# Fuel Card Market

> Fuel Card Market Size, Share and Research Report By Card Type (Branded Fuel Cards, Universal Fuel Cards, Merchant Fuel Cards) By Vehicle Type (Heavy Fleet, Light Fleet) By Application (Fuel Refill, Parking, Vehicle Service, Toll Charge, Others), And By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) –Industry Forecast Till 2035

- **Forecast Period:** 2026-2035
- **CAGR:** 5.3%
- **2025:** USD 200.2 Billion
- **2035:** USD 335.0 Billion
- **Key Players:** WEX, Corpay, Shell, BP, DKV Mobility, Edenred, ExxonMobil, TotalEnergies

**Report ID:** MRFR/SEM/5225-CR · **Pages:** 128 · **Author:** Nirmit Biswas & Aarti Dhapte · **Last Updated:** November 13, 2026

**URL:** https://www.marketresearchfuture.com/reports/fuel-card-market-6688

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## Market Summary

As per Market Research Future analysis, the Fuel Card Market Size was estimated at 9353.05 USD Million in 2024. The Fuel Card industry is projected to grow from USD 10082.59 Million in 2025 to USD 21367.79 Million by 2035, exhibiting a compound annual growth rate (CAGR) of 7.8% during the forecast period 2025 - 2035

## Market Drivers

## Driver Impact Analysis

  

| Driver | ~% Impact on CAGR | Geographic Relevance | Impact Timeline | Ref |
| --- | --- | --- | --- | --- |
| Digital spend control replacing cash and receipts | +1.1% | Global | Short-term (≤2 yr) | [16] |
| Road freight and logistics activity | +0.9% | Global; strongest in Asia-Pacific | Medium-term (2–4 yr) | [9], [22] |
| Fleet electrification and mixed-energy payment | +0.8% | Europe, North America, China | Long-term (≥4 yr) | [1], [4] |
| Telematics integration and fleet data | +0.7% | North America, Europe | Medium-term (2–4 yr) | [15] |
| Toll and road-charging interoperability | +0.5% | Europe, Asia-Pacific | Long-term (≥4 yr) | [17], [20] |
| E-invoicing and tax digitisation | +0.6% | Europe | Medium-term (2–4 yr) | [5], |
| Public sector procurement frameworks | +0.4% | Europe, North America | Medium-term (2–4 yr) | [6], [24] |

### Digital Spend Control Replacing Cash and Receipts

Fleet owners desire real-time alerts when a transaction appears to be incorrect, as well as purchase limits by driver, product, and location. None of that is provided by receipt-based reimbursement. More recent open-loop products also compete on price: a US issuer claims that small fleets using their Mastercard-based card save an average of USD 0.42 per gallon on diesel [16]. For owner-operators, the fleet segment that was least served by previous closed-loop programs in the fuel card market, savings of that magnitude make moving simple to explain.

### Road Freight and Logistics Activity

Diesel continues to be the highest single fleet operating expense after labor because trucks transport around 72% of domestic freight tonnage in the US [9]. Formal, trackable road freight is necessary to close the large disparities between leading and lagging nations in developing economies, according to World Bank logistics performance scores [22]. Growth in freight volume automatically translates into revenue throughout the fuel card market because every extra formal fleet is a potential card account.

### Fleet Electrification and Mixed-Energy Payment

Europe's revised truck CO2 standards demand cuts of 45% by 2030, 65% by 2035 and 90% by 2040 against 2019 levels [4]. Fleets will therefore run diesel and electric vehicles side by side for years. Cards that settle both fuel and charging on one invoice solve a real administrative problem. With global electric car sales above 17 million in 2024, company car and van fleets are already making this transition at scale [1].

### Telematics Integration and Fleet Data

Matching card transactions with vehicle location and tank data flags fuel theft and inefficient routing. [Eurowag](https://www.eurowag.com/blog/smart-fleet-management-combining-telematics-fuel-cards)'s EUR 306 million purchase of Inelo added about 87,000 connected trucks to its platform, roughly doubling the vehicles from which it collects data [15]. Issuers that own both the payment and the telematics feed can sell analytics, insurance inputs and route optimisation on top of the card itself.

