The Business Research Company’s report on the Fuel Cards Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the fuel cards market’s growth in recent years?
The expanding logistic sector is expected to propel the growth of the fuel card market going forward. The logistics sector collects, manufactures, and delivers materials and goods at the proper location and quantity. The fuel card allows operators to manage finances carefully, keep track of each driver’s spending, and monitor fueling habits. For instance, in June 2023, according to the Council of Supply Chain Management Professionals (CSCMP), a US-based key organization of the logistics and supply chain management sectors, the total expense of corporate logistics in the US reached a record high of $2.3 trillion in 2023, up from $1.85 trillion in 2022, which equals 9.1% of the country’s GDP, the highest GDP proportion ever. Therefore, the expanding logistic sector is driving the fuel card market.
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How does the future projection of the fuel cards market size compare to its historical growth?
The fuel cards market size has grown rapidly in recent years. It will grow from $893.31 billion in 2024 to $989.7 billion in 2025 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to fuel price fluctuations, fleet management efficiency, expense tracking and reporting, tax benefits, security, and fraud prevention
The fuel cards market size is expected to see rapid growth in the next few years. It will grow to $1529.01 billion in 2029 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to the global expansion of fleet operations, integration with telematics systems, focus on sustainability, the rise of electric and hybrid fleets, and advanced data analytics. Major trends in the forecast period include digital wallet integration, contactless and mobile payments, AI-powered expense management, real-time transaction monitoring, personalization and customization.
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Which key players are shaping the future of the fuel cards market?
Major companies operating in the fuel cards market include Exxon Mobil Corporation, TotalEnergies SE, Chevron Corporation, BP plc, Valero Energy Corporation, Repsol S.A., Suncor Energy Inc., Shell plc, U.S. Bancorp, Libya Oil Holdings Ltd., Puma Energy Holdings Pte Ltd., FirstRand Limited, Absa Bank Limited, Fleetcor Technologies Inc., Comdata Inc., WEX Inc., Ingenico Group, First National Bank, Fuel Genie Systems, CSI Voyager Fleet, W. A. G. Payment Solutions plc, Singapore Petroleum Company Limited, Wilhelm Hoyer GmbH & Co. KG, Coast, Edenred Essentials, Engen Petroleum Ltd., Fuelman Inc.
What trends will propel the growth and evolution of the fuel cards market?
Product innovation is the key trend gaining popularity in the fuel card market. Major players in the fuel card market are concentrating on creating revolutionary products to improve their market share. For instance, in July 2022, BP p.l.c., a UK-based oil and gas company, in collaboration with First National Bank of Omaha (FNBO), a US-based financial services corporation, launched an innovative and unique BPme Rewards Signature Visa Credit Card. The new BPme Rewards Visa presents an updated version of the conventional fuel card that enhances consumer benefits by fusing the strength of BPme Rewards with features found on standard credit cards, such as cash-back incentives and flexible redemption possibilities. The BPme Rewards Visa offers cardholders more purchasing power and chances to accrue rewards because it can be used everywhere Visa is accepted.
Which regions are expected to become dominant players in the fuel cards market?
Europe was the largest region in the fuel card market in 2024. The regions covered in the fuel cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the emerging key segments in the fuel cards market, and how are they evolving?
The fuel cards market covered in this report is segmented –
1) By Type: Branded, Universal, Merchant
2) By Technology: Smart Cards, Standard Cards
3) By Application: Fuel Refill, Parking, Vehicle Service, Toll Charges, Other Applications
4) By Vehicle: Heavy Fleet, Light Fleet
Subsegments:
1) By Branded: Specific Fuel Station Cards, Fleet Programs With Brand Loyalty
2) By Universal: Multi-Brand Acceptance Cards, Cards Usable At Various Fuel Stations
3) By Merchant: Cards Issued By Retailers Or Merchants, Loyalty Programs Associated With Merchants
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What defines the structure and scope of the fuel cards market?
A fuel card is an alternate payment option for drivers that enables spending tracking, use restrictions, and more effective expenditure reporting. It can assist in controlling the gasoline expenses for company vehicles.
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