USD 756.1 Billion
Fuel Cards Market Size, Share, and Growth Analysis
Fuel cards Market Size, Share & Trends Analysis Report, By Communication Type (Vehicle to Vehicle (V2V), Vehicle to Cloud (V2C), Vehicle to Infrastructure (V2I)), By Vehicle Type, By Range, By Application, By Component, By Region, And Segment Forecast, 2025-2032
Report ID:
SQMIG10E2027 |
Region:
Global |
Published Date: April, 2025
Pages:
184
|Tables:
91
|Figures:
75
Format -
Fuel Cards Market Insights
Global Fuel Cards Market size was valued at USD 756.1 Billion in 2023 and is poised to grow from USD 827.93 Billion in 2024 to USD 1711.22 Billion by 2032, growing at a CAGR of 9.5% during the forecast period (2025-2032).
Increase in fleet operations around the world, high demand for digital payments, expansion of commercial transportation industry, and integration with fleet telematics and analytics are driving fuel card sales.
Rapid expansion of fleet operations backed by logistics, ridesharing, and delivery service sectors is primarily influencing the demand for fuel cards. The need for contactless and faster payment alternatives around the world are also promoting the global fuel cards market growth. Expanding commercial transportation industry, tax benefits of fuel card use, and emphasis on fuel fraud prevention are slated to be key factors driving revenue generation. Modern fuel cards are now integrated with telematics and vehicle tracking platforms, giving fleet operators real-time insights into fuel consumption, route efficiency, and driver behavior.
On the contrary, limited fuel station coverage in rural areas, data privacy concerns, dependence of fuel prices, and resistance to digital adoption by smaller businesses are estimated to hamper the demand for fuel cards on a global level through 2032 and beyond.
How is AI Making Fuel Cards Smarter?
Artificial Intelligence (AI) is transforming the fuel card industry by enabling smarter, real-time decision-making and enhanced operational efficiency. AI-powered analytics help fleet managers detect anomalies in fuel usage, flag fraudulent transactions, and optimize routes for fuel savings. Machine learning algorithms analyze historical data to predict fuel consumption trends, tailor expense limits per vehicle, and improve budgeting accuracy. AI also enhances customer support through chatbots and automates tax compliance reporting.
Can Startups Influence the Adoption of Fuel cards?
Startups around the world are focusing on improving the accessibility of fuel cards to enhance their business scope. Here are some startups that could significantly boost fuel cards adoption in the long run.
- AtoB: This United States-based startup provides modern fuel cards tailored for truckers and fleet operators. The company primarily focuses on financial technology and offers no hidden fees, real-time spending controls, and integration with payroll and route management tools. Founded in 2020, the company also supports EV charging payments, aligning with the clean transport transition.
- CarIQ: Founded in 2016, the company provides connected vehicle solutions, including a smart fuel card platform in partnership with IndianOil. Fleet operators and owners can get real-time vehicle diagnostics, fuel purchase tracking, and driver behavior analytics to optimize their business. The Indian startup achieves all of this by leveraging IoT and telematics to deliver end-to-end fleet intelligence.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Universal Fuel Cards
Fastest Growth
Branded Fuel Cards
Growth Rate
9.5% CAGR
Global Fuel Cards Market ($ Bn)
Country Share for North America Region (%)
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Fuel Cards Market Segments Analysis
Which Type of Fuel Cards Bringing in the Most Revenue?
Universal fuel cards are anticipated to account for a dominant share of the global fuel cards industry. Availability of multiple features and the ability to access services at multiple fuel stations are helping this segment hold sway over others. Additional reports and analytics on purchasing behavior and scope for optimization of the same offered by universal fuel cards are also boosting their popularity among fleet owners and vehicle owners.
Meanwhile, branded fuel cards account for the second-largest global fuel cards market share. These cards are issued by a specific brand of fuel provider and are only usable at their establishments. Companies with established presences in the fuel business such as BP, Shell, and ExxonMobil are expected to help this segment boost business scope.
What are Most Fuel Cards Used for?
Most fuel cards are used for fuel refill applications thereby bringing in the most revenue for market players. Rising incidence of fuel frauds and lack of transparency between drivers and fleet operators are promoting the use of fuel cards for fuel refilling. The reduced burden of carrying cash and reduced administrative burden on companies are also expected to bolster the adoption of fuel cards for this application in the future.
