Fuel Card in Thailand Trends and Forecast
The future of the fuel card market in Thailand looks promising with opportunities in the fuel refill, parking, vehicle service, and toll charge applications. The global fuel card market is expected to reach an estimated $661.5 billion by 2031 with a CAGR of 5.5% from 2025 to 2031. The fuel card market in Thailand is also forecasted to witness strong growth over the forecast period. The major drivers for this market are the increasing adoption of digital payments, the growth of the fleet management industry, and the escalating need for cost-effective fuel purchasing.
• Lucintel forecasts that, within the type category, universal will remain the largest segment due to its easy adaptability, ease of use, cost management, flexible terms of payment, incentives and discounts, security measures, and data analytics.
Emerging Trends in the Fuel Card Market in Thailand
The fuel card market in Thailand is rapidly evolving. It is growing due to innovation in technology and increasing demand among consumers for more sustainable alternatives. Fuel card providers are evolving as consumers‘ changing behaviors call for digital payments, support for electric vehicles, and environmentally friendly fuels. Fleet management solutions and loyalty programs are also trending. All of these reflect a shift towards better efficiency and friendliness towards the environment in transport and payment systems in Thailand.
• Digital Payment Integration: Mobile wallet integration, including Apple Pay and Google Pay, increases convenience and security. Fuel card providers in Thailand are embracing such technologies to accelerate the speed of transactions and capture the tech-savvy customer.
• Electric Vehicle (EV) Charging: Fuel cards add charging solutions with rising EV adoption. It keeps the fuel card issuers relevant, especially in support of sustainable energy sources, thus also attracting more green-conscious consumers.
• Alternative Fuel Options: Increasing environmental consciousness, fuel card companies are including biofuels and compressed natural gas (CNG) into their offerings, aligning them with Thailand push for greener energy, thereby targeting eco-sensitive consumers.
• Fleet Management Services: Fuel card companies are offering tools for tracking fuel usage, driver behavior, and routes. Businesses are taking advantage of these services to save on fuel and make their operations more efficient.
• Loyalty Programs: Fuel card providers are launching loyalty programs with rewards in the form of discounts and cashback. Such programs help foster customer loyalty and induce repeat usage in a competitive market.
Digital payments, EV support, green fuels, fleet management, and loyalty programs are reshaping Thailand fuel card market, enhancing convenience, sustainability, and customer engagement.
Recent Developments in the Fuel Card Market in Thailand
The fuel card market in Thailand is transforming rapidly, with the increasing demand for technology, environmental factors, and the convenience sought by customers. These trends include mobile payments, support for EVs, and eco-friendly fuels. Fleet management tools and loyalty programs are also being added by fuel card companies.
• Mobile Payment Integration: With the rise of mobile wallets, consumers can make fast, secure transactions. To meet this emerging consumer demand for digital solutions, fuel card companies are integrating mobile payment options.
• EV Charging Solutions: Electric vehicle charging has become one of the latest fuel card services offered, with fuel card companies keeping pace with the growth of EVs and the country increasing focus on green energy.
• Eco-Friendly Fuels: The fuel card companies have opted for biofuel and CNG to cater to the need for more environmentally friendly transport options. This is also in line with the sustainability goals pursued by Thailand.
• Fleet Management Tools: Companies use fuel cards for fleet management. They leverage services such as fuel tracking and driver behavior analytics that can help enhance efficiency and reduce costs.
• Loyalty Programs: The fuel card companies are developing rewards programs to maintain customers and gain new customers by providing them with discounts or cash back.
Mobile payments, EV support, eco-friendly fuels, fleet management, and loyalty programs are reshaping Thailand fuel card market, making services more convenient, sustainable, and customer-focused.
Strategic Growth Opportunities for Fuel Card Market in Thailand
The fuel card market in Thailand is transforming rapidly, with the increasing demand for technology, environmental factors, and the convenience sought by customers. These trends include mobile payments, support for EVs, and eco-friendly fuels. Fleet management tools and loyalty programs are also being added by fuel card companies.
• Mobile Payment Integration: With the rise of mobile wallets, consumers can make fast, secure transactions. To meet this emerging consumer demand for digital solutions, fuel card companies are integrating mobile payment options.
• EV Charging Solutions: Electric vehicle charging has become one of the latest fuel card services offered, with fuel card companies keeping pace with the growth of EVs and the country increasing focus on green energy.
• Eco-Friendly Fuels: The fuel card companies have opted for biofuel and CNG to cater to the need for more environmentally friendly transport options. This is also in line with the sustainability goals pursued by Thailand.
• Fleet Management Tools: Companies use fuel cards for fleet management. They leverage services such as fuel tracking and driver behavior analytics that can help enhance efficiency and reduce costs.
• Loyalty Programs: The fuel card companies are developing rewards programs to maintain customers and gain new customers by providing them with discounts or cash back.
Mobile payments, EV support, eco-friendly fuels, fleet management, and loyalty programs are reshaping Thailand fuel card market, making services more convenient, sustainable, and customer-focused.
Fuel Card Market in Thailand Driver and Challenges
Technological, economic, and regulatory factors shape the fuel card market in Thailand. Key drivers have been progress in payment technologies, the growth of EVs, and regulatory support to sustainability. Challenges such as the development of EV infrastructure and regulatory change prevail.
The factors responsible for driving the fuel card market in Thailand include:
• Technological Advancements: It has led to digital wallet integration, enhancing the convenience and security of the process. Fuel card companies leverage mobile payments, catering to the consumer need for speed and security when making transactions.
• Electric Vehicle Growth: The growth of EVs in Thailand is demanding fuel card services that support both fuel and electric charging. It gradually helps fuel card companies expand their services.
• Environmental Regulations: Thailand is focusing on carbon emission reduction, as this encourages the use of sustainable fuels. Fuel card companies have begun to integrate biofuels and CNG in their offerings to comply with regulations.
• Fleet Management Demand: Incorporating fleet management tools into the fuel cards allows businesses to manage their fuel usage for optimization, minimize costs, and enhance operational efficiency, thereby unlocking a significant opportunity for growth.
• Consumer Convenience: Mobile payments are increasingly preferred as the way of making a transaction, and fuel card companies are embracing the trend to enable customers to experience more convenient, seamless payment.
Challenges in the fuel card market in Thailand are:
• EV Infrastructure Development: The lack of widespread EV charging infrastructure in Thailand presents a challenge. Fuel card companies must work with partners to expand EV charging networks.
• Regulatory Changes: Evolving regulations around fuel and environmental standards require constant adaptation by fuel card providers to remain compliant and competitive.
• High Competition: The fuel card market in Thailand is highly competitive with many similar service providers, and companies are competing with more features, such as loyalty programs and fleet management.
Growth drivers for the fuel card market in Thailand include technological advancements, increasing EV growth, regulatory support, and consumer demand. However, the challenges posed by the limited EV infrastructure, changes in the regulatory environment, and competition could be addressed.
List of Fuel Card Market in Thailand Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies, fuel card companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the fuel card companies profiled in this report include:
• Company 1
• Company 2
• Company 3
• Company 4
• Company 5
• Company 6
• Company 7
Fuel Card Market in Thailand by Segment
The study includes a forecast for the fuel card market in Thailand by type and application.
Fuel Card Market in Thailand by Type [Analysis by Value from 2019 to 2031]:
• Branded
• Universal
• Merchant
Fuel Card Market in Thailand by Application [Analysis by Value from 2019 to 2031]:
• Fuel Refill
• Parking
• Vehicle Services
• Toll Charge
• Others
Features of the Fuel Card Market in Thailand
Market Size Estimates: Fuel card in Thailand market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends and forecasts by various segments.
Segmentation Analysis: Fuel card in Thailand market size by type and application in terms of value ($B).
Growth Opportunities: Analysis of growth opportunities in different type and application for the fuel card in Thailand.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the fuel card in Thailand.
Análisis de la intensidad competitiva de la industria basada en el modelo de cinco fuerzas de Porter.
If you are looking to expand your business in this or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
Preguntas frecuentes
Q1. What are the major drivers influencing the growth of the fuel card market in Thailand?
Answer: The major drivers for this market are increasing adoption of digital payments, growth of the fleet management industry, and escalating need for cost-effective fuel purchasing.
Q2. What are the major segments for fuel card market in Thailand?
Answer: The future of the fuel card market in Thailand looks promising with opportunities in the fuel refill, parking, vehicle service, and toll charge applications.
Q3. Which fuel card market segment in Thailand will be the largest in future?
Answer: Lucintel forecasts that universal will remain the largest segment due to its easy adaptability, ease of use, cost management, flexible terms of payment, incentives and discounts, security measures, and data analytics.
Q4. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 10 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the fuel card market in Thailand by type (branded, universal, and merchant), and application (fuel refill, parking, vehicle services, toll charge, and others)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.4. What are the business risks and competitive threats in this market?
Q.5. What are the emerging trends in this market and the reasons behind them?
Q.6. What are some of the changing demands of customers in the market?
Q.7. What are the new developments in the market? Which companies are leading these developments?
Q.8. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.9. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.10. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?