Fuel Card Market Research Report Information By Card Type (Business Fuel Card, Individual Fuel Card and Prepaid Fuel Card), by Vehicle Type (Heavy Fleet and Light Fleet), by Application (Fuel Refill, Parking, Vehicle Service, Toll Charges and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

Global Fuel Card Market Overview:

Fuel Card Market Size was valued at USD 470.5 Billion in 2022. The fuel card market industry is projected to grow from USD 497.31 Billion in 2023 to USD 774.880 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2023 - 2032). The growing propensity for digital transaction solutions and the government’s commitment to promoting the adoption of a cashless society are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Fuel Card Market Trends

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  The growing propensity for digital transaction solutions is driving the market growth.

  
  

The demand for better fuel management is driving market CAGR for fuel cards, and the transportation sector's adoption of digital transaction solutions are the two factors driving the growth of the fuel card market. Additionally, improved data capture and effective fleet administration support the market's expansion. Additionally, a lack of security measures prevents the market from expanding. Additionally, it's anticipated that the integration of telematics with fuel cards and the rise in demand from developing countries for fuel cards will open up lucrative market opportunities.

Fleet owners are more concerned than ever about preventing unnecessary expenditures through improved fleet management as a result of the increase in fleet expenses. Fuel cards can track non-fuel purchases, set fleet spending caps, prevent unauthorized purchases, and more with real-time actionable insights. Both drivers and fleet owners benefit from these cards. Implementing Fuel Cards also eliminates manual tasks like auditing and submitting receipts, providing the corporate lower fuel prices. During the forecast period, market growth is anticipated by consumers' growing propensity for digital transaction solutions like mobile wallets, prepaid cards, contactless payments, etc. The demand for Fuel Cards is also growing as virtual currency adoption increases.

Furthermore, several governments are committed to promoting the adoption of a cashless society. Another aspect contributing to the market's expansion is the proliferation of smartphone applications for online transactions. Fuel cards help fleet vendors by gathering low-level information on vehicle mileage, fuel consumption, and maintenance requirements. Fuel card service providers are moving toward embedded telematics interfaces and robust reporting capabilities as standard product offerings to increase fleet management productivity. These cards come in various designs, including merchant cards, fuel cards with a specific brand, and fuel cards available to everyone. It is anticipated that the market will experience significant growth due to the integration of telematics with fuel cards and the rise in demand from emerging nations.

To improve fuel management, there is a need for digital transaction solutions to be more widely adopted by the transportation sector. This is the main market driver for fuel cards. Fuel cards help track individual vehicle and driver fuel economy and provide high-quality data on fuel purchases. Fuel card discounts have also encouraged drivers or fleet managers to use fuel cards rather than credit cards. Thus, driving the fuel card market revenue.

Fuel Card Market Segment Insights:

Fuel Card Type Insights

The Fuel Card Market segmentation, based on type, includes business fuel cards, individual fuel cards and prepaid fuel cards. The business fuel card segment dominated the market; business fuel cards are credit or debit cards created especially for managing the fuel costs for a fleet of vehicles owned by a company. Typically, banks, fuel companies, or specialized card providers are the ones who issue these cards. Businesses can take advantage of their many advantages, which include centralized payment management, simplified expense tracking, and potential cost savings.

Fuel Card Vehicle Type Insights

The Fuel Card Market segmentation, based on vehicle type, includes heavy and light fleets. The heavy fleet category generated the most income. Fuel cards make it easy for businesses to monitor and control the fuel costs for their large fleets of heavy vehicles. With fuel cards, purchases are electronically recorded, and detailed information about fuel purchases, including the date, time, location, and amount spent on fuel, is made available. Fuel cards give businesses more control over fuel expenses. The fuel type, transaction amount, and frequency can all be limited and restricted by fleet managers. This reduces the chance of fuel being used inadvertently or excessively.

Figure 1: Fuel Card Market by Vehicle Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Fuel Card Application Insights

The Fuel Card Market segmentation, based on application, includes fuel refill, parking, vehicle service, toll charges and others. The fuel refill category generated the most income. The category for fuel refill currently holds a dominant position and is anticipated to grow rapidly during the forecast period. As a result of their widespread use for fuel refills, these fuel cards' transaction values have been increasing. As an illustration, Hindustan Petroleum Corporation Limited launched the HPCL HP Refuel program, a potent loyalty and payment program that offers its owners and operators a full fuel management solution. Control, security, convenience, and alluring reward points are offered by this solution. Due to these advantages, the market for fuel cards is stimulated by the widespread use of fuel cards at gas stations for fuel refills.

Fuel Card Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American fuel card market will dominate due to the region's growing consumer preference for digital payment methods like contactless payments, prepaid cards, and mobile wallets. The U.S. follows Canada regarding market share and dominance in the area. Additionally, the regional governments are committed to promoting the establishment of a cashless society. The market is anticipated to grow even more as smartphone applications for digital transactions proliferate.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: GLOBAL FUEL CARDS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s fuel card market accounts for the second-largest market share. During the anticipated period, there will be significant growth in the global market for fuel cards. The existence of significant players and the quick uptake of the most recent payment technology in the market are the primary drivers of the market's growth in this area. Fuel cards are widely used in Europe due to businesses like BP and Shell. For instance, the Shell fuel card has been accepted at over 27,000 locations in the area and has expanded its services to other regions of the world, including the Middle East and African nations. Further, the German fuel card market held the largest market share, and the UK fuel card market was the fastest-growing market in the European region.