### Toll and Road-Charging Interoperability

Europe's Electronic Toll Service directive lets one on-board unit pay tolls across member states, and fuel card providers are among the main EETS service providers [20]. India's FASTag mandate, in force since February 2021, made electronic tolling compulsory on national highways and created a payment habit that fleet cards can build on [17]. Bundling tolls with fuel raises the value of each account.

### E-Invoicing and Tax Digitisation

Adopted in March 2025, the EU's VAT in the Digital Age package introduces mandatory digital reporting for intra-EU B2B transactions from July 2030 [5]. The UK's Making Tax Digital programme pushes businesses toward compliant digital records as well. Fuel cards already produce structured, VAT-ready invoices, which gives them an edge over manual expense claims as compliance requirements tighten across Europe.

### Public Sector Procurement Frameworks

The UK's Fuel Cards and Associated Services VII framework runs from February 2026 to February 2030 and covers central government, health bodies, local authorities and emergency services [6]. In the United States, the GSA SmartPay programme provides fleet charge cards to federal agencies [24]. Frameworks like these lock in multiyear volumes and lower procurement friction for public fleets that would otherwise buy fuel through fragmented local contracts.

## Restraints

## Restraints Impact Analysis

  

| Restraint | ~% Impact on CAGR | Geographic Relevance | Impact Timeline | Ref |
| --- | --- | --- | --- | --- |
| Oil demand displacement by electric vehicles | −0.7% | Europe, China | Long-term (≥4 yr) | [1] |
| Fuel price volatility | −0.5% | Global | Short-term (≤2 yr) | [2] |
| Fraud exposure and PCI DSS compliance costs | −0.4% | Global | Short-term (≤2 yr) | [7] |
| Competition from open-loop corporate and virtual cards | −0.4% | North America, Europe | Medium-term (2–4 yr) | [16] |
| Data protection obligations | −0.2% | Europe | Medium-term (2–4 yr) | [19] |

### Oil Demand Displacement by Electric Vehicles

A stream of fuel transactions is eliminated by each electric van. Over a million barrels of oil are already displaced daily by the deployment of EVs worldwide, and this number is increasing annually [1]. Although home and depot charging frequently completely avoids public networks, charging revenue somewhat balances the loss. If issuers don't also handle depot energy billing, they lose the transaction.

### Fuel Price Volatility

In 2022 and 2024, the average price of a barrel of Brent crude was around USD 101 and USD 81, respectively [2]. Even when quantities remain constant, declining prices reduce reported market value since issuer revenue frequently scales with spend. Additionally, volatility makes managing credit risk for small fleets and fixed-price card products more difficult.

### Fraud Exposure and PCI DSS Compliance Costs

Skimming at unattended pumps and card sharing among drivers remain persistent risks. The future-dated requirements of PCI DSS v4.0 became mandatory on 31 March 2025, adding stronger authentication and monitoring obligations for issuers and merchants [7]. Smaller regional programmes carry these costs on a narrower revenue base, which squeezes their margins.

### Competition from Open-Loop Corporate and Virtual Cards

General-purpose corporate cards and virtual cards are increasingly used for occasional fuel purchases, especially in grey fleets. Open-loop fuel products accepted wherever Mastercard is accepted erode the network advantage of closed-loop cards [16]. This pressure is strongest in the Company Cars/Grey Fleet segment, where fuel spend per vehicle is low.

### Data Protection Obligations

Linking cards to driver identity and vehicle location creates personal data. Under GDPR, serious breaches can draw fines of up to 4% of global annual turnover or EUR 20 million [19]. Compliance work slows product launches that rely on combining payment and location data.

## Opportunities

## Fuel Card Market Opportunities

  

### Unified Fuel and EV Charging Credentials

[WEX](https://www.wexinc.com/products/fuel-cards-fleet/large-fleets/fleet-card-payment-management/) launched a single card in January 2026 that covers more than 175,000 charging ports and over 90% of United States gas stations [11]. Products of this type keep Fuel Card Market customers on one programme through their electrification journey. Issuers that add depot charging billing can capture spend that public networks miss.

### Emerging-Market Fleet Formalisation

India's PM E-DRIVE scheme, with an outlay of INR 10,900 crore, supports electric buses, trucks and charging [18]. Combined with FASTag adoption [17], this creates a base for cards that bundle fuel, charging and tolls. ASEAN logistics corridors offer similar openings as cash-heavy fleets formalise.

