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Fuel Cards Market Size, Forecast to 2027 | Industry Share & Growth Report

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Fuel Cards Market

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.

Fuel Cards Market Report Scope
Report Coverage Details
Market size value in 2021 US$ 654.75 Billion
Market forecast in 2027 US$ 1,286.83 Billion
Growth Rate CAGR of 11.70% from 2022 to 2027
Base year for estimation 2021
Historical data 2016-2021
Forecast period 2022-2027
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, Technology, Application, End User and Region

Report 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.
  • Puma Energy (Trafigura Group Pte. Ltd.)
  • Shell plc
  • TotalEnergies SE
  • Chevron Corporation
  • Engen Petroleum Ltd.
  • Exxon Mobil Corporation
  • FirstRand Limited
  • FleetCor Technologies Inc.
  • U.S. Bancorp
  • WEX Inc.

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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:

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