On the other hand, the use of fuel cards to make pay toll charges is expected to account for a significant share going forward. Convenience and the reduced need for multiple payment solutions are helping promote the use of fuel cards for toll charge payments.
Global Fuel Cards Market By Type
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Fuel Cards Market Regional Insights
Why are Fuel Card Companies Investing Actively in North America?
North America dominates the global fuel card industry due to its massive fleet operations, advanced telematics adoption, and extensive fuel station networks. High adoption of integrated fleet management and fuel efficiency tools are also expected to cement the dominance of this region over the coming years. Demand for customizable fuel cards is slated to be high in the North American region going forward.
Fuel Cards Market in United States
Presence of a vast transportation network, advanced fleet telematics, and strong digital infrastructure are helping United States emerge as a leader in fuel cards demand. Availability of tailored fuel card solutions from companies such as WEX, Shell, and ExxonMobil is also anticipated to cement the dominance of this country. High fuel costs and tight regulatory compliance needs are also necessitating the adoption of fuel cards for businesses in the United States.
Fuel cards Market in Canada
Expansion of long-haul trucking, mining, and delivery sectors is projected to offer new business scope for fuel cards providers in Canada. High reliance on fuel cards by fleet operators for managing distant, multi-location fuel needs efficiently due to the country’s vast geography also drives revenue generation. Petro-Canada, Esso, and Shell are some of the leading fuel card companies in the country.
Is Asia Pacific a Rewarding Market for Fuel Card Vendors?
Rapid urbanization, infrastructure growth, and booming e-commerce logistics make this region a fastest growing one for fuel card companies. High demand for fleet-based services such as ridesharing, food delivery, and intercity transport are expected to bolster the adoption of fuel cards in this region. Government pushes for digital payments and the rise of fintech players are also accelerating the adoption of mobile fuel card solutions.
Fuel Cards Market in China
Booming logistics, ride-hailing, and e-commerce sectors of China are responsible for driving up the demand for fuel cards. Launch of government initiatives promoting digital finance and smart transportation are boosting the popularity of mobile-integrated fuel card solutions. However, regional disparities in infrastructure and fuel station coverage are expected to slow down the fuel cards market penetration in China through 2032 and beyond.
Fuel Cards Market in India
India emerges as a highly rewarding country for fuel cards providers focusing on long-term growth. High fuel prices and urban congestion are driving up the demand for telematics-integrated fuel cards capable of offering optimized routing and fuel efficiency. Adoption of fuel cards in rural areas of India is still very limited and inhibits the market from attaining its full potential.
What Drives the Demand for Fuel Cards in Europe?
High emphasis on sustainability is a key factor driving up the adoption of fuel cards in this region. Increasing fuel prices, demand for fleet optimization, and compliance with emission regulations are other key factors promoting the adoption of fuel cards. High investments in the development of advanced transportation infrastructure are also slated to benefit market development in Europe.
Fuel cards Market in United Kingdom
Businesses in the United Kingdom have already adopted fuel cards and made it a mature market. Allstar and BP are key companies that are focusing on providing fuel cards compatible with both petrol and electric vehicle charging. Post-Brexit regulatory adjustments have also increased the need for automated reporting and compliance thereby promoting fuel card adoption in the country.
Fuel cards Market in Germany
Presence of strong automotive and logistics sectors in Germany make it a top market for fuel car vendors in Europe. The dense autobahn network and extensive freight activity are also promoting the adoption of fuel cards for route planning, fuel economy tracking, and financial management. Companies such as DKV and UTA dominate the market, offering cross-border solutions across Europe.
Global Fuel Cards Market By Region
- Largest
- Fastest
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Fuel Cards Market Dynamics
Fuel cards Market Drivers
Expansion of Commercial Transportation Industry
- The global commercial vehicle industry is expanding rapidly due to e-commerce growth, globalization, and urban development. Fuel cards are crucial tools for commercial fleet managers, offering control over driver fuel purchases, setting usage limits, and enabling efficient route planning through fuel station partnerships. Scaling of commercial transportation operations is also estimated to boost the global fuel cards market outlook in the future.
Tax Benefits and Incentives
- Fuel cards often come with built-in tax management features, allowing businesses to claim fuel tax rebates and manage expenses with greater accuracy. Governments in various countries offer tax deductions on fuel expenses for business operations, and fuel card systems simplify this process by generating detailed transaction records. Logistics, freight, and service companies are expected to benefit most from tax benefits offered by fuel cards.
