Fuel Card Market Size was valued at USD 8,045.5 Million in 2022. The Fuel Card market industry is projected to grow from USD 8,434.8 Million in 2023 to USD 17,114.8 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 8.2% during the forecast period (2023 - 2032). The Fuel Card Market is expected to grow significantly over the forecast period due to several factors. The growth of the Fuel Card Market is expected to be driven by key factors such as increasing demand for cashless fuel transactions and growing need to optimize fleet expenses tasks among fleet managers and vehicle owners. However, factors such as data security and privacy concerns are expected to restrict market growth. On the other hand, the growing adoption of digitization and the internet of things (IOT) pose lucrative opportunities for the Global market.
As per Analyst at MRFR, “Although innovation in fuel cards and payment systems has somewhat lagged compared to card offerings in other industries, the paradigm shift to the digitization of payments and growing influence of the Internet of Things (IoT) has provided the necessary infrastructure for the growth of the fuel card industry. Consumer behavior is changing as they are embracing mobile frictionless payments. With the introduction of various innovative features and growing digitization in the cards & payments industry, consumers expect a seamless experience across various purchase touchpoints.”
Over the past decade, the global cards & payments industry has witnessed rapid growth, due to technological advancements and changing consumer preferences or behavior. Major fintech players operating in the industry have transformed the consumer experience through innovative cards and payment approaches. Moreover, regulatory changes introduced by governments worldwide have changed the way businesses operate.
Although innovation in fuel cards and payment systems has somewhat lagged compared to card offerings in other industries, the paradigm shift to the digitization of payments and growing influence of the Internet of Things (IoT) has provided the necessary infrastructure for the growth of the fuel card industry. Consumer behavior is changing as they are embracing mobile frictionless payments. With the introduction of various innovative features and growing digitization in the cards & payments industry, consumers expect a seamless experience across various purchase touchpoints. As a result, the demand for cashless fuel transactions has been on the rise. Besides offering cashless convenience, these cards also provide card security and discounts on purchases. Furthermore, loyalty programs have also been one of the primary factors fueling the demand for cashless fuel transactions and subsequent demand for fuel cards. The fuel card providers offer these loyalty programs through tie-ups with loyalty point aggregator companies and loyalty marketing platforms. Thus, it can be said that the increasing demand for cashless fuel transactions is driving the growth of the Fuel Card Market.
Based on Card Type, the Fuel Card Market segmentation includes Branded Fuel Cards, Universal Fuel Cards and Merchant Fuel Cards. The Universal Fuel Cards segment held the majority share in 2022, contributing around ~52.5% to the market revenue. Branded fuel cards, exclusive to specific providers, are advantageous for trucking companies. They yield cost savings through discounts and potential rewards. These cards enhance brand recognition, fostering customer loyalty and facilitating relationship building with fuel providers, leading to better terms over time. Furthermore, customization allows tailoring to a company's goals, encompassing personalized rewards, reporting, and control features for efficient management. Universal petrol cards, provided by independent fuel card companies, grant trucking fleets access to a diverse network of fuel stations, spanning multiple brands and fuel types. Offering flexibility in fuel choices and streamlined expense management, these cards simplify administrative tasks for fleet managers. They enhance control over expenses through spending limits and real-time reporting, while ensuring safety and convenience by eliminating the need for cash. Flexible payment terms aid cash flow, and additional benefits such as discounts on fleet-related expenses contribute to overall cost reduction and efficiency improvement. A merchant fuel card is a specialized payment card issued by fuel providers or third-party companies. It is designed for businesses, especially those with fleets, enabling them to purchase fuel and, in some cases, additional services such as maintenance, with associated benefits like discounts, detailed reporting, and expense management features.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on Vehicle Type, the Fuel Card Market segmentation includes Heavy Fleet and Light Fleet. The Heavy Fleet segment held the majority share in 2022 contributing around ~59.5% to the market revenue. Heavy fleet vehicles include vehicles over 10,000 pounds of Gross Vehicle Weight Rating (GVWR). Some examples of vehicles that fall under the heavy fleet category of vehicles are heavy trucks, heavy construction equipment, and specialized vehicles. Light fleet vehicles include vehicles under 10,000 pounds of GVWR. Some of the examples of vehicles that fall under the light fleet category of vehicles are light trucks, vans, passenger cars, pickup trucks, SUVs, sedans, and motorcycles.
