U.S. Fuel Card Market Size, Share & Trends Analysis Report By Type (Branded Fuel Cards, Universal Fuel Cards, Merchant Fuel Cards), By Technology (Smart Cards, Standard Cards), By Application, And Segment Forecasts
Published Date: May - 2025 | Publisher: MIR | No of Pages: 230 | Industry: technology | Format: Report available in PDF / Excel Format
View Details Buy Now 2999 Download Sample Ask for Discount Request CustomizationU.S. Fuel Card Market Size & Trends
The size of the U.S. fuel card market was estimated to be USD 88.03 billion in 2024 and is expected to grow at a CAGR of 9.4% from 2025 to 2035. Growth of the fuel card market is fueled by price volatility and fuel price increases, as companies and consumers look for means to mitigate and manage the cost of fuel price volatility. Fuel cards present an effective solution to this problem by providing users with tools and features that assist them in managing expenses, accessing discounts, and enhancing visibility into fuel expenditures. This has rendered fuel cards a more desirable choice for fleet operators, businesses, and drivers individually.
Increased fuel prices enhance the requirement for expense-saving alternatives, and fuel cards are a method of lowering expenditures through discounts, rewards, and cashback offers. Most fuel card issuers join individual gas stations or chains to provide discounted prices, which over time can amount to a lot of savings. Such alliances are likely to propel the growth of the U.S. fuel card market. For companies that use lots of fuel, such savings can mean enhanced profitability and a competitive advantage in their respective markets. Besides, fuel cards typically accompany them with reporting tools with immense detail, where businesses can scrutinize fuel use patterns and make out areas of further cost savings.
Additionally, the visibility rendered by fuel cards spearheads the evolution of the U.S. fuel card industry. The higher the fuel prices, the more meticulous businesses and consumers are about monitoring fuel costs to prevent over-spending. Fuel cards provide transaction records with high levels of detail, such as date, time, location, and amount spent on each transaction, which can be used by users to track fuel usage and identify unauthorized or wasteful expenses. This level of accountability is especially useful to fleet managers who must ensure drivers are using fuel responsibly and staying within company policies.
Moreover, growing adoption of fuel cards by fleet operators to ensure improved cost management and tracking of expenses is contributing to growth in the fuel card market. Fleet operators constantly feel the pressure of lowering operating expenses while keeping things efficient and adhering to regulatory requirements of the industry. Fuel cards offer an end-to-end solution to all these problems and hence are being sought after by companies operating a fleet of vehicles.
Fuel cards provide fleet managers an efficient means to track and control fuel costs. Historically, fleet operators relied on paper receipts and manual processes to track fuel usage, which is cumbersome and error-prone. Fuel cards have all transactions related to fuel automatically captured, producing comprehensive and precise reports. These reports enable fleet managers to get detailed insights on fuel consumption behavior and recognize areas of wastage or inefficiency. Fuel cards bring all the fuel bills together into a single system, facilitating cost tracking and management, an essential requirement to keep a business profitable in a competitive environment.
Report Coverage & Deliverables
PDF report & online dashboard will help you understand
- Competitive benchmarking
- Historical data & forecasts
- Company revenue shares
- Regional opportunities
- Latest trends & dynamics
Type Insights
The largest share, 45.9%, belonged to the branded fuel cards segment in 2024. The low cost and offer of discounts and cashback deals on fuel fills fuel the expansion of branded fuel cards. Numerous fuel card issuers offer rewards programs that benefit customers with cheaper fuel prices or cashback as a function of usage. This encourages companies with big fleets and individual drivers to embrace branded fuel cards as a means to better manage fuel costs, especially during periods of volatile fuel prices.
Universal fuel cards segment to record high CAGR during the forecast period. Increased flexibility and convenience provided by the universal fuel card drives segment growth. These cards can be accepted at a broad network of fuel stations, and this flexibility obviates the necessity for drivers to route plan around individual branded stations, offering convenience to businesses operating mixed fleets or individuals driving long distances. Universal fuel cards are especially beneficial in rural or less urbanized regions where branded station networks may be limited.
Technology Insights
The smart cards segment accounted for the highest market share of 67.1% in 2024. Increased security provided by smart cards fuels its market expansion. In contrast to the magnetic stripe cards, smart cards employ encrypted microchips to process and save data, which are extremely immune to unauthorized access, cloning, and fraud. As the fear of fuel card fraud grows, companies are increasingly using smart cards for securing their transactions. Advances like PIN-based authentication, real-time notice, and end-to-end encryption make the card usage more secure by allowing it to be accessible only to intended people. Technology developments like this spur the progress of the fuel card market in the U.S.
