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Fuel Card Market Is Expected To Progress At A CAGR Of 6.6% by The End Of 2032

global-fuel-card-market-forecast-2022-2032 (1)

The Fuel Card Market is predicted to grow at a CAGR of 6.6% to reach a transaction value of US$ 2,725.3 billion by the end of 2032 from its current transactional worth of US$ 1,433.0 billion in 2022.By the end of 2022, adoption of universal fuel cards accounted for about one-third of the market for fuel cards worldwide.

Fuel Card Sales Analysis Compared to Market Outlook for 2022 to 2032

Numerous macroeconomic and microeconomic variables, including rising urbanization and transportation demands, the use of digital payment systems, and the demand for effective fleet management, continue to have an impact on the worldwide fuel card market. Global advances in the fuel card industry are aided by rising demands to lower gasoline costs and more effectively fend against fraudulent transactions.

A fuel card is a payment card, similar to a credit card, that can only be used to buy fuel, such as gasoline, diesel, or petrol. Businesses and fleet managers use fuel cards to let their drivers bill gasoline costs to the company account.

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Competitive Landscape:

The cards and payments industry is changing quickly, driven by both new technology and changing end-user expectations and behaviour. Fintech businesses’ innovative strategies, mobile devices’ alteration of the customer experience, millennial clients’ adoption of social media, and legal changes that have an influence on how business is conducted are all to blame for these shifts. The advancement of payment systems and card products has lagged behind in the case of gasoline cards when compared to other card product offerings. However, due to the considerable shift toward payment digitalization and the effects of the internet of things (IoT), this is going to change.

Key Players:

  • FleetCor Technologies, Inc.
  • WEX Inc.
  • Voyager Fleet Card
  • Fuel Genie (Worldline IT Services Ltd.)
  • H24 (Ingenico Group)
  • Valero Energy Corporation
  • Eurowag (W.A.G. payment solutions, a.s.)
  • Hoyer GmbH
  • 360Fuelcard
  • Exxon Mobil Corporation
  • BP Plc.
  • Royal Dutch Shell Plc.
  • Total S.A.
  • Marathon Petroleum Corporation
  • Repsol, S.A.
  • Petro-Canada Superpass (Suncor Energy Inc.)
  • Radius Payment Solutions
  • DKV Euro Service (DKV Mobility Services Group)
  • Edenred

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Regional Analysis:

The worldwide operations of individual banks have undergone revolutionary digital transformations as a result of the convergence of the banking and IT sectors. Multinational enterprises and sizable commercial organizations are embracing the digitalization trend when it comes to financial operations. The rising popularity of digital banking in North America and Europe implies greater speed and accuracy of financial procedures connected to businesses.

China is steadily becoming one of the world’s top players in logistics and transportation because to factors including governmental constraints, good road, rail, and transit infrastructure, a massive network of warehouse and storage facilities, and a strong IT infrastructure. The Asia-Pacific region has long dominated the global freight forwarding market before the epidemic had started. China’s e-commerce industry has expanded quickly, ushering in a new chapter in the nation’s economic history.

Due to the increased usage of gasoline, petrol, etc., and China’s position as the dominant player in transportation and logistics in the Asia Pacific area, there will be profitable future demand for fuel cards.

Segmentation of Fuel Card Industry Research

  • By Type of Fleet:
    • Truck Fleet Operators
    • Business Fleet
    • Construction Fleet Operators
    • Other Customer Group
  • By Card Type:
    • Universal Fuel Card
    • Fuel Credit Cards
    • OnG Corporation Cards
    • Network Cards
    • Over the Road Fuel Cards
  • By Subscription Type:
    • Bearer Card
    • Registered Card
    • By Fleet Type:
    • Commercial Fleet
    • Over the Road
  • By Use Case:
    • Oil Fees Payment
    • Parking Payment
    • Toll Fee Payment
    • Fleet Maintenance
    • Other Payments

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