Global Fuel Cards Market Overview 2023-2028
The global fuel cards market size reached US$ 732.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,424.9 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
Fuel cards, also known as fleet cards, are specialized payment cards that enable the cardholder to purchase fuel and sometimes other vehicle-related expenses like maintenance and repairs. They can capture details like the time, date, and location of each transaction and the type and quantity of fuel purchased, which aids in monitoring and reporting. They are restricted to fuel and vehicle-related purchases, which makes it easier to manage and track expenses. They can offer discounts or reward points on purchases, which can lead to cost savings for businesses. They are primarily used by businesses to manage the costs associated with operating a fleet of vehicles.
Global Fuel Cards Market Trends and Drivers:
The increasing use of fuel cards in public transportation for buses and taxi services to manage and allocate fuel expenses for their fleets represents one of the primary factors bolstering the market growth around the world. In addition, the rising adoption of fuel cards to simplify the administration of fuel-related costs for businesses by providing consolidated invoices and detailed reporting, which improves operational efficiency, is favoring the growth of the market. Apart from this, the integration telematics, enhanced security features, such as PIN protection, real-time alert, and a global positioning system (GPS) system, in fuel cards is propelling the growth of the market.
Global Fuel Cards Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Absa Group Limited, BP p.l.c., Chevron Corporation, Engen Petroleum Ltd., Exxon Mobil Corporation, FirstRand Limited, FleetCor Technologies Inc., Puma Energy (Trafigura Group Pte. Ltd.), Shell plc, TotalEnergies SE, U.S. Bancorp and WEX Inc.
The report segmented the market on the basis of region, type, technology, application and end user.
Breakup by Type:
Breakup by Technology:
- Smart Cards
- Standard Cards
Breakup by Application:
- Fuel Refill
- Vehicle Services
- Toll Charges
Breakup by End User:
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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