Fuel Cards Market Size
Fuel Cards Market size was valued at USD 532.5 billion in 2022 and is anticipated to register a growth at over 15.5% CAGR by 2032. The global freight trucking market saw a boom post the COVID-19 pandemic.
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The trucking companies are in the constant battle to cut down their costs to generate more revenue and bring down the indirect expenses. The fuel cards offer these businesses the liberty to manage the freights fuel consumption, mileage, and other important metrics. Fuel cards brings the convenience to the businesses in detailed transaction data to apply cost saving measures.
The integration of the telematics in the commercial vehicles has numerous benefits to the car companies, including maintenance requirements, real time fuel consumption monitoring, location tracking, and drivers’ behavior analysis. By integrating this technology with fuel cards, companies would have a technological edge to monitor the performance of the vehicle and the driver assigned to the vehicle.
Fuel Cards Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2022 |
| Fuel Cards Market Size in 2022 |
USD 532.5 Billion |
| Forecast Period |
2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR |
16% |
| 2032 Value Projection |
USD 2,418 Billion |
| Historical Data for |
2018 - 2022 |
| No. of Pages |
300 |
| Tables, Charts & Figures |
301 |
| Segments covered |
Card Type, Vehicle Type, Application, Region |
| Growth Drivers |
- Growing concerns over cost control and fuel management
- Increasing demand for cashless transactions
- Emphasis on effective fleet management
- Increasing demand for cross border operations
|
| Pitfalls & Challenges |
- Cyber-attacks and fraudulent activities
|
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The increasing demand of the fuel cards are also being in the spotlight of facing problems such as, data breaching, fraudulent activity and misuses of the fuel card. There is a constant threat of falling prey to frauds and losing personal credentials to the fraudsters, where-in some cyber-attacks may attempt to get unauthorized access to the fuel cards’ data or even clone the actual fuel card. For these reasons the fuel cards can create a hassle while the fleet management would face the losses in an indirect manner.
COVID-19 Impact
The COVID-19 pandemic had affected the overall fuel cards businesses over the global market, due strict regulations and lockdown. With reduced business activity and fewer vehicles on the road, fuel card transactions declined, impacting the overall volume and value of fuel card usage. As economies gradually recovered and restrictions were eased, fuel consumption and business activities were on a rise. This recovery phase impacted the industry positively, with businesses resuming operations and fuel card usage returning to pre-pandemic levels, albeit with potential changes in spending patterns and fuel management strategies.
Fuel Cards Market Trends
RFID, radio frequency identification, has been a crucial technological advancement in the fuel cards business. RFID is a wireless communication, which brings convenience for seamless transactions at the gas stations. With the application of RFID, the drivers can make the payment in a hassle-free manner for their fuels. RFID enables the user to make payments by tapping or waving near the RFID sensor or the receiver. By getting in contact with the RFID sensors, the payment process gets initiated and completed once the transaction credentials are matched. This contactless payment process has eliminated the traditional card swiping techniques to perform transactions. RFID technology has taken leap towards making the fuel cards applications more efficient and user friendly. The tap and go payment process has minimized the physical contact to eliminate the chances of the fuel card skimming.
Fuel Cards Market Analysis
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Based on card type, the fuel cards market is divided into branded fuel cards and universal fuel cards. The universal fuel cards segment accounted for over 60% market share in 2022 and will be valued at over USD 1,519 billion in 2032. The universal fuel cards offers greater flexibility to the user along with, convenience and expense control for the massive fleets of trucks and other commercial vehicles. With the assistance of universal fuel cards, the fleet managers have the leverage to get access to larger network of the gas stations. It also benefits the users with greater streamlined fuel management, to monitor and get control over the fuel expenditure.
Based on vehicle type, the fuel cards market is categorized into fleet/commercial fuel cards and individual fuel cards. Companies that are operating in fleet management offer reimbursement to pay their drivers and other employees for costs which is associated with the transport vehicles in the fleet. The process of reimbursement requires a time taking administrative work to check receipts, odometers, and to ensure the drivers’ purchases. The fleet fuel cards come handy to mitigate this time-consuming process to reimbursement, while doing the fuel purchasing part. The fleet fuel card benefits the fleet manager to control the expenses and monitor the consumption.
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Based on application, the fuel cards market is categorized into fuel refill, parking, vehicle service, and toll charges. The fuel refill segment held a market share of over 65% in 2022. The fuel refill is the most used application in fuel cards. The fuel cards are the prominent solution for fuel refilling with other services regarding transport vehicles. The purchase of fuel refill is an important aspect of transportation, comparing with the other services such as, parking charges, vehicle services and toll charges.
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North America fuel cards market was valued at over USD 215 billion in 2022 and will grow at a CAGR of over 14% in 2032. North America has the most technologically advanced trucking industry, and the trucking industry is implementing the latest technologies to levitate their competitive grounds. These fuel cards vendors are getting incorporated into the trucking business to gain a prominent customer base and grow their reach into the industry.. Due to the rise in fuel prices, it is vital for the fleet management companies to optimize their expenditures while monitoring and controlling the expenses with the help of fuel cards.
Fuel Cards Market Share
Major players operating in the fuel cards market are
- Aral Fuel Cards
- Engen Limited
- British Petroleum
- FleetCor Technologies
- U.S. Bancorp
Fuel Cards Industry News
- In November 2021, Shell acquired MSTS Payments, LLC along with its multi-service fuel card business. This multi-service fuel card network and transaction platform will provide Shell with a closed payment network used by commercial highway transit companies.
The fuel cards market research report includes in-depth coverage of the industry with estimates & forecast in terms of transactional volume (Million), transactional value (USD Billion) revenue (USD Billion) from 2018 to 2032, for the following segments
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By Card Type, 2018 – 2032
By Vehicle Type, 2018 – 2032
- Fleet
- Individual/Commercial
By Application, 2018 – 2032
- Fuel Refill
- Parking
- Vehicle Service
- Toll Charges
The above information is provided for the following regions and countries
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Australia
- Latin America
- MEA
- South Africa
- UAE
- Saudi Arabia
Frequently Asked Questions (FAQ)
What is the fuel cards market worth?
Global market size for fuel cards size was USD 532.5 billion in 2022 and is anticipated to witness over 15.5% CAGR by 2032 due to their benefits, such as detailed transaction data for applying cost saving measures.
How are fuel refill applications driving the fuel cards industry growth?
The fuel refill application segment held over 65% share of the industry in 2022 driven by the surging need for fuel refilling with other services regarding transport vehicles.
What is the size of the North America fuel cards market?
North America industry size was over USD 215 billion in 2022 and will witness over 14% CAGR by 2032 driven by the strong presence of technologically advanced trucking sector in the region
Who are the key fuel card manufacturers?
Aral Fuel Cards, Engen Limited, British Petroleum, FleetCor Technologies, and U.S. Bancorp are some of the prominent key fuel cards industry players