### Data Monetisation and Embedded Finance

Transaction and telematics data support working-capital lending, insurance pricing and maintenance scheduling. Issuers can price these as subscription services rather than relying on interchange alone. This model shifts revenue toward recurring software income and away from fuel price exposure.

### Small Fleets and Owner-Operators

Small and medium fleets remain underserved by legacy programmes. [DKV Mobility](https://www.dkv-mobility.com/uk/en/fuelling/fuel-card/dkv-fuel-cards)'s May 2026 purchase of MKB Brandstof added 115,000 fleet cards and 55,000 SME customers in the Benelux [13]. Open-loop and app-based products with instant onboarding can scale quickly in this group.

### Public Sector Fleet Decarbonisation

Government fleets face their own net-zero targets and are buying mixed fuel and charging services through frameworks such as the UK's Fuel Cards VII agreement [6]. Providers that offer emissions reporting alongside payment can win these multi-year contracts.

## Future Outlook

## Fuel Card Market Future Outlook

  

### Mixed-Energy Fleets Become the Norm

By 2035, most large fleets in Europe and China will run both combustion and electric vehicles. The EU's 65% truck CO2 cut for 2035 makes this certain for new heavy vehicles [4]. Card programmes across the Fuel Card Market will evolve into energy accounts that settle diesel, electricity, hydrogen and tolls together, with depot charging data feeding into the same statement.

### AI-Driven Fraud Detection and Automated Controls

Machine learning models trained on card, location and tank data will approve or block transactions in milliseconds. Strong authentication rules under PCI DSS v4.0 set a higher baseline [7]. Expect fewer manual reviews and more automatic limits that adapt to each route and vehicle.

### Platform Consolidation

Acquisitions such as Eurowag–Inelo [15] and DKV Mobility–MKB Brandstof [13] show issuers buying telematics and regional customer bases. The Fuel Card Market is likely to consolidate around a few platforms that bundle payment, tolling, charging and analytics, with smaller specialists serving niches.

### Emissions Reporting as a Product Feature

The EU's Corporate Sustainability Reporting Directive asks large companies to disclose value-chain emissions [23]. Issuers in the Fuel Card Market hold the litre-by-litre data needed for Scope 1 fleet reporting. Providers that turn this data into audit-ready emissions reports will win corporate tenders where sustainability teams influence purchasing.

## Segment Insights

## Fuel Card Market Segmentation

  

### By Card Type

| Segment | Key Metric (2025) | Primary Demand Driver |
| --- | --- | --- |
| Oil-Major/Retailer-Branded | USD 79.3 billion | Loyalty pricing and owned forecourt networks |
| Independent & Bank Fleet Cards | 51.2% share | Broad acceptance and price-based station choice |
| Government Programmes | 6.2% CAGR | Multiyear public procurement frameworks |

Independent & Bank Fleet Cards lead because fleet managers want to fuel where prices and routes suit them, not where one brand operates. Open and semi-open models give that freedom. Oil-Major/Retailer-Branded cards hold ground through loyalty pricing and partnerships, such as Shell's work with WEX [10]. Government Programmes are smaller but grow fastest, as frameworks like the UK's Fuel Cards VII agreement lock in multi-year demand from central, health, local and emergency-service fleets [6].

### By Vehicle

| Segment | Key Metric (2025) | Primary Demand Driver |
| --- | --- | --- |
| Heavy Trucks and Buses | 57.6% share | Long-haul fuel intensity and tolling needs |
| Light Commercial Vehicles | 6.6% CAGR | E-commerce delivery and van electrification |
| Company Cars/Grey Fleet | USD 26.8 billion | Employee mobility and expense control |

Heavy Trucks and Buses hold the largest share because long-haul freight and passenger transport burn the most fuel per vehicle. These customers also need tolling, tax recovery and dedicated HGV lanes, as seen in WEX's Esso Card Truck launch in the UK. Light Commercial Vehicles grow fastest as parcel delivery expands and urban vans electrify, creating demand for combined fuel and charging cards. Company Cars/Grey Fleet remains the smallest group, partly because corporate expense cards absorb occasional fuel purchases.

