Fuel Card Market Size, Share & Trends Analysis Report By Type (Branded Fuel Cards, Universal Fuel Cards, Merchant Fuel Cards), By Technology, By Application, By Region, And Segment Forecasts, 2023 - 2030

Fuel Card Market Size & Trends

The global fuel card market size was valued at USD 690.48 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 9.8% from 2023 to 2030. The market growth can be attributed to the increasing adoption of fuel cards/fleet cards in managing various vehicle expenses, such as servicing, fueling, and upkeep, among others. Transportation companies are focusing on using fuel cards to offer ride-sharing and delivery services. Numerous oil companies are collaborating with specialized credit card vendors to provide fuel cards, give their staff and clients additional benefits, and increase their market value.

Fuel cards allow businesses to perform vehicle maintenance and purchase fuel within a network of certified gas stations and other merchants. Moreover, fuel cards allow fleet managers to see the details of each transaction, which saves the company money and time. Furthermore, fleet cards offer savings at the pump, which thereby affects the customer’s bottom line. Unlike other payment methods, fuel cards are easy to use and, as a result, are expected to create growth opportunities for the market growth. Fuel cards enable users to track, control, and manage fuel expenses across multiple drivers and vehicles.

Fuel cards allow managers and fleet owners to receive real-time information and set purchase controls, thereby keeping them well-informed about their business-related spending. Increasing adoption of digital transaction solutions across the globe is expected to fuel the market growth over the forecast period. Nowadays, consumers are focusing on mobile frictionless payments. Customers need a consistent experience across all points of contact during their shopping experience, including fuel purchases. This, as a result, is expected to create growth opportunities for the fuel card market. The market for advanced payment solutions and cutting-edge goods is increasing due to unmet demands. This, as a result, is propelling the adoption of better transaction solutions, such as fuel cards.

Type Insights

Based on the type, the fuel card market is segmented into branded fuel cards, universal fuel cards, and merchant fuel cards. The universal fuel cards segment held the largest market share in 2022.

Various factors, such as expense tracking, convenience, versatility, cost control, rewards, discounts, security features, flexible payment terms, and data analytics, have increased the demand for universal fuel cards across applications. Universal fuel card offers added services, including reports on purchasing activity and a telematics interface service.

Technology Insights

Based on the technology, the market is segmented into smart cards and standard cards. The smart cards segment accounted for the largest market share in 2022. Smart cards incorporate advanced technology to enhance functionality and security. Smart cards have an embedded microchip, which processes and stores data securely. Furthermore, smart fuel cards provide additional layers of security through authentication and encryption mechanisms that effectively reduce the risk of fraudulent activities.

Application Insights

Based on application, the fuel card market is segmented into vehicle service, parking, fuel refill, toll charge, and others. The fuel refill segment held the largest market share in 2022. A fuel card enables business owners as well as users to control and manage fuel and maintenance services.

Fuel cards are primarily used as a payment option for fuel at petrol stations. Moreover, fuel cards can also be used for payment for other services, such as maintenance, repairs, as well as roadside assistance. These aforementioned factors are expected to propel the fuel refill segment growth over the forecast period.

Regional Insights

Europe accounted for the largest market share in 2022 owing to the presence of well-established transportation infrastructure. Moreover, the increasing adoption of fuel cards for effectively monitoring and optimizing fuel consumption is further contributing to the growth of the fuel card market in the region. In addition, encouraging government initiatives for environmental sustainability is further boosting the growth of the regional market. Furthermore, the extensive availability of fuel stations, which are integrated with advanced technologies, is propelling the growth of the regional market.

Key Companies & Market Share Insights

Key players operating in the fuel card market include Absa Group Limited, FLEETCOR, P.O., WEX Inc., Engen Petroleum Ltd., ExxonMobil, and Shell plc, among others. The competitive landscape in the fuel card market is highly dynamic, with businesses constantly innovating to provide additional services and features to their customers. This includes reporting and analytics, integration with fleet management systems, and expense management tools. Furthermore, environmental concerns and the drive for cleaner fuels have also influenced the fuel card market, with some vendors offering solutions that support the use of alternative fuels and electric vehicle charging.

The following is an instance of such an initiative:

• In July 2023, PDI Technologies, Inc., the retail tech vendor running the Fuel Rewards program, collaborated with Equilon Enterprises LLC, a dba Shell Oil Products US, and is expected to launch the Fuel Rewards loyalty tier, Platinum Status officially. As a part of this collaboration, Shell allows clients who are eligible for the Platinum Status to save ten cents per gallon on each fuel fill-up and provides double the savings when spending on selected products named ‘In-Store Rewards’ in numerous Shell convenience stores