According to Fact.MR, a market research and competitive intelligence provider, the global fuel card market is likely at transactional value of US$ 1,433.0 billion in 2022 and is expected to expand at a CAGR of 6.6% during the forecast years of 2022-2032. The market is expected to grow due to surge in demand for growing importance of digital transaction mode.
Most businesses are rushing to use digital finance services as digitization continues to increase globally. Fleet management and fuel management are becoming the top concerns for enterprises due to the explosion of industrial expansions and the application of environmental rules. As a result, fuel card providers plan to expand their FinTech partnerships and build up strong relationships with fleet managers all around the world.
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Currently, the market is led by Europe region however in East Asia region the market is showing great demand due to China being the leading player in transport and logistic business. China hold the market share of 59.4% market share in 2021.
Owing to technological developments in the artificial intelligence, machine learning, cloud services raise demand for digital transaction solution owing to increase demand for fuel card market.
Key Takeaways from Market Study
- The global fuel card market is projected to grow 6.6% and reach the transactional value of US$ 2,725.3 billion by 2032.
- The market witnessed 5.3% CAGR between 2017 and 2021.
- The fuel card market dominates the market with US$ 1,433.0 billion transaction valuations in 2022.
- Commercial fleet type segment is expected to grow 2X over the assessment period by 2032.
- Based on region, demand for fuel is expected to increase at Y-O-Y growth of 6.3% and 8.8%, respectively, in Europe and East Asia by the year 2022.
“Up surging logistic industry to fuel the market growth for fuel cards” says a Fact.MR analyst.
What Is the Regional Factor for the High Demand for Fuel Card?
The global operations of individual banks have undergone revolutionary digital transformations as a result of the convergence of the banking and IT sectors. Multinational enterprises and sizable commercial organisations are embracing the digitization trend when it comes to financial operations. The increasing popularity of digital banking in regions like North America and Europe implies faster and more accurate financial operations related to business.
While businesses and employer groups continue to use digital banking tools, North America has advanced to the next level of digitalization thanks to the use of fuel cards. Using gasoline cards to estimate an organization’s fuel costs has been found to be simple, profitable, and productive by fleet management teams of larger companies. The global market for fuel cards will keep expanding significantly due to improvements and modifications in the card and payment sector.
Some of the leading players include
- FleetCor Technologies, Inc.
- WEX Inc.
- Voyager Fleet Card
- Fuel Genie (Worldline IT Services Ltd.)
- H24 (Ingenico Group)
- Valero Energy Corporation
- Eurowag (W.A.G. payment solutions, a.s.)
- Hoyer GmbH
- Exxon Mobil Corporation
- BP Plc.
- Royal Dutch Shell Plc.
- Total S.A.
- Marathon Petroleum Corporation
- Repsol, S.A.
- Petro-Canada Superpass (Suncor Energy Inc.)
- Radius Payment Solutions
- DKV Euro Service (DKV Mobility Services Group)
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Segmentation of Fuel Card Industry Research
- By Type of Fleet:
- Truck Fleet Operators
- Business Fleet
- Construction Fleet Operators
- Other Customer Group
- By Card Type:
- Universal Fuel Card
- Fuel Credit Cards
- OnG Corporation Cards
- Network Cards
- Over the Road Fuel Cards
- By Subscription Type:
- Bearer Card
- Registered Card
- By Fleet Type:
- Commercial Fleet
- Over the Road
- By Use Case:
- Oil Fees Payment
- Parking Payment
- Toll Fee Payment
- Fleet Maintenance
- Other Payments
- By Region:
- North America
- Latin America
- East Asia
- South Asia
Fuel card firms are monitoring changes in end-user needs and their dynamic behaviour to improve their reach, even though providing high-tech payment gateways will continue to lead the technology race. In order to maintain competition in the future, market competitors are being pushed to offer more sophisticated security services due to growing worries about card skimming and fuel card theft. Additionally, a combination of standard fuel cards and cards for charging electric vehicles will soon reshape the market for fuel cards globally.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global fuel card market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Type of Fleet (Truck Fleet Operators, Business Fleet, Construction Fleet Operators, Other Customer Group), Card Type (Universal Fuel Card, Fuel Credit Cards, OnG Corporation Cards, Network Cards, Over the Road Fuel Cards), Subscription Type (Bearer Card, Registered Card), fleet type (Commercial Fleet, Over the Road), use case (Oil Fees Payment, Parking Payment, Toll Fee Payment, Fleet Maintenance, Other Payments), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA).
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