### By Customer

| Segment | Key Metric (2025) | Primary Demand Driver |
| --- | --- | --- |
| Transport and Logistics Operators | 46.1% share | Dense, fuel-intensive fleets and cross-border tax needs |
| Other Commercial Fleets | USD 82.9 billion | Construction, utilities and agriculture fleets |
| Public Sector | 6.8% CAGR | Fleet digitisation and decarbonisation mandates |

Transport and Logistics Operators lead because high fleet density and heavy fuel use generate more spend per card than other customers. They also rely on transaction records for cross-border tax processes. Public Sector demand grows fastest as governments digitise fleet administration and buy through structured frameworks [6]. Other Commercial Fleets, including construction, utilities, agriculture and distribution, offer room to expand because their telematics use and payment processes are less mature.

## Regional Market Share Analysis

## Regional Market Share Analysis

  

| Region | Key Metric (2025) | Primary Investment Themes |
| --- | --- | --- |
| North America | 36.8% share | Open-loop fleet cards, EV charging bundles, small-fleet onboarding |
| Europe | USD 64.9 billion | Cross-border tolling, VAT recovery, mixed-energy fleets |
| Asia-Pacific | 7.1% CAGR | Fleet formalisation, toll integration, electric bus programmes |
| South America | 5.7% share | Freight corridors, fraud control, digital invoicing |
| Middle East & Africa | USD 9.0 billion | Government fleets, logistics hubs, fuel subsidy reform |
| Total | USD 200.2 billion | — |

Regional dynamics in the Fuel Card Market follow freight intensity, fuel retail structure and the pace of fleet electrification. North America leads on spend per card, Europe on cross-border service bundles, and Asia-Pacific on growth.

### North America

| Country | Key Metric (2025) | Key Driver |
| --- | --- | --- |
| US | 82.4% share of region | Long-haul trucking and open-loop card adoption |
| Canada | USD 7.9 billion | Cross-province freight and fuel tax reporting |
| Mexico | 6.4% CAGR | Nearshoring-driven truck freight growth |

United States demand rests on a vast trucking base and a competitive issuer field. [Shell](https://www.shell.us/rewards-and-savings/shell-credit-card.html) and WEX relaunched Shell Card Business products in March 2025 with acceptance at 95% of United States gas stations and access to several charging networks [10]. Federal NEVI funding is extending charger coverage along freight corridors [8]. Mexico benefits from manufacturing nearshoring that adds cross-border truck traffic, while Canada's fleets value cards that simplify provincial fuel tax records.

### Europe

| Country | Key Metric (2025) | Key Driver |
| --- | --- | --- |
| Germany | 19.8% share of region | Transit haulage and toll integration |
| UK | USD 11.6 billion | Public frameworks and HMRC-compliant invoicing |
| France | 13.9% share of region | Large van fleets and charging rollout |
| Italy | 4.6% CAGR | Regional haulage and toll bundling |
| Spain | USD 5.4 billion | Iberian freight corridors |
| Nordic Countries | 7.8% CAGR | Rapid electric van and truck adoption |
| Russia | 2.1% CAGR | Domestic issuers after foreign exits |
| Rest of Europe | USD 9.8 billion | Central and Eastern European haulage |

European demand is shaped by cross-border trucking, where one card must cover fuel, tolls and VAT refunds across many countries. The AFIR regulation requires ad-hoc card payment at new public chargers of 50 kW and above from April 2024, which lowers the barrier to charging but also pressures closed charging networks [3]. Providers such as DKV Mobility and Eurowag compete on service bundles rather than fuel discounts alone.

### Asia-Pacific

| Country | Key Metric (2025) | Key Driver |
| --- | --- | --- |
| China | 38.5% share of region | Electric truck and bus deployment |
| India | 9.4% CAGR | FASTag tolling and logistics formalisation |
| Japan | USD 7.6 billion | Mature corporate fleet programmes |
| South Korea | 5.9% CAGR | Commercial vehicle electrification |
| ASEAN | 8.6% CAGR | Cross-border freight corridors |
| Rest of Asia-Pacific | USD 3.4 billion | Mining and resource fleets in Australia |

Asia-Pacific growth comes from fleets moving from cash to managed payment. India's mandatory FASTag tolling created a digital payment habit across commercial vehicles [17], and the PM E-DRIVE scheme supports electric buses and trucks [18]. China's rapid commercial EV deployment pushes card programmes toward charging. Japan remains steady but mature, with corporate cards tied to domestic oil retailers.

