s and airline’s economic conditions and agreements in existence. Airlines and other aviation industries frequently purchase fuel on the spot market, either directly from oil companies or through fuel brokers. In such situations, the aviation corporation will most likely pay for the fuel with a mix of cash and credit. . Overall, the payment method used by the aviation industry to acquire fuel will be determined by a variety of criteria, such as the company's size, location, purchasing strategy, market conditions, and available possibilities. High-limit corporate cards with integrated cost management software can make it much easier to monitor fuel payments. High-limit cards allow businesses a lot more payment flexibility, which means they can keep operating without facing bank delays and fees for lending. In addition, unlike gasoline cards, which are rarely linked to cost management software, high-limit corporate credit cards from spend management companies offer a fully integrated experience. Corporate credit cards have made it simple to centralize fuel bills and streamline the overall expense management process. Rather than relying on different payment methods or refunds, a single credit card can be used for all fuel-related purchases, making it easier to track and manage spending. Consolidating fuel expenditures with a business credit card can aid in the development of stronger connections with fuel providers. Aviation companies that frequently utilize a single card for fuel transactions can have more negotiating power with fuel providers in terms of volume discounts or favourable terms. Thus, the benefits offered by other alternative methods hamper the aviation fuel card market growth.
Aviation Fuel Card Market Analysis
Many fuel producers and airline operators are taking initiatives to develop and adopt sustainable aviation fuel. In 2023, at the Dubai Airshow, officials from Boeing and Zero Petroleum signed an agreement to accelerate the development of synthetic sustainable aviation fuel (SAF). In 2023, Neste assisted the Trollhättan-Vänersborg airport and the airline Västflyg to become the world's first airline to use sustainable aviation fuel on all flights. In 2023, Emirates agreed to supply approximately 300,000 gallons of blended sustainable aviation fuel (SAF) to the airline's international hub in Dubai (DXB) through a partnership with Shell Aviation. Such initiatives are projected to increase the adoption of sustainable aviation fuel. Aviation fuel card suppliers can expand their business by offering attractive offers and discounts on the purchase of sustainable aviation fuel. This will ultimately lead to higher adoption and usage of aviation fuel cards. Further, by partnership with fixed-based operators, fuel card service providers can expand the network to supply sustainable aviation fuel. Thus, the rise in sustainable aviation fuel transactions is anticipated to have ample opportunities for the aviation fuel card market growth during the forecast period.
Aviation Fuel Card Market Overview
The role of fuel card suppliers in the ecosystem of the aviation fuel card market is crucial in ensuring the seamless functioning and reliability of fuel cards. Aviation fuel card suppliers play a significant role in providing fuel card services to end users such as commercial and private airlines. Fuel card suppliers ensure a secure and efficient role in payment processes for aviation fuel. Major fuel suppliers that provide fuel card services are termed branded fuel suppliers, which include BP plc, Shell Global, ExxonMobil, Titan Aviation Fuels, Jio-BP, AEGFUELS, and TotalEnergies Aviation. These entities are responsible for supplying aviation fuel and aviation fuel cards by themselves and hence ensuring a reliable aviation fuel card supply chain. Third parties and private companies that provide fuel card services are termed merchant fuel suppliers, which include World Fuel Services, CSI global-fleet, Aviation Pros, and Avfuel Corporation. Merchant fuel card suppliers are entities that are engaged in partnership or collaboration with major aviation fuel suppliers and ensure a seamless and secure payment process. This partnership or collaboration involves integrating systems to facilitate efficient transactions and maintain a reliable fuel supply.