Based on the Application, the Fuel Card Market segmentation includes Fuel Refill, Parking, Vehicle Service, Toll Charges and Others. By Application, Fuel Refill segment hold the majority market share in 2022 contributing 79.6% of the market share. The fuel refill segment covers the usage of fuel cards for fuel purchases/refills, charge vehicles by businesses, including transport, haulage, courier services, relying on motor vehicles for their day-to-day operations. Fuel cards are increasingly being preferred by most aforementioned businesses as these offer potential cost savings through discounts on fuel purchases along with significant savings on administrative costs. The parking segment covers safe, secure, and reliable parking services that can be availed by individuals or vehicle fleet operators through their fuel cards. The parking locations can be booked by drivers and planners in advance or on the go. Such services also help businesses comply with road-safety legislation. The vehicle service segment covers vehicle maintenance services primarily availed by vehicle fleet operators and the related expenses that can be covered through fuel cards. Such services help vehicle fleet operators save the hassle related to vehicle maintenance while also keeping vehicles and drivers safe during day-to-day operations. Usually, such services are offered as part of subscription plans through fuel cards, such as cost savings and efficient expense management for fleet operators. The toll charge segment covers the various toll charges/fees related to the usage of roads, tunnels, bridges, ferry crossings, and others which can be paid through fuel cards. Fuel cards for toll charge payment usage offer hassle-free service for the users and provide reliability for usage across the country/region.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, North America held the largest share of 40.1% in the Fuel Card market in 2022 and is expected to maintain its dominance during the forecast period. The North America is the largest market for Fuel Card. Because it has more financial institutions than any other, the region has attracted international investors. Local players dominate the North American market, resulting in severe entry hurdles. The North American fuel card market is bifurcated into the US, Canada, and Mexico. The US is the largest contributor to the regional market, with a share of 84.09% of the total market in 2022. The US is followed by Canada, holding over 11.32% in the same year. The factors contributing to the market growth include increased adoption of cashless payment modes, rising use of prepaid cards, an increasing number of fleet owners, and small and medium-sized enterprises. Additionally, the presence of strong players operating in the fuel distribution industry associated with the fuel card market and their strategic initiatives to increase their market share in the region add to the market growth. For instance, Shell acquired fuel card business-MSTS Payments in North America. According to a report by Value Penguin in November 2021, more than 93.1% of households own at least one vehicle. The US population utilizes fuel cards to refill their vehicles' fuel tanks with gasoline, diesel, and others, through a widely spread network of gas stations. For instance, WEX has a strong network of 45,000 service stations in the US that covers more than 95% of fuel stations, offering more than 70 fleet/fuel cards varieties. The company collaborates with different brands such as 76, BP, ExxonMobil, Sunoco, and others. Fleet cards provide a convenient and comprehensive method of reporting associated with their use, allowing fleet owners/managers to receive notifications in real-time reports and set buying limits with their cards, enabling them to stay and make informed decisions of all their business-related expenditure.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
The Western Europeans Countries like Greece, Norway, and Iceland were among the fastest-growing markets for new cars, which are expected to increase the adoption of fuel card transactions in the region. Fuel cards benefit every fleet business or individual automobile owner by providing discounted fuel prices, reclaiming tax and accounting (because many fueling transactions are done without receipts), competitive rates offered by fuel card providers, and a variety of additional advantages. Furthermore, convenient tracking of fuel usage, EV charging, and related costs assists people and businesses in monitoring and controlling carbon emissions (in ICE vehicles) and contributing to the national objective of zero-emission by the end of 2025. The Norwegian Parliament has enacted rules to provide incentives for zero-emission vehicles until the end of 2022. As a result, the number of battery electric vehicles (BEVs) on the road in Norway has increased, accounting for over 64% of the market share, with 470,000 registered BEVs on the road as of February 2022. As a result, quick charging infrastructure that accepts fuel cards is likely to increase in demand in the Norway region, with monetary benefits such as toll reductions, public parking, and so on. The presence of fuel card companies offering several benefits such as less fuel expenditure for a period, innovative services that complete the customer requirements, efficient fleet management, and save time, have expanded the market size and is expected to boost further with the rising awareness in the region. Some of the other fuel card providers operating in the region include Allstar One, BP Supercharge, UK Fuels Fleetone, Texaco Fastfuel, and The Fuel Store Card. The country is home to several semiconductor and consumer electronics companies that contribute to the adoption of fuel cards in the region. Additionally, government initiatives such as fuel rationing are expected to boost the demand for fuel cards during the forecast period.
