Fuel Cards Market Trends, Growth Rate And Report Outlook By 2033
Overview and Scope
A fuel card is an alternate payment option for drivers that enables spending tracking, use restrictions, and more effective expenditure reporting. It can assist in controlling the gasoline expenses for company vehicles.
Sizing and Forecast
The fuel cards market size has grown rapidly in recent years. It will grow from $802.61 billion in 2023 to $893.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to fuel price fluctuations, fleet management efficiency, expense tracking and reporting, tax benefits, security and fraud prevention.
The fuel cards market size is expected to see rapid growth in the next few years. It will grow to $1324.17 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to global expansion of fleet operations, integration with telematics systems, focus on sustainability, rise of electric and hybrid fleets, advanced data analytics. Major trends in the forecast period include digital wallet integration, contactless and mobile payments, ai-powered expense management, real-time transaction monitoring, personalization and customization.
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Segmentation & Regional Insights
The fuel cards market covered in this report is segmented –
1) By Type: Branded, Universal, Merchant
2) By Technology: Smart Cards, Standard Cards
3) By Application: Fuel Refill, Parking, Vehicle Service, Toll Charges, Other Applications
4) By Vehicle: Heavy Fleet, Light Fleet
Europe was the largest region in the fuel card market in 2023. The regions covered in the fuel cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The expanding logistic sector is expected to propel the growth of the fuel card market going forward. The logistics sector collects, manufactures, and delivers materials and goods at the proper location and quantity. The fuel card allows operators to manage finances carefully, keep track of each driver’s spending, and monitor fueling habits. For instance, in June 2023, according to the Council of Supply Chain Management Professionals (CSCMP), a US-based key organization of the logistics and supply chain management sectors, the total expense of corporate logistics in the US reached a record high of $2.3 trillion in 2023, up from $1.85 trillion in 2022, which equals 9.1% of the country’s GDP, the highest GDP proportion ever. Therefore, the expanding logistic sector is driving the fuel card market.
Key Industry Players
Major companies operating in the fuel cards market report are Exxon Mobil Corporation, TotalEnergies SE, Chevron Corporation, BP plc, Valero Energy Corporation, Repsol S.A., Suncor Energy Inc., Shell plc, U.S. Bancorp, Libya Oil Holdings Ltd., Puma Energy Holdings Pte Ltd., FirstRand Limited, Absa Bank Limited, Fleetcor Technologies Inc., Comdata Inc., WEX Inc., Ingenico Group, First National Bank, Fuel Genie Systems, CSI Voyager Fleet, W. A. G. Payment Solutions plc, Singapore Petroleum Company Limited, Wilhelm Hoyer GmbH & Co. KG, Coast, Edenred Essentials, Engen Petroleum Ltd., Fuelman Inc.
The fuel cards market report table of contents includes:
1. Executive Summary
2. Fuel Cards Market Characteristics
3. Fuel Cards Market Trends And Strategies
4. Fuel Cards Market – Macro Economic Scenario
5. Global Fuel Cards Market Size and Growth
…………….
32. Global Fuel Cards Market Competitive Benchmarking
33. Global Fuel Cards Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fuel Cards Market
35. Fuel Cards Market Future Outlook and Potential Analysis
36. Appendix
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