Fuel Cards in Mexico 2021

The fuel cards market in the Mexico was valued at $3,970.2 million in 2020 and the market value will grow by more than 5% during 2021-2024. The proportion of fuel sold through fuel cards has recorded continual growth, increasing from 9% in 2017 to 9.5% in 2020. In Mexico, the fuel card volumes in 2020 have decreased by 13% from 2019.

The Mexican fuel card market value recorded growth in 2019, and this growth was due to an increase of more than 30% in average fuel prices during this period. In 2020, due to the pandemic, crude oil prices decreased and resulted in a decline of more than 7% fall in average fuel prices. The decrease in fuel prices and fuel card volumes caused fuel card value to register a fall in 2020.

Mexico growth continued in 2020 at 1.4%, with more than 76,000 new cards issued during the year. However, the proportion of active fuel cards recorded a fall, as fleet and CRT owners were forced to reduce the size of their fleets due to lack of business. Although transportation in Mexico was affected by COVID-19, CRT vehicles were not as hard-hit as they were still required to transport essential supplies.

It is expected that Mexico will continue to recover from the second wave of COVID-19 due to increasing number of vaccinations. As a result, transportation in the country will increase in the forecast period, and many fleets will expand their businesses and therefore this will help new business to turn to fuel cards to take advantage of wide card acceptance and additional services in order to remain competitive.

Mexico fuel cards market overview

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What are the fuel cards market dynamics in Mexico?

The value of the fuel card market is expected to increase due to the rising fuel prices and growing volumes of fuel sold through fuel cards which 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 Mexican government. This factor affects annual sales of diesel vehicles, positively impacting 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 also helps the drivers to use a specific card. This will increase card volumes over the next few years.

What are the key channels in the Mexican fuel cards market?

There are two key channels found for the fuel cards market that involves the Fleet Card and CRT card. The fuel sold from fleet cards registered continual growth between 2017 and 2019. In 2020, fleet card volumes decreased by more than 12%. The rising levels of transportation and the need for logistics companies to use the additional 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 2017 to 2019. Thus, after the COVID pandemic, the market is found to show a recovery growth.  In Mexico, a higher proportion of CRT vehicles have fuel cards, as companies ensure their drivers have maximum service station network coverage along their varied transport routes. In future years, growing levels of transportation in the country will mean traditionally domestic fleets will need to use fuel cards.

Mexico fuel cards market, by channel

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Who are the key players in the Mexico fuel card market?

In 2020, the top three fuel card operators are Orsan, Sodexo, and BP, which made up to more than 45% of fuel card volumes. Orsan was the fuel card market leader in 2020, even after a marginal decline in its market share of 0.1 percentage points from 2019. Therefore, in order to compete with the market leaders, retailers such as Hidrosina and Gasmart need to invest in additional card services and expand their domestic card networks through new partnerships, as heightened competition will cause growth in the CRT market towards 2024. Card operators are thus creating new partnerships in order to expand their acceptance networks in urban and remote locations, as well as to meet the needs of CRT vehicle drivers and increase the appeal of their fuel cards to the segments. 

Mexico fuel cards market, by key players

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Market report scope

Reasons to Buy

• Plan effective market entry strategies by uncovering current and future volumes and values of the Mexican 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.