With a strong presence across different verticals and geographies, the Fuel Card market is highly competitive and dominated by established, pure-play vendors. Over 15 vendors cater to this market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies to make business more effective. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Fuel Card market is highly competitive, with many vendors offering similar products and services.
The major players in the market include FLEETCOR, WEX Inc., WAG Payment Solutions PLC, B.P. PLC, Exxon Mobil, Royal Dutch Shell, Radius, and U.S. Bancorp, and Others. Some players like Royal Dutch Sheel, Fleetcor, and others have witnessed the market trend and thus, added charging and fuel options in their portfolio, as electric vehicles are gaining traction and governments across the globe are supporting these trends. Further, companies are collaborating and accepting other brands' fuel cards at their fuel stations, this will reshape the growth approach of the market. For instance, FLEETCOR, a business payments company, has agreed with Exxon Mobil, enabling Fuelman cards to be accepted at over 12,000 Exxon and Mobil stations in the U.S. Additionally, Exxon Mobil will accept FLEETCOR's Comdata trucking cards at commercial fueling locations from next year.
The fuel card market is highly competitive with the presence of well-established local players. Also, international players are expanding their business globally by establishing long-term trade relations with local players to penetrate the local and regional markets. In such a scenario, the market space for the new entrants is highly competitive, however, by leveraging the power of technology and growing the electric vehicle segment the new entrants can penetrate the market by offering innovative solutions under such segments creating growth opportunities for them as well as market in coming years.
The Fuel Card Market is a consolidated market due to increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 8,045.5 Million |
| Market Size 2023 | USD 8,434.8 Million |
| Market Size 2032 | USD 17,114.8 Million |
| Compound Annual Growth Rate (CAGR) | 8.2% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Card Type, Vehicle Type, Application, and Region |
| Geographies Covered | Europe, North America, Asia-Pacific, Middle East & Africa, and South America |
| Countries Covered | The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, Brazil, and others. |
| Key Companies Profiled | FLEETCOR, WEX Inc., WAG Payment Solutions PLC, B.P. PLC, Exxon Mobil, Royal Dutch Shell, Radius, and U.S. Bancorp and Others. |
| Key Market Opportunities | · Growing adoption of digitization and the internet of things (IOT) |
| Key Market Dynamics | · Increasing demand for cashless fuel transactions· Growing need to optimize fleet expenses tasks among fleet managers and vehicle owners |
Fuel Card Market Highlights:
Frequently Asked Questions (FAQ) :
The Fuel Card Market size is expected to be valued at USD 8,045.5 Million in 2022.
The global market is projected to grow at a CAGR of 8.2% during the forecast period, 2023-2032.
North America had the largest share of the global market.
The key players in the market are FLEETCOR, WEX Inc., WAG Payment Solutions PLC, B.P. PLC, Exxon Mobil, Royal Dutch Shell, Radius, and U.S. Bancorp and Others.
The Universal Fuel Cards category dominated the market in 2022.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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