The basic fuel cards category is anticipated to hold the maximum CAGR of 7.5% within the forecast duration. The global acceptability and general approval at fueling stations provided by the standard cards propel the growth of the segment. The cards, usually in magnetic stripe format, can be utilized at an extensive network of fuel stations throughout the world and are therefore highly convenient for individual users and companies alike. The majority of point-of-sale terminals at fuel stations are compatible with magnetic stripe cards, facilitating smooth transactions without the necessity of special infrastructure or upgrades.
Application Insights
The fuel refilling segment led the market in 2024. Fuel cards provide businesses with in-depth fuel expenditure information, allowing them to control and monitor costs. Spending limits can be set by fleet managers, fuel consumption can be monitored, and purchase habits can be analyzed to detect inefficiencies and minimize unnecessary spending. These capabilities are especially useful in fleets, where fuel expenses are a large share of operational costs. Uber Freight, in May 2023, debuted the Uber Freight Carrier Card, a fuel card that is meant to support carriers with their on-the-road expenses. The move, launched together with fintech firm AtoB, is meant to make it easier for fleet operators to manage their finances by offering them an integrated solution to handle fuel costs. Such collaborations are likely to drive growth of the U.S. fuel card market.
The vehicle service is anticipated to expand at the highest CAGR of 10.1% during the forecast period. The enhanced vehicle durability and performance triggered by fuel cards created for vehicle services drives its take-up. The cards promote frequent maintenance and timely servicing, which are necessary to maintain vehicles in good shape. By making it easier to pay for and access maintenance services, fuel cards lower the chances of forgetting essential upkeep activities, like oil changes, tire replacements, or brake checks.
Key U.S. Fuel Card Company Insights
Some of the key companies in the U.S. fuel card industry include Circle K Stores, Inc., Corpay, IncWEX Inc., TCS Fuel, and others. Organizations are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.
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Corpay, Inc. is a payments company that offers modern solutions to help businesses and consumers manage vehicle-related, lodging, and corporate expenses, such as fuel, tolls, hotel bookings, and vendor payments. The company provides customizable payment methods, including physical cards and software, to improve control, automation, and reporting. Its digital solutions help businesses reduce fraud, streamline data entry, and enhance decision-making. The company's services include virtual cards, accounts payable automation, cross-border payments, and travel and entertainment card products.
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TCS Fuel is a fuel management company that provides custom fuel card solutions for small to mid-sized trucking companies. The company’s primary service is its fuel card program, which offers clients significant discounts on diesel fuel at over 12,000 locations across the U.S. and Canada. The company also offers 24/7 support through its mobile app and online portal, which provide real-time access to fuel data and budget management tools.
Key U.S. Fuel Card Companies
- Circle K Stores, Inc.
- Corpay, Inc.
- WEX Inc.
- TCS Fuel
- Exxon Mobil Corporation
- Shell
- BP p.l.c.
- RTS Financial Service, Inc.
- P-Fleet
- U.S. Bank
Recent Developments
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In October 2024, WEX Inc. launched the 10-4 by WEX app, allowing independent truckers and small trucking companies to get fuel discounts usually available to larger businesses. The app offers secure, fee-free transactions at a growing network of U.S. truck stops, helping truckers save on fuel.
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In May 2024, WEX Inc. partnered with Shell to manage its portfolio of commercial fleet cards across North America, utilizing Shell’s widespread presence and WEX’s software and payment solutions to support fleet operators. This partnership aims to provide businesses with enhanced fleet management tools, including new electric vehicle payment options for the Shell Fleet Navigator Card.
U.S. Fuel Card Market Report Scope
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Report Attribute |
Details |
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Market size value in 2025 |
USD 94.50 billion |
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Transaction value forecast in 2030 |
USD 148.18 billion |
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Growth rate |
CAGR of 9.4% from 2025 to 2035 |
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Base year for estimation |
2024 |
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Historical data |
2017 - 2024 |
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Forecast period |
2025 - 2035 |
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Quantitative units |
Transaction value in USD million/billion, and CAGR from 2025 to 2035 |
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Report coverage |
Transaction value forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, technology, application |
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Key companies profiled |
Circle K Stores, Inc.; Corpay Inc.; WEX Inc.; TCS Fuel; Exxon Mobil Corporation; Shell; BP p.l.c.; RTS Financial Service Inc.; P-Fleet; U.S. Bank |
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Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
U.S. Fuel Card Market Report Segmentation
Type Outlook (Transaction Value, USD Billion, 2017 - 2035)
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Branded Fuel Cards
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Universal Fuel Cards
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Merchant Fuel Cards
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Technology Outlook (Transaction Value, USD Billion, 2017 - 2035)
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Smart Cards
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Standard Cards
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Application Outlook (Transaction Value, USD Billion, 2017 - 2035)
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Vehicle Service
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Parking
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Fuel Refill
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Toll Change
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Others
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