### South America

| Country | Key Metric (2025) | Key Driver |
| --- | --- | --- |
| Brazil | 61.7% share of region | Road-dependent agribusiness freight |
| Argentina | 6.0% CAGR | Fleet cost control under inflation |
| Rest of South America | USD 2.0 billion | Mining and cross-border trucking |

Brazil dominates because road transport carries most of its agricultural freight to ports. Electronic invoicing rules already common in the region favour card programmes that generate compliant tax documents automatically. In Argentina, fleets use cards to cap spending and track drivers when prices change quickly. Fraud control remains a key purchasing criterion across the region.

### Middle East & Africa

| Country | Key Metric (2025) | Key Driver |
| --- | --- | --- |
| Saudi Arabia | USD 2.4 billion | Logistics hub expansion and government fleets |
| UAE | 8.1% CAGR | Smart mobility and cashless fuel retail |
| South Africa | 19.6% share of region | Road freight and established fleet card base |
| Egypt | 7.4% CAGR | Infrastructure build-out and freight growth |
| Rest of MEA | USD 1.8 billion | Mining and humanitarian fleets |

Gulf states are investing heavily in logistics zones, which lifts truck activity and demand for controlled fuel purchasing. Fuel price reforms in several countries have made spend tracking more important for fleets that once relied on subsidised prices. South Africa has the most developed card market in the region, while Egypt grows on infrastructure projects.

## Competitive Benchmarking

## Competitive Benchmarking

  

The Fuel Card Market is moderately concentrated, with an estimated HHI of around 1,300–1,500 and the top five players holding roughly 50–55% of revenue. Integrated payment platforms such as WEX, [Corpay](https://www.corpay.com/resources/newsroom/corpay-unveils-powerful-new-select-fleet-cards-to-supercharge-fuel-savings), DKV Mobility and Eurowag compete with branded programmes from Shell [25], [BP](https://www.bp.com/en-US/products-and-services/fuel-and-rewards/bp-rewards-visa), ExxonMobil, [TotalEnergies](https://totalenergies.ke/totalenergies-card), Chevron and [Repsol](https://www.repsol.com/en/products-and-services/mobility-solutions/solred/index.cshtml). [Edenred](https://edenredpay.com/fleet/) competes in Europe through its UTA brand [14], while regional specialists and fintech entrants fill the small-fleet tier and keep the long tail fragmented.

| Company | Est. Revenue Share Range | Key Offerings for Fuel Card Market | Strategic Positioning |
| --- | --- | --- | --- |
| WEX | ~12–15% | Fleet cards, unified fuel and charging card, co-branded oil-major programmes | Leading US platform; partner to Shell and Esso |
| Corpay | ~11–14% | Fuel, toll and lodging cards; corporate payments | Diversified payments group, rebranded from FLEETCOR in 2024 |
| Shell | ~9–12% | Shell Card, Shell Recharge access | Global branded network with EV charging integration |
| BP | ~6–9% | BP Fuel Card, Aral Card, BP pulse charging | Strong European footprint with charging bundles |
| DKV Mobility | ~5–7% | DKV Card, toll boxes, charging network access | European cross-border leader expanding in SMEs |
| Edenred | ~4–6% | UTA fuel and service cards | Benefits and mobility payments specialist |
| ExxonMobil | ~4–6% | Exxon Mobil Fleet cards, Esso Card | Branded network leveraging issuer partnerships |
| TotalEnergies | ~3–5% | TotalEnergies Fleet Card, charging access | Multi-energy offering across Europe and Africa |
| Eurowag | ~2–4% | Fuel cards, tolling, telematics via Inelo | Integrated platform for CEE road freight |
| Chevron | ~2–3% | Chevron and Texaco fleet cards | US-branded network via issuer partners |
| Repsol | ~1–3% | Solred card, charging services | Iberian leader with mobility services |
| Radius | ~1–3% | Fuel cards, telematics, EV charging | Independent UK-based multi-service provider |

## Recent News & Developments

## Recent News & Developments

  

