How Has the Fuel Cards Market Size Evolved in Recent Years?
The fuel cards market has seen considerable growth due to a variety of factors.
•The expansion of the fuel cards market has been significant in the past few years. The market is projected to surge from $893.31 billion in 2024 to $989.7 billion in 2025, registering a compound annual growth rate (CAGR) of 10.8%.
The upward trajectory during the historic period is credited to variables like volatile fuel prices, advancements in fleet management, expense monitoring and reporting, tax advantages, alongside increased security and measures to prevent fraud.
What are the Market Size and Expected Growth Rates for the Fuel Cards Market?
The fuel cards market is expected to maintain its strong growth trajectory in upcoming years.
• Rapid expansion is anticipated in the fuel cards market size in the coming years, with projections of reaching $1529.01 billion by 2029. This growth, at a compound annual growth rate (CAGR) of 11.5%,
can be associated with global fleet operations' development, integration with telematics systems, emphasis on sustainability, the evolution of electric and hybrid fleets, and advanced data analysis. Key trends in this anticipated period include the incorporation of digital wallets, contactless and mobile finance, AI-driven expenditure management, immediate transaction monitoring, and tailored experiences.
What Are The Essential Drivers Behind The Growth Of The Fuel Cards Market?
The fuel card market's growth is anticipated to be stimulated by the increasing logistics industry. The logistics industry is responsible for assembling, creating, and delivering products and materials in the correct quantities to the right places. Fuel cards provide operators with the ability to closely manage finances, track every driver's expenditure, and supervise fueling habits. For instance, the Council of Supply Chain Management Professionals (CSCMP), a leading US organization in the logistics and supply chain management industry, reported in June 2023 that the total corporate logistic expenses in the US escalated to a record-breaking $2.3 trillion in 2023 from $1.85 trillion in 2022. This marks 9.1% of the country's GDP, the highest GDP percentage to date. As a result, the burgeoning logistics industry is leading to the expansion of the fuel card market.
How Is The Global Fuel Cards Market Divided Into Key Segments?
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
Subsegments:
1) By Branded: Specific Fuel Station Cards, Fleet Programs With Brand Loyalty
2) By Universal: Multi-Brand Acceptance Cards, Cards Usable At Various Fuel Stations
3) By Merchant: Cards Issued By Retailers Or Merchants, Loyalty Programs Associated With Merchants
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What Trends Are Reshaping The Future Of The Fuel Cards Market?
Innovations in product offerings are currently becoming the primary trend in the fuel card market. Major market players are focusing on introducing groundbreaking products in a bid to increase their market share. For instance, BP p.l.c., a British oil and gas firm, collaborated with the American financial services corporation, First National Bank of Omaha (FNBO), to roll out the unique and advanced BPme Rewards Signature Visa Credit Card in July 2022. This novel BPme Rewards Visa is an upgraded version of the traditional fuel card, offering users increased perks by combining BPme Rewards' robustness with features commonly found in regular credit cards, including flexible redemption options and cash-back rewards. It gives cardholders the advantage of greater purchasing power and more opportunities to collect rewards as it is accepted anywhere Visa is available.
Who Are the Key Players in the Fuel Cards Market?
Major companies operating in the fuel cards market include:
• 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.
What are the Regional Insights into the Fuel Cards Market?
Europe was the largest region in the fuel card market in 2024. The regions covered in the fuel cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
