Fuel Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Fuel Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global fuel cards market size reached US$ 732.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,424.9 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.

A fuel card is a payment solution utilized for managing and budgeting vehicle-related expenses while minimizing the hassle of administrating costly expense reports and reimbursements. It can be used by employees who operate corporate vehicles for maintenance and other related expenses like fuel purchases and repairs. It is generally protected via anti-fraud technology and individual personal identification numbers (PINs) to make tracking easier. It offers online access to the linked account, manages multiple cards, sets up reporting systems, and helps download statements. Nowadays, fuel cards are available with flexible payment options, including paying by credit card, which provides greater control over cash flow.

Fuel Cards Market Trends:
The increasing adoption of digital payment methods, the growing influence of the internet of things (IoT), and the rising focus on efficient fleet administration are among the key factors driving the demand for fuel cards across the globe. Apart from this, as fuel cards allow business fleet managers to track fuel purchases in real-time, set spending limits, and manage fuel expenses, small and medium scale enterprises (SMEs) with fleets are increasingly relying on fuel cards to manage their fuel usage. In addition, several fuel card programs offer discounted prices or other rebates for purchasing fuel within a network and reducing fuel costs. Besides this, key players are integrating fleet fuel cards with embedded chips and introducing smartcards, which are more durable than magnetic strips, quick response (QR) codes, and near-field communication (NFC) technology via mobile apps to handle payments. Furthermore, they are offering customized solutions to clients with detailed reporting, which is anticipated to provide lucrative growth opportunities to market in the coming years.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global fuel cards market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, technology, application and end user.

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:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and WEX Inc.

Key Questions Answered in This Report
1. What was the size of the global fuel cards market in 2022?
2. What is the expected growth rate of the global fuel cards market during 2023-2028?
3. What has been the impact of COVID-19 on the global fuel cards market?
4. What are the key factors driving the global fuel cards market?
5. What is the breakup of the global fuel cards market based on the type?
6. What is the breakup of the global fuel cards market based on the application?
7. What are the key regions in the global fuel cards market?
8. Who are the key players/companies in the global fuel cards market?