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
Imagine thisyou pull up to the gas station, and instead of fumbling with your wallet and swiping your fuel card, you simply tap or wave it near a sensor. That's the magic of RFID (radio frequency identification). RFID is like a wireless superpower that makes gas station transactions a breeze. It uses radio waves to communicate between your fuel card and the sensor. When you tap or wave your card, the payment details are securely transmitted. No more swiping, no more searching for your wallet. Just a quick tap, and you're on your way. This contactless payment system not only makes it super convenient but also protects against fuel card skimming. Since you're not physically inserting your card, there's no risk of someone stealing your information. RFID has revolutionized the way we use fuel cards. It's made the whole process smoother, faster, and more secure. So next time you're gassing up, remember to thank RFID for the ease and peace of mind it brings to your fueling experience.
Fuel Cards Market Analysis
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When it comes to fuel cards, there are two main typesthose branded by specific gas stations and universal cards that can be used anywhere. In 2022, universal fuel cards dominated the market, taking up more than 60% of it. By 2032, this segment is projected to be worth over $1,519 billion. What makes universal fuel cards so popular? They offer drivers more flexibility, which can be a big advantage for large fleets of trucks and other commercial vehicles. Fleet managers like them because they give them access to a wider network of gas stations. This streamlined fuel management makes it easier for them to keep track of and control their fuel expenses.
Imagine you're running a company with a fleet of vehicles. You want to make sure your drivers have fuel for their trucks, but dealing with reimbursements is a huge headache. You have to check every receipt, add up the miles, and make sure everything adds up. That's where fleet fuel cards come in. They're like a magic wand that takes away all that hassle. Instead of your drivers using their own money for gas, they can use a fleet fuel card. The company then gets the bill, which makes it much easier to track expenses. Plus, with a fleet fuel card, you can set limits on purchases. That way, your drivers can't accidentally overspend or use the card for personal use. And since the cards are linked to your fleet management system, you can see exactly how much fuel each driver is using, which helps you spot any potential problems. So, if you're tired of the reimbursement nightmare, ditch those paper receipts and switch to fleet fuel cards. They'll save you time, money, and aggravation, and you'll have a lot more control over your fleet's expenses.
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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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Understand the Fuel Card Market in North AmericaA Driver's Guide The fuel card game in North America is strong! In 2022, it was worth over $215 billion, and it's only expected to keep growing like a well-oiled machine. In fact, it's projected to hit a whopping $14% annual growth rate by 2032. Why is North America such a fuel card superstar? Because they've got the most advanced trucking industry out there. And these trucking companies are all about staying competitive by using the latest and greatest tech. That's where fuel card companies come in. They're teaming up with trucking businesses to reach a massive base of customers and become a major player in the industry. Plus, with gas prices on the rise, companies need to find clever ways to keep their spending in check. Fuel cards help fleet managers keep an eye on their expenses and improve their overall efficiency.
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
