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The latest report by IMARC, titled “ Fuel Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” " the global fuel cards market reached a value of US$ 732.8 Billion in 2022.
Fuel cards, or fleet cards, represent an alternative payment method that enables drivers and passengers to track, manage, and budget vehicle-associated services. The user can swipe cards to pay the bill instead of relying on personal cash and debit monetary transactions. Fuel cards are used to provide access to multiple cards, organize reporting systems, and help in downloading statements or reports and reimbursements by mitigating administrative hassle. This, in turn, assists fuel vendors in capturing low-level data on the mileage of automobiles, determining vehicle services and fuel filling in gallons, and enhancing fleet management productivity. Additionally, fuel cards are embedded with a telematics interface and anti-fraud detection solutions with individual numbers to ensure optimal security.
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The global fuel card market is primarily driven by the increasing need for enhanced fleet and fuel management services and the widespread adoption of secured digital payment methods for online monetary transactions. This can be further attributed to the growing concerns amongst users to secure unwanted expenditures by fleet administration, which, in turn, is facilitating the extensive utilization of fuel cards to access real-time actionable insights to prevent unauthorized and non-fuel purchases. Additionally, the advent of smart cards or mobile payment applications and their large-scale integration with the Internet of Things (IoT), embedded chips, quick response (QR) codes, and near-field communication (NFC) to optimize payment methods is acting as another growth-inducing factor.
In line with this, the favorable initiatives being undertaken by governments to promote the uptake of fuel cards for meeting the cashless economy objective and ensuring contactless payment, especially during the COVID-19 pandemic, are supplementing the product demand. Other factors, such as the implementation of various fuel card programs to offer discounted prices and vouchers within the chain for reducing fuel prices and strategic collaborations amongst key players to enhance product efficacy by developing customizable solutions, are positively stimulating the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,424.9 Billion by 2028, growing at a CAGR of 11.5% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
Market Summary:
Breakup by Type:
• Branded
• Universal
• Merchant
Breakup by Technology:
• Smart Cards
• Standard Cards
Breakup by Application:
• Fuel Refill
• Parking
• Vehicle Services
• Toll Charges
• Others
Breakup by End User:
• Individual
• Corporate
Breakup by Region:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
Competitive Landscape with Key Players:
Absa Group Limited
• BP p.l.c.
• Chevron Corporation
• Engen Petroleum Ltd.
• Exxon Mobil Corporation
• FirstRand Limited
• FleetCor Technologies Inc.
• Puma Energy (Trafigura Group Pte. Ltd.)
• Shell plc
• TotalEnergies SE
• U.S. Bancorp
• WEX Inc. View
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