Growing Need To Optimize Fleet Expenses Tasks Among Fleet Managers And Vehicle Owners To Drive The Fuel Card Market

Market Research Future (MRFR) has published on the “Global Fuel Card Market”.

The Fuel Card market is estimated to register a CAGR of 7.8% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Fuel Card market FLEETCOR, WEX Inc., WAG Payment Solutions PLC, B.P. PLC, Exxon Mobil, Royal Dutch Shell, Radius, and U.S. Bancorp and Others.

Fuel Card Market Highlights

The global Fuel Card market is accounted to register a CAGR of 7.8% during the forecast period and is estimated to reach USD 17,114.8 Million by 2032.

A Fuel Card, also known as a petrol card, is a financial tool that has emerged as a crucial asset for fleet-based businesses, offering unparalleled convenience and cost savings. Functioning akin to credit cards, these cards facilitate cash-free transactions primarily for fuel but extend to other approved purchases. Fuel cards present unique advantages to transportation companies compared to conventional credit cards, with benefits oriented towards vehicle-related needs.

Over the past decade, the global cards & payments industry has witnessed rapid growth, due to technological advancements and changing consumer preferences or behavior. Major fintech players operating in the industry have transformed the consumer experience through innovative cards and payment approaches. Moreover, regulatory changes introduced by governments worldwide have changed the way businesses operate.

Although innovation in fuel cards and payment systems has somewhat lagged compared to card offerings in other industries, the paradigm shift to the digitization of payments and growing influence of the Internet of Things (IoT) has provided the necessary infrastructure for the growth of the fuel card industry. Consumer behavior is changing as they are embracing mobile frictionless payments. With the introduction of various innovative features and growing digitization in the cards & payments industry, consumers expect a seamless experience across various purchase touchpoints.

Before the advent of fuel cards, the vehicle fleet operators or corporate fleet managers had to deal with tasks, such as submitting fuel purchase receipts, auditing, and issuing cheques accordingly. However, with the rapidly transforming cards & payments industry, the need for digital solutions to optimize vehicle fleet expense management tasks has been on the rise among fleet managers and vehicle owners.

Fuel cards or fleet cards, primarily used for covering fuel expenses and maintenance services at pumps and service stations, offer solutions that eliminate the manual tasks of receipt submission, auditing, and cheque issuance and promote efficient vehicle fleet administration. These cards offer various features, such as comprehensive reporting of vehicle-related road expenses, provision of real-time data of fleet vehicles, and tracking the entirety of business-related expenses of fleets, which make it necessary for fleet managers and vehicle owners in the rapidly changing vehicle fleet management industry. They enable life cycle data management for fleet vehicles. All the expenses incurred in the vehicle fleet operations are registered on the fuel card, enabling fleet managers to monitor expenses at the vehicle level closely. Moreover, it helps fleet managers in reporting profit/loss along with the revenue management details.

Segment Analysis

The global Fuel Card market has been segmented based on Card Type, Vehicle Type and Application.

Based on Card Type, the global Fuel Card market segmentation includes Branded Fuel Cards, Universal Fuel Cards and Merchant Fuel Cards. The Universal Fuel Cards segment held the majority share in 2022, contributing around ~52.5% to the market revenue. Branded fuel cards, exclusive to specific providers, are advantageous for trucking companies. They yield cost savings through discounts and potential rewards. These cards enhance brand recognition, fostering customer loyalty and facilitating relationship building with fuel providers, leading to better terms over time. Furthermore, customization allows tailoring to a company's goals, encompassing personalized rewards, reporting, and control features for efficient management. Universal petrol cards, provided by independent fuel card companies, grant trucking fleets access to a diverse network of fuel stations, spanning multiple brands and fuel types.

Based on Vehicle Type, the global Fuel Card market segmentation includes Heavy Fleet and Light Fleet. The Heavy Fleet segment held the majority share in 2022 contributing around ~59.5% to the market revenue. Heavy fleet vehicles include vehicles over 10,000 pounds of Gross Vehicle Weight Rating (GVWR). Some examples of vehicles that fall under the heavy fleet category of vehicles are heavy trucks, heavy construction equipment, and specialized vehicles.

Based on the Application, the global Fuel Card market segmentation includes Fuel Refill, Parking, Vehicle Service, Toll Charges and Others. By Application, Fuel Refill segment hold the majority market share in 2022 contributing 79.6% of the market share. The fuel refill segment covers the usage of fuel cards for fuel purchases/refills, charge vehicles by businesses, including transport, haulage, courier services, relying on motor vehicles for their day-to-day operations.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Fuel Card Market Research Report

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, North America held the largest share of 40.1% in the Fuel Card market in 2022 and is expected to maintain its dominance during the forecast period. The North America is the largest market for Fuel Card. Because it has more financial institutions than any other, the region has attracted international investors. Local players dominate the North American market, resulting in severe entry hurdles. The North American fuel card market is bifurcated into the US, Canada, and Mexico. The US is the largest contributor to the regional market, with a share of 84.09% of the total market in 2022. The US is followed by Canada, holding over 11.32% in the same year. The factors contributing to the market growth include increased adoption of cashless payment modes, rising use of prepaid cards, an increasing number of fleet owners, and small and medium-sized enterprises. Additionally, the presence of strong players operating in the fuel distribution industry associated with the fuel card market and their strategic initiatives to increase their market share in the region add to the market growth. For instance, Shell acquired fuel card business-MSTS Payments in North America. According to a report by Value Penguin in November 2021, more than 93.1% of households own at least one vehicle. The US population utilizes fuel cards to refill their vehicles' fuel tanks with gasoline, diesel, and others, through a widely spread network of gas stations.

The Western Europeans Countries like Greece, Norway, and Iceland were among the fastest-growing markets for new cars, which are expected to increase the adoption of fuel card transactions in the region. Fuel cards benefit every fleet business or individual automobile owner by providing discounted fuel prices, reclaiming tax and accounting (because many fueling transactions are done without receipts), competitive rates offered by fuel card providers, and a variety of additional advantages. Furthermore, convenient tracking of fuel usage, EV charging, and related costs assists people and businesses in monitoring and controlling carbon emissions (in ICE vehicles) and contributing to the national objective of zero-emission by the end of 2025. The Norwegian Parliament has enacted rules to provide incentives for zero-emission vehicles until the end of 2022. As a result, the number of battery electric vehicles (BEVs) on the road in Norway has increased, accounting for over 64% of the market share, with 470,000 registered BEVs on the road as of February 2022.

Key Findings of the Study

• The global Fuel Card market is expected to reach USD 17,114.8 Million by 2032, at a CAGR of 7.8% during the forecast period.


• The North America region accounted for the fastest-growing global market, imperative factors, such as the significant number of investments in North America, making it the primary contributor to the market share.


• Based on Card Type, the Universal Fuel Cards segment was attributed to holding the largest market in 2022, with an approximate market share of 52.5%.


• FLEETCOR, WEX Inc., WAG Payment Solutions PLC, B.P. PLC, Exxon Mobil, Royal Dutch Shell, Radius, and U.S. Bancorp and Others are the key market players.