Global Fuel Cards Market to Reach US$ 2,077.4 Billion by 2032, Propelled by Increasing Adoption of Digital Payment Solutions

July 27, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "Fuel Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the global fuel cards market reached a value of US$ 817.1 Billion in 2023. 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.

Global Fuel Cards Market Trends:

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$ 2,077.4 Billion by 2032, growing at a CAGR of 10.71% during 2024-2032.

Market Summary:

Based on the type, the market has been segregated into branded, universal, and merchant.
On the basis of technology, the market has been bifurcated into smart and standard cards.
Based on the application, the market has been segmented into fuel refill, parking, vehicle services, toll charges, and others.
On the basis of the end user, the market has been bifurcated into individual and corporate.
On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
The competitive landscape of the industry has also been examined, with some 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 Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Technology, Application, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Website: https://www.imarcgroup.com/
Email: sales@imarcgroup.com
Americas: +1 631 791 1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Global Fuel Cards Market to Reach US$ 2,077.4 Billion by 2032, Propelled by Increasing Adoption of Digital Payment Solutions

Purchase options

Single User License ~~$3899~~ $2999
Five User License ~~$4899~~ $3999
Corporate User License ~~$5899~~ $4999

Inquire Before Buying

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.