Market Overview:

The global fuel cards market reached a value of US$ 654.75 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,286.83 Billion by 2027, exhibiting a CAGR of 11.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

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, along with forecasts at the global, regional and country level from 2022-2027. 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.

Report Coverage: