Fuel Card Market

Fuel Card Market Analysis By Type of Fleet (Truck Fleet Operators, Business Fleet, Construction Fleet Operators), By Card Type (Universal Fuel Card, Fuel Credit Cards, OnG Corporation Cards, Network Cards, Over the Road Fuel Cards), By Use Case, By Regions - Global Insights 2022-2032

Analysis of Fuel Card market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Fuel Card Market Outlook (2022-2032)

The global fuel card market reaches a transactional valuation of US$ 1,433.0 billion in 2022 and is expected to progress at a CAGR of 6.6% to reach the transaction value of US$ 2,725.3 billion by the end of 2032.

Adoption of universal fuel card accounted for nearly 1/3rd of the global fuel card market at the end of 2022.

Report Attributes


Fuel Card Market Size (2021A)

US$ 1,340.4 billion

Estimated Market Value (2022E)

US$ 1,433.0 billion

Forecasted Market Value (2032F)

US$ 2,725.3 billion

Global Market Growth Rate (2022-2032)

6.6% CAGR

North America Market Share (2022)


North America Market Value (2022)

US$ 299.9 billion

Europe Market Share (2022)


Europe Market Value (2022)

US$ 463.6 billion

China Market Share (2022)


China Market Value (2022)

US$ 179.6 billion

Market Share of Top 3 Countries


Key Companies Profiled

  • 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
  • 360Fuelcard
  • 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)
  • Edenred

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Sales Analysis of Fuel Card (2017-2021) Vs. Market Outlook (2022-2032)

The global fuel card market continues to be influenced by a wide range of macroeconomic and microeconomic factors, such as increasing urbanization and transportation, adopting of digital payment methods, and needs for efficient fleet management. Increasing needs for reducing fuel expenses and avoid fraudulent transactions more efficiently provides a boost to developments in the fuel card market across the globe.

A fuel card is a payment card, similar to a credit card that is used for the sole purpose of purchasing gasoline, diesel, petrol, or any other type of fuel. Fuel cards are used by businesses or fleet managers to permit their drivers to charge the cost of fuel to the company account, enable the company to record and monitor its monthly and annual fuel expenses.

  • Short Term (2022 to 2025): With continuous evolution of digitization, companies are scrambling to adapt digital finance services owing to increase in fuel card market.
  • Medium Term (2025-2028): Europe projected to witness comparatively high fuel card demand due to advantages given on European fuel cards.
  • Long Term (2028-2032): Broader trends in the parent card and payment industry continue to complement the market growth, leading vendors aim to provide additional high-tech telematics services, which can help end-users to benefit from greater efficiency at fuel cost control.

From 2017 to 2021, the global market for fuel card registered a CAGR of 6.6% Fact.MR, a market research and competitive intelligence provider, reveals that the market will exhibit growth at 5.3% CAGR between 2022 and 2032.

Global fuel card market forecast by Fact.MR

Market share analysis of fuel card based on card type and region is provided in the above image. Under the card type segment, the universal fuel card sub-segment dominates with 33.0% market share in 2022.

What’s Driving High Demand for Fuel Card across Regions?

“As the world go digital there will be increase in fuel card sales”

The convergence of the banking and IT industries has resulted in digitally revolutionary changes to how individual banks function globally. When it comes to financial transactions, multinational corporations and huge commercial organizations are riding the digitization trend. Greater speed and accuracy of financial processes related to company are implied by the areas of North America and Europe's growing propensity for digital banking.

While companies and employer groups continue to use digital banking methods, the use of fuel cards in North America has propelled the region towards the next stage of digitalization. The ease, profitability, and productivity of employing fuel cards for estimates of an organization's fuel expenses have been identified by fleet management teams of larger firms. According to advancements and changes in the card and payment industry, the worldwide fuel card market will continue to experience considerable growth.

Fuel card companies focus on balancing convenience and payment security

Due to the hundreds of billions of dollars the gasoline card industry is worth, there is a chance for fraud, misuse, and scams. Global fuel card market leaders are emphasizing smarter transactions and offering fleet managers more control over their fuel expenses.

Offering improved payment security is getting simpler thanks to recent technological improvements, even though the simplicity of utilizing fuel cards remains a major concern for both sellers and players. In order to balance the ease of use and security of using gasoline cards for their users, market participants are also introducing more effective security help and other services.

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What Do Fuel Card Service Provider Need to Watch Out for?

“Shift of electric vehicle can be a challenging situation of the service providers”

Following their battle with fleet managers' inclination for antiquated paper-based payment systems, fuel card industry operators now face the issue of an increasing number of organizations banding together to address the rapid adoption of electric vehicles.

Electric car adoption is being sparked by rising environmental concerns and strict legislation to reduce hazardous emissions linked to the transportation industry in North America, Europe, and other places. The introduction of conventional, petroleum- or gasoline-based fuel cards is expected to be slowed down by the sustainability movement in the North American automotive industry. Therefore, the future of the fuel card industries could easily be disrupted by the emergence of alternative fuels and the growing popularity of electric vehicles.

Country-wise Insights

How Fuel Card Skyrocketing in Europe Region?

When participants consider adopting a new digital payment method, functional qualities and features are seen as more critical criteria than the service provider, virtually all participants would prefer a bank, a central bank, or a European body to a large technological corporation. A bank or central bank would be favored as the provider because these institutions are regarded as being more dependable, trustworthy, and secure.

The benefits offered by European gasoline cards are projected to increase demand for these cards in Europe. Multinational corporations can control their travel expenses, for instance, by using European fuel cards. These make it easier for vehicles to be refilled all around Europe, allowing businesses to continue operating there. The European Gasoline Card's main advantages include access to fuel reductions, easier road toll price payment, simplified account management, assistance with HMRC account submission, and support for company sustainability. Owing to the above afctors, Europe market is expected to account for 32.3% market share in 2032.

Why is the China Fuel Card Market Expected to Be Highly Lucrative?

Due to variables including government restrictions, excellent road, rail, and transportation infrastructure, a vast network of warehousing and storage facilities, and a strong IT infrastructure, China is progressively emerging as one of the world's strongest players in logistics and transportation. Even before the epidemic began, the Asia-Pacific region had been a dominant force in the global freight forwarding industry. A new era in China's economic history has begun as a result of the country's e-commerce sector's rapid growth.

Therefore, China being the leading player in transportation and logistics in Asia Pacific region the future demand will be lucrative for fuel card market due to increase use of gasoline, petrol, etc., thus, China is expected to gain 210 BPS points over the 2022-2032 period.

Category-wise Insights

Growth of Fuel Card in Commercial Fleet Type?

Compared to the over-the-road category, the commercial fleet on the road holds a significant market share for fuel cards globally. By 2032, it is anticipated that the commercial fleet segment would generate additional transactional value opportunity worth more than US$ 2,725.3 billion. In comparison to the commercial fleet segment, the over-the-road fleet type segment is increasing more slowly. The lack of knowledge of the benefits of turning digital and the growing worry for card skimming among end users worldwide are blamed for the market's over the road type fleet segment's slow growth. Commercial fleet, which has a high concentration of truck fleet operators on the road and has a considerable growth rate, owned more than 85% of the market share in terms of value in 2021.

Why is Market Growth Being Led by the Truck Fleet?

The rising logistics industry will highly responsible for the increased penetration of fuel card market. Day by day the demand for petrol and gasoline is increasing in logistics industries due to increase usage of e-commerce industry. New use cases, such as involving enhanced truck & trailer telematics, will emerge as a result of the expansion of digital technologies and culture. Additionally, AI-based optimization techniques reduce expenses, low usage, and congestion.

According to the Fact.MR study, overall demand for truck fleet will increase at a Y-O-Y growth of 7.3% by the end of 2022.

Competitive Landscape

All the industry leader in ICT are making their own strategy to stand out from other competitors in the fuel card market. The brands like 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, 360Fuelcard, 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), Edenred other leading players have rolled up their sleeves to enter the market and make their brand presence in the segment.

The cards and payments sector is undergoing rapid change, which is being fueled by both technical advancements and shifting end user’s expectations and behavior. The creative methods used by fintech companies, the transformation of the customer experience by mobile devices, the embrace of social media by millennial customers, and legislative developments that have an impact on how business is conducted are all to blame for these changes. When compared to other product offerings in the cards sector, the development of payment methods and card products has fallen behind in the case of fuel cards. However, this is about to change due to the significant move toward payment digitization and the impact of the internet of things (IoT).

Fact.MR has provided detailed information about the price points of key market players of Fuel Card positioned across regions, sales growth, service capacity, and speculative technological expansion, in the recently published report.

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
    • Europe
    • East Asia
    • South Asia
    • Oceania
    • MEA

- FAQs -

The global fuel card market transactional value at US$ 1,433.0 billion in 2022.

Worldwide demand for fuel card is anticipated to reach transaction value of US$ 2,725.3 billion by 2032-end.

During 2017-2021, sales of Fuel Card increased at 5.3% CAGR.

Europe leads the global fuel card market accounting for 32.3% market share in 2022.

Universal fuel card accounts for 33% share of the global market in 2022.

Fuel Card Market

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