- Eurowag (March 2023): Completed the acquisition of Polish fleet software firm Inelo at an enterprise value of up to EUR 306 million, adding about 87,000 connected trucks and deepening its telematics-led payment offer [15]
- U.S. Federal Highway Administration (February 2023): Issued final NEVI standards for federally funded chargers, shaping the public network that fleet charging cards now access [8]
- European Union (September 2023): Published the AFIR regulation, requiring ad-hoc card payment at new public chargers of 50 kW and above from April 2024 [3]
- Corpay (March 2024): FLEETCOR completed its rebrand to Corpay, signalling a broader corporate payments strategy beyond fuel cards [12]
- Council of the European Union (May 2024): Adopted revised heavy-duty vehicle CO2 standards targeting a 90% cut by 2040, setting the timeline for mixed-energy truck fleets [4]
- PCI Security Standards Council (March 2025): Future-dated PCI DSS v4.0 requirements became mandatory, raising security obligations for card issuers and fuel merchants [7]
- Shell and WEX (March 2025): Launched redesigned Shell Card Business products covering 95% of United States gas stations with EV charging access [10]
- Council of the European Union (March 2025): Adopted the VAT in the Digital Age package, which will require digital reporting for intra-EU B2B transactions [5]

## Report Scope

| Parameter | Details |
| --- | --- |
| Market Scope | Covers fuel and fleet cards issued by oil majors, independent issuers, banks and government programmes for fuel, EV charging, tolls and related services across heavy, light commercial and company vehicles |
| Study Period | 2021–2035 |
| Base Year | 2025 |
| Historical Data | 2021–2024 |
| Forecast Period | 2026–2035 |
| Market Size in 2025 | USD 200.2 Billion |
| Market Size in 2035 | USD 335.0 Billion |
| CAGR (2026–2035) | 5.3% |
| Fastest Growing Segments | Public Sector (6.8% CAGR); Light Commercial Vehicles (6.6% CAGR); Government Programmes (6.2% CAGR) |
| Regions Covered | North America, Europe, South America, Asia Pacific, Middle East and Africa and ROW |
| Companies Profiled | WEX, Corpay, Shell, BP, DKV Mobility, Edenred, ExxonMobil, TotalEnergies, Eurowag, Chevron, Repsol, Radius |
| Valuation Currency | USD Billion |
| Methodology | 350+ primary expert interviews; bottom-up market sizing; top-down validation; data triangulation; scenario-based forecasting; real-time project tracking |

## Frequently Asked Questions

**Q: How should a fleet choose between branded and open-network cards in the Fuel Card Market?**
A: Compare where drivers actually refuel against each card's acceptance map. Branded cards suit fleets on fixed routes near one oil major's stations, while open-network cards suit varied routes where price shopping saves more [16].

**Q: Which contract terms matter most when procuring fuel cards?**
A: Focus on transaction fees, rebate thresholds, credit terms and data export rights. Ask how fees change if volumes fall, and confirm you can extract raw transaction data for your own fleet systems [6].

**Q: How is EV charging billed on combined cards in the Fuel Card Market?**
A: Charging sessions appear as line items alongside fuel, priced per kilowatt-hour or per minute depending on the operator. Some issuers also reimburse home charging for drivers, which keeps all energy costs on one invoice [11].

**Q: Can fuel cards help recover VAT on cross-border trips?**
A: Yes. Many European providers file refund claims on behalf of fleets for foreign fuel and toll VAT, often advancing the refund before tax authorities pay [20].

**Q: What role do fintech entrants play in the Fuel Card Market?**
A: Fintech issuers in the Fuel Card Market target owner-operators and small fleets with app-based onboarding, open-loop acceptance and per-gallon discounts. Their speed pressures incumbents to simplify sign-up and cut fees for smaller accounts [16].

**Q: How do fuel card rebates usually work?**
A: Most rebates are paid per litre or gallon once monthly volume passes a set threshold. Some programmes add discounts at partner stations, so the real saving depends on where drivers fill up [10].

**Q: What integration challenges arise when linking fuel cards to fleet software?**
A: Common issues include mismatched vehicle identifiers, delayed transaction feeds and inconsistent product codes across networks. Agree on data formats and refresh frequency before rollout to avoid manual reconciliation [15].


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