The Asia-Pacific Fuel Card Market is expected to grow at the fastest CAGR from 2023 to 2032. due to booming IT infrastructure and significant investments from the private and public players in the region, expected to grow over a projected time frame. As a result of their dense populations and rising vehicle use, nations like India, China, and Japan make significant contributions. Moreover, China’s fuel card market held the largest market share, and the Indian fuel card market was the fastest-growing market in the Asia-Pacific region.

Fuel Card Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the fuel card market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The fuel card industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global fuel card industry to benefit clients and increase the market sector. The fuel card industry has offered some of the most significant advantages in recent years. Major players in the fuel card market, including Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), Bp (U.K.), Fleetcor Technologies Inc. (U.S.), Wex Inc. (U.S.), Oilibya (Libya), Puma Energy (Singapore), Engen Limited (South Africa), First National Bank (U.S.), British Petroleum (U.K.), Fuelman (U.S.), Shell (Netherlands), Spc (Singapore), and others, are attempting to increase market demand by investing in research and development operations.

Royal Dutch Shell (Netherlands), with over 90,000 employees across more than 70 countries, is a multinational group of energy and petrochemical companies. To contribute to developing a sustainable energy future, it use cutting-edge technologies and adopt creative strategies. Shell is a multinational conglomerate of energy and petrochemical firms with the mission of providing the world's expanding demand for more and cleaner energy sources in ethically sound ways from an economic, environmental, and social perspective. Honesty, integrity, and respect for people are shared core values at Shell that guide all of its work. All Shell employees are guided by the company's general business principles, code of conduct, and ethics and compliance manual as they act in accordance with these ideals and adhere to all applicable legal and regulatory requirements.

BP (UK), want to reimagine energy for people and the planet. In addition to enhancing people's lives, it want to assist the world in achieving net zero. It provide energy solutions worldwide thanks to our operations in Europe, North and South America, Australasia, Asia, and Africa. It consists of three straightforward ideas that can motivate each bp member to give all every day.

Key Companies in the fuel card market include

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  Royal Dutch Shell (Netherlands)

  
  


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  Exxonmobil (U.S.)

  
  


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  Bp (U.K.)

  
  


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  Fleetcor Technologies Inc. (U.S.)

  
  


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  Wex Inc. (U.S.)

  
  


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  Oilibya (Libya)

  
  


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  Puma Energy (Singapore)

  
  


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  Engen Limited (South Africa)

  
  


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  First National Bank (U.S.)

  
  


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  British Petroleum (U.K.)

  
  


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  Fuelman (U.S.)

  
  


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  Shell (Netherlands)

  
  


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  Spc (Singapore)

  
  

Fuel Card Industry Developments

May 2022: Central U.S. awarded Confidence Petroleum India a contract to build and operate CNG MRUs. P. CUGL (gas). A joint venture between GAIL and Bharat Petroleum Corporation, CUGL, will make it easier to distribute CNG fuel in specific regions.

January 2022: WebEx Inc. purchased Go Fuel Card, the fuel card division of EG Group. The company has its headquarters in the Netherlands, and roughly 200,000 proprietary cards are in use in Belgium, France, the Netherlands, and Luxembourg. Through the expansion of its footprint into desirable markets and the expansion of its card acceptance through a proprietary card network, this acquisition helped WEX Inc. solidify its position in Europe.

Fuel Card Market Segmentation:

Fuel Card Type Outlook

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  Business Fuel Card

  
  


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  Individual Fuel Card

  
  


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  Prepaid Fuel Card

  
  

Fuel Card Vehicle Type Outlook

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  Heavy Fleet

  
  


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  Light Fleet

  
  

Fuel Card Application Outlook

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  Fuel Refill

  
  


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  Parking

  
  


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  Vehicle Service

  
  


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  Toll Charges

  
  


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  Others

  
  

Fuel Card Regional Outlook

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  North America

  
  

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    US

    
    
  
  
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    Canada

    
    
  
  
  
  

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  Europe

  
  

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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America

    
    
  
  
  
  

Report Scope:

Report Attribute/Metric	Details
Market Size 2022	USD 470.5 Billion
Market Size 2023	USD 497.31 Billion
Market Size 2032	USD 774.880 Billion
Compound Annual Growth Rate (CAGR)	5.70% (2023-2032)
Base Year	2022
Market Forecast Period	2023-2032
Historical Data	2018- 2022
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, vehicle Type, VApplications and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), Bp (U.K.), Fleetcor Technologies Inc. (U.S.), Wex Inc. (U.S.), Oilibya (Libya), Puma Energy (Singapore), Engen Limited (South Africa), First National Bank (U.S.), British Petroleum (U.K.), Fuelman (U.S.), Shell (Netherlands),
Key Market Opportunities	Growing propensity for digital transaction solutions
Key Market Dynamics	Governments are committed to promoting the adoption of a cashless society

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