Fuel Cards Market Size
Fuel Cards Market was valued at USD 532.5 billion in 2022 and is expected to witness growth at over 15.5% CAGR through 2032. The freight trucking industry witnessed a boom globally after the COVID-19 pandemic.
Fuel cards enable companies to conduct vehicle maintenance and buy fuel at a network of certified gas stations and other merchants. In addition, fuel cards enable fleet managers to view the details of every transaction, which is cost-cutting and time-saving for the company. Additionally, fleet cards provide savings at the pump, which consequently impacts the customer's bottom line. In contrast to other payment options, fuel cards are convenient to use and hence are anticipated to provide opportunities for the market growth. Fuel cards make it possible to monitor, monitor, and control fuel spending across several vehicles and drivers.
Fuel cards enable fleet owners and managers to obtain real-time information and place purchasing controls, hence staying well-aware of their business spending. Growing adoption of digital transaction solutions worldwide is likely to drive the market growth during the forecast period. Today, consumers are looking for mobile frictionless payments. Customers require a seamless experience across all touchpoints throughout their shopping journey, including fuel purchases. This, therefore, is likely to provide growth opportunities for the fuel card market. Advanced payment solutions and frontier products have rising demand from the market that cannot be satisfied yet. Consequently, this is driving the embrace of improved transaction solutions, e.g., fuel cards.
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The trucking businesses are in the perpetual struggle to reduce their expenses in order to earn more revenue and lower the indirect costs. The fuel cards provide such companies with the freedom to control the freights fuel usage, miles, and other key statistics. Fuel cards brings the ease to the businesses in precise transaction information in order to implement cost reduction strategies.
The incorporation of the telematics in the company vehicles has a lot of advantages to the motor vehicle companies such as maintenance needs, monitoring the fuel consumption in real time, tracking location, and analysis of drivers' behavior. Incorporating this technology along with fuel cards would give the companies a technological advantage to keep track of the performance of the vehicle and the driver allocated to the vehicle.
| 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 |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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 pandemic of COVID-19 had impacted the overall fuel cards businesses across the global market, owing to strict regulations and lockdown. With less business activity and fewer vehicles on highways, fuel card transactions were low, which had an impact on the overall volume and amount of fuel card usage. As economies began to recover gradually and restrictions were eased, business activities and fuel consumption were on an increase. This recovery phase helped the industry favorably, as companies started operation again and usage of fuel cards returned to pandemic levels but maybe with modified patterns of spending and fuel management practice.
Fuel Cards Market Trends
Picture thisyou drive to the pump station, and rather than digging in your wallet to swipe your fuel card, you just tap or wave it past a sensor. That's the magic of RFID (radio frequency identification). RFID is a wireless superpower that simplifies gas station transactions. It communicates between your fuel card and the sensor using radio waves. Tap or wave your card, and the payment information is transmitted securely. No more swiping, no more digging out your wallet. Just tap, and you're off. This contactless payment method not only makes it ridiculously easy but also keeps you safe from fuel card skimming. As you're not inserting your card physically, there's no chance of someone swiping your information. RFID has changed the use of fuel cards completely. It's streamlined the entire process, made it faster and more secure. So the next time you're filling up, be sure to thank RFID for the convenience and security it adds to your filling experience.
Fuel Cards Market Analysis
Find out more about the dominant segments influencing this market
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In terms of fuel cards, there are two varietiesbranded by particular filling stations and universal cards that are accepted everywhere. In 2022, universal fuel cards were leading the market and occupied over 60% of it. By 2032, this category is expected to be valued at over $1,519 billion. Why are universal fuel cards so popular? They provide more flexibility to drivers, which can be a significant benefit for fleets of trucks and other commercial trucks. Fleet managers prefer them because they provide them with access to a larger network of gas stations. This efficient fuel management makes it simpler for them to monitor and manage their fuel costs.
Suppose you're operating a business with a fleet of trucks. You want to ensure your drivers have fuel for their trucks, but reimbursement is such a pain. You have to look over every receipt, add up the miles, and make sure it all balances out. That's where fleet fuel cards are beneficial. They are essentially a magic wand that removes all the stress. Rather than your drivers using their own money to pay for gas, they can utilize a fleet fuel card. The business then receives the bill, and this makes it a great deal easier to manage expenses. In addition, with a fleet fuel card, you can place limits on spending. That way, your drivers won't be able to overspend by accident or use the card for personal expenses. And because the cards are tied into your fleet management system, you can track exactly how much fuel each driver is consuming, which makes it easier to identify any issues. So, if you're fed up with the reimbursement nightmare, drop those paper receipts and go for fleet fuel cards. They'll save you time, money, and frustration, and you'll have much more control over your fleet's spending.
Find out more about the most important segments influencing this market
On the basis of application, the fuel cards market is divided into fuel refill, parking, vehicle service, and toll charges. The fuel refill category had a market share of more than 65% in 2022. Fuel refill is the most utilized application for fuel cards. The fuel cards are the most preferred solution for fuel refilling with other transportation vehicle services. Buying fuel refill is a key component of transportation, as compared to other services like, parking fees, vehicle maintenance and toll fees.
Seeking region specific information?
A Driver's Guide to Understanding the Fuel Card Market in North America The fuel card industry in North America is going strong! In 2022, it was valued at over $215 billion, and it's only forecasted to continue growing like a well-greased machine. To be exact, it's set to reach an impressive $14% growth rate per year by 2032. Why is North America the fuel card champion? Because they have the leading trucking industry in existence. And these trucking businesses are all about being competitive by utilizing the latest and greatest tech. That's where fuel card companies fit in. They're partnering with trucking businesses to get in front of an enormous base of customers and become a serious player in the business. Furthermore, with rising gas prices, businesses must get creative with managing their expenses. Fuel cards make it easy for fleet managers to monitor their expenses and increase their overall productivity.
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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
- Branded
- Universal
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
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- UAE
- Saudi Arabia
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