Fuel cards Market Restraints
Dependence on Fuel Prices and Market Volatility
- The cost-effectiveness of fuel cards is closely tied to fuel price stability. In highly volatile fuel markets, businesses may not gain significant cost savings, diminishing the value proposition of fuel cards. Constant fluctuations in oil prices due to geopolitical tensions and economic downturns can impact negotiated discounts or rebates with fuel networks. Adoption of hybrid reimbursement models or fuel alternatives could hurt sales of fuel cards going forward.
Resistance to Digital Adoption by Smaller Businesses
- Many small businesses still prefer traditional cash or credit card systems due to familiarity and simplicity. These operators may perceive fuel card systems as overly complex or unnecessary for their scale of operation. Resistance to digital tools, especially among older business owners or in non-urban areas, remains a key restraint for fuel card suppliers on a global level.
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Fuel Cards Market Competitive Landscape
Fuel card providers should focus on collaborations with fuel companies to expand their business reach. Offering fuel cards that can be used at multiple stations for various applications remains the prime focus of fuel card companies. Contactless fuel cards are estimated to become the standard over the coming years as per this global fuel cards market analysis.
Top Player’s Company Profiles
- Shell
- Chevron
- ENGEN
- China Sinopec
- U.S. Bancorp
- ARCO
- Allstar
- PetroChina
- Caltex
- PUMA ENERGY
- FleetCor Technologies
- OILIBYA
- Total
- EonMobil
- UTA
- Radius Payment Solutions Ltd
- DKV EURO SERVICE GmbH + Co. KG
- BP
- WEX
Recent Developments in Fuel cards Market
- In December 2024, TransFlo, a company focused on simplification of freight transportation through advanced technologies announced the launch of Transflo Wallet Fuel Card. The solution was aimed at helping trucking companies save on fuel costs and streamline operations and launched in collaboration with TransConnect Services (TCS).
- In September 2024, Southern California Gas Co., a renowned utility company from the United States announced the launch of a new fuel card program to reduce emissions from heavy-duty transportation. The company had plans of investing around USD 1.5 million for 50 fuel cards. Companies could apply for this SoCalGas' Low Carbon Fuel Standard (LCFS) Fuel Card Incentive Program till 8th December 2024.
- In December 2024, TrucksUp, an online truck booking company joined hands with Hindustan Petroleum Corporation (HPCL) to launch Smart Fuel Cards. The new offerings are aimed at revolutionizing fuel management for truck owners and fleet operators by enabling secure, cashless transactions across India at HPCL outlets.
Fuel Cards Key Market Trends
- Mobile-First and Contactless Fuel Card Solutions: With the digital shift in B2B transactions, fuel card providers are launching mobile-first platforms and virtual fuel cards. Mobile apps now allow drivers to locate partner fuel stations, access e-receipts, and receive alerts, while fleet managers monitor usage remotely. Contactless and NFC-enabled fuel cards are gaining popularity due to speed and hygiene considerations. Emphasis on fuel card use simplification is slated to make this a key fuel cards market trend in the long run.
- Demand for Sustainability and Alternative Fuel Integration: Sustainability is influencing fuel card development, with growing demand for cards that support tracking of carbon emissions and usage of alternative fuels like biofuels, CNG, and EV charging. Fleet operators are under pressure to reduce environmental footprints, and fuel card providers are adapting by offering data on fuel efficiency, emission levels, and green fuel options. Integration of carbon offset features in fuel cards are also slated to boost revenue generation for market players.
Fuel Cards Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, expansion of commercial transportation industry and tax benefits offered by fuel cards are slated to bolster their adoption in the long run. On the contrary, dependency on fuel prices and resistance to digital adoption by small businesses are slated to impede the sales of fuel cards over the coming years. North America is forecasted to emerge as the leading market for fuel cards providers owing to expansive fuel station networks and presence of large fleet operations in Canada and the United States. Development of contactless cards and integration of alternative fuels and EV charging are slated to present new opportunities for market players across the study period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 756.1 Billion |
| Market size value in 2032 | USD 1711.22 Billion |
| Growth Rate | 9.5% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fuel Cards Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fuel Cards Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fuel Cards Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fuel Cards Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fuel Cards Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fuel Cards Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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