Fuel Cards Market to Reach $2.8 Trillion, Globally, by 2032 at 14.4% CAGR: Allied Market Research

The global fuel cards market is experiencing growth due to a rise in need for improved management, penetration of digital transaction solutions, and efficient fleet administration with the help of enhanced data capture.

WILMINGTON, Del., Oct. 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Fuel Cards Market by Card Type (Branded, Universal, and Merchant), and by Application (Fuel Refill, Parking, Vehicle Service, Toll Charge and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global fuel cards industry generated $735 billion in 2022, and is anticipated to generate $2.8 trillion by 2032, witnessing a CAGR of 14.4% from 2023 to 2032.  

Fuel cards offer numerous advantages to fleet vendors by capturing detailed data on vehicle mileage, fuel consumption in gallons, and vehicle servicing requirements. To enhance fleet management productivity, fuel card service providers have begun incorporating telematics interfaces and robust reporting capabilities as standard features in their offerings. Additionally, fuel cards come in various forms, including branded fuel cards, universal fuel cards, and merchant cards. Among these, merchant fuel cards are expected to experience the highest growth rate during the forecast period, indicating their increasing popularity and adoption within the fleet management industry.

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• 105 - Tables
• 71 - Charts
• 280 - Pages

Prime determinants of growth  

The key factors that drive the growth of the fuel cards market are the necessity for improved fuel management and the penetration of digital transaction solutions. Moreover, the lack of security measures is hampering the growth of the fuel cards market. Without robust security measures, fuel cards are vulnerable to fraud and misuse. Furthermore, the increase in demand from developing countries is providing an opportunity for fuel cards market growth. Developing countries are experiencing rising incomes and increased access to credit, leading to higher vehicle ownership rates. 

Report coverage & details:

 
 

Covid-19 Scenario

• The fuel card market witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market witnessed a sudden downfall in the years 2020 and 2021. This was attributed to the implementation of lockdowns by governments in the majority of the countries and the shutdown of travel across the world to prevent virus transmission.
• Remote work became a necessity to avoid virus transmission which in turn resulted in less vehicle and fuel usage. Furthermore, due to job losses consumers reevaluated their spending habits such as driving and fuel expenses. In addition, consumers preferred contactless fuel payments to avoid virus transmission during the COVID period.

The universal segment to maintain its leadership status throughout the forecast period

Based on type, the universal segment held the highest market share in 2022, accounting for nearly three-fifths of the global fuel cards market revenue and is estimated to rule the roost throughout the forecast timeframe. This is attributed to the fact universal card programs are increasingly focusing on expense management features, including detailed transaction categorization, real-time spending alerts, and integration with expense tracking and accounting software. However, the merchant fuel cards segment is projected to manifest the highest CAGR of 16.3% from 2023 to 2032. This is attributed to the fact that controlling operational costs is crucial for businesses in the merchant segment. Fuel card solutions offer the opportunity to monitor and manage fuel expenses, contributing to cost control. Moreover, continual innovation in fuel card technology, such as incorporating AI and IoT for predictive maintenance and fuel optimization, can open new opportunities for efficiency and cost savings in the merchant segment.     

The fuel refill segment to maintain its leadership status throughout the forecast period

Based on application, the fuel refill segment held the highest market share in 2022, accounting for more than two-fifths of the global fuel cards market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that advanced data analytics tools are being integrated into fuel card technology to provide users with insights into fuel consumption, spending patterns, and cost-saving opportunities. Data-driven solutions are highly valued in the fuel refill segment. Furthermore, the overall shift toward digital payments is a significant growth factor. However, the toll charge segment is projected to manifest the highest CAGR of 18.4% from 2023 to 2032. This is attributed to the fact that fuel card providers are incorporating contactless payment features for tolls to meet this demand. In addition, businesses with fleets are continually expanding, and they seek integrated solutions that cover various expenses, including fuel and tolls. 

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Europe to maintain its dominance by 2032

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global fuel cards revenue and is likely to dominate the market during the forecast period. The growth is attributed to a shift toward digital solutions, including mobile apps and online platforms, that enhance the user experience and provide real-time access to fuel-related data. However, the Asia-Pacific region is expected to witness the fastest CAGR of 17.1% from 2023 to 2032, because the countries in the region are increasingly emphasizing sustainability and environmentally friendly practices. Fuel card programs in the region are aligning with these trends by promoting cleaner fuels and offering incentives for eco-friendly driving.    

Leading Market Players: -

• BP p.l.c.
• Exxon Mobil Corporation
• FirstRand Limited
• FleetCor Technologies, Inc.
• U.S. Bancorp
• WEX Inc.
• Libya Oil Holdings Ltd.
• Puma
• Engen Petroleum Ltd.
• Royal Dutch Shell PLC.

The report provides a detailed analysis of these key players of the global Fuel cards market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fuel cards market forecast from 2022 to 2032 to identify the prevailing market opportunities.
• Market research is offered along with information related to key drivers, restraints, and opportunities of fuel cards market outlook.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the fuel cards market segmentation assists in determining the prevailing fuel cards market opportunity.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes an analysis of the regional as well as global fuel cards market trends, key players, market segments, application areas, and market growth strategies.

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Fuel Cards Market Report Highlights

By Type

• Branded
• Universal
• Merchant Fuel Cards

By Application

• Fuel Refill
• Parking
• Vehicle Service
• Toll Charge
• Others

By Region

• North America (U.S., Canada)
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

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