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Aviation Fuel Card Market: Strategic Insights
Market Size Value in US$ 2,459.07 million in 2022 Market Size Value by US$ 4,743.44 million by 2030 Growth rate CAGR of 8.6% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Aviation Fuel Card Market: Strategic Insights
| Market Size Value in | US$ 2,459.07 million in 2022 |
| Market Size Value by | US$ 4,743.44 million by 2030 |
| Growth rate | CAGR of 8.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Aviation Fuel Card Market Drivers and Opportunities
Increasing Aviation Fuel Consumption
Due to the high demand for air travel, overall fuel consumption has increased. In 2022, US airlines carried 194 million more passengers than in 2021, an increase of 30% year on year. From January to December of 2022, US airlines handled 853 million passengers, up from 658 million in 2021 and 388 million in 2020. In 2021, the European Union (EU) experienced a significant rebound in air travel as the total number of passengers reached 373 million. This figure reflects a remarkable increase of 34.9% compared to the previous year, 2020. The surge in air passenger numbers was observed in Croatia, which experienced a remarkable increase of 84% in comparison to the 2021. Furthermore, Cyprus and Greece recorded substantial growth rates of 104.8% and 85.9%, respectively. This surge in the number of passengers, particularly in countries such as Croatia, Cyprus, and Greece, highlights the growing demand for air travel and the subsequent need for fuel.
Rising Investments in New Airport and Fixed Base Operator Center Construction
Various developed and developing countries across the globe are focusing on increasing their total number of airports. In 2023, the government of Vietnam intends to build more than 30 airports by 2030 in order to enhance tourism and trade. The country has established 22 airports; however, the government is focused on constructing new airports in order to accommodate the growing number of aircraft. The Vietnamese government approved the building of the Long Thanh International Airport in 2021, with completion scheduled for 2025. The Long Thanh International Airport will be Vietnam's largest airport, with a capacity of up to 100 million people per year. The government aims to expand to more than 30 airports by 2030, which demonstrates the country's commitment to developing its aviation industry. In 2023, Saudi Arabia announced the expansion of its domestic aviation industry, which will require an investment of US$ 100 billion. In 2023, India announced investments of US$ 12 billion in airports over the next two years, including orders for hundreds of new planes to fulfill surging travel demand, which is putting a burden on current infrastructure.
Aviation Fuel Card Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Aviation Fuel Card Market analysis are type, application, and geography.
- Based on type, the Aviation Fuel Card Market has been segmented into merchant and branded. The merchant segment held a larger market share in 2022.
- By application, the Aviation Fuel Card Market has been segmented into commercial and private. The commercial segment held the largest share of the market in 2022.
Aviation Fuel Card Market Share Analysis by Geography
The geographic scope of the Aviation Fuel Card Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the Aviation Fuel Card Market in 2022, and it is expected to retain its dominance during the forecast period as well. The North America aviation fuel card industry is mainly driven by the growing awareness of the fuel card concept. Moreover, the growing aviation industry in countries such as the US and Canada is further driving the aviation fuel card market. The aviation industry is one of the notable industries in the US. As per the data published by the Airlines for America in 2023, commercial aviation accounted for 5% of US GDP and US$ 1.25 trillion in 2022. In addition, a large network of airports and fixed base operators in the US has supported the increased use of aviation fuel cards. In 2022, the US operated more than 5,100 public airports and 14,850 private airports. The air transportation industry contributes significantly to the Canadian economy. As per the International Air Transport Association (IATA), the industry contributed US$ 37 billion to Canadian GDP in 2018. Rising aviation fuel consumption and increasing aviation prices are driving the aviation fuel card market in Mexico. In June 2022, state-owned Pemex's wholesale jet fuel prices increased dramatically. The US held the largest share in the North America aviation fuel card market in 2022.
Aviation Fuel Card Market Report Scope
Aviation Fuel Card Market News and Recent Developments
The Aviation Fuel Card Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for aviation fuel card market and strategies:
- In September 2023, Air bp, the international aviation fuel products and services supplier, launched the offering of Jet-A1 fuel at Berlin Brandenburg Airport’s (BER) General Aviation (GA) terminal in a newly agreed agency collaboration with ExecuJet. (Source: Air BP, Press Release/Company Website/Newsletter)
- In October 2022, TreviPay, the global B2B payments and invoicing network, launched TreviPay Aviation Network, powered by KHI, to offer a co-branded, closed-loop card solution tailored to the needs of FBOs (fixed-base operators) and flight support service organizations who service the general and defense aviation industries, and their customers. (Source: TreviPay, Press Release/Company Website/Newsletter)
Aviation Fuel Card Market Report Coverage and Deliverables
The “Aviation Fuel Card Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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