Market Overview 2022-2027:

The latest research study “Fuel Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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.

Industry Definition and Application:

Fuel cards are payment solutions utilized for budgeting and managing vehicle-related expenses while reducing the hassle of administrating costly reimbursements and expense reports. They can be used by employees who operate corporate vehicles for maintenance and other related costs and repairs. Fuel cards are generally protected via individual personal identification numbers (PINs) and anti-fraud technology to make tracking easier. They manage multiple cards, offer online access to the linked account, set up reporting systems, and assist in downloaded statements. As a result, fuel cards find widespread applications for individual and corporate vehicles.

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Market Trends:

The escalating demand for digital payment methods, the incorporation of the internet of things (IoT), and the increasing focus on efficient fleet administration are driving the fuel cards market. Besides this, the elevating utilization of these solutions by small and medium-scale enterprises (SMEs) to set spending limits, track purchases in real-time, and manage expenses is further augmenting the market growth.

Apart from this, the integration of fleet fuel cards with embedded chips and the introduction of smartcards, which are more durable than magnetic strips, quick response (QR) codes, and near-field communication (NFC) technology via mobile apps to handle payments are also catalyzing the global market.

Moreover, the growing popularity of these solutions that offer discounted prices and other rebates to consumers is acting as another significant growth-inducing factor. Furthermore, the development of customized solutions with detailed reporting is expected to bolster the fuel cards market in the coming years.

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Key Market Segmentation:

The report has been segmented the market into following categories:

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 Geography:

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 with Key Player:

Absa Group Limited
BP p.l.c.
Exxon Mobil Corporation
FirstRand Limited
FleetCor Technologies Inc.

Chevron Corporation
Engen Petroleum Ltd.
Puma Energy (Trafigura Group Pte. Ltd.)
Shell plc

TotalEnergies SE
U.S. Bancorp
WEX Inc.

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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.

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Fuel Cards Market Size, Global Trends & Industry Share 2022-2027