Global Fuel Cards Market Overview 2023-2028

The global fuel cards market sizereached US$ 732.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,424.9 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.

Fuel cards, also called fleet cards or gasoline cards, are specialized payment cards that enable businesses to manage and streamline their fuel-related expenses. They often consist of detailed reporting features, which provide companies with comprehensive insights into fuel consumption patterns, allowing for better decision-making and cost optimization. They allow cardholders to purchase gasoline, diesel, or other vehicle-related expenses at fuel stations. They are typically issued by financial institutions or fuel companies. They are made for small businesses with a few company cars and large enterprises with extensive vehicle fleets. They offer several key benefits, including real-time expense tracking, enhanced security measures, and setting spending limits and purchase restrictions.

Global Fuel Cards Market Trends and Drivers:

At present, the increasing adoption of fuel cards by companies to enhance fleet management efficiency represents one of the crucial factors facilitating the market growth. Additionally, the rising need for cost control and better expense management is propelling businesses to use fuel cards to set spending limits, restrict purchases to fuel-related items, and negotiate discounts with fuel providers. Besides this, the growing reliance on contactless payment technology in fuel cards for enhancing the convenience and speed of transactions is positively influencing the market. Moreover, the increasing number of tax and compliance benefits in fuel cards, such as detailed transaction records, is making it easier for companies to claim tax deductions and accurately reimburse employees for business-related fuel expenses. In addition, the rising integration of fuel cards with telematics systems, allowing businesses to gather more data about the performance and fuel efficiency of their vehicles, is supporting the market growth. Furthermore, the growing implementation of government regulations, emissions standards, and reporting requirements are encouraging businesses to use fuel cards to monitor and reduce their environmental impact. Apart from this, the increasing customization and flexibility options in fuel card programs are allowing key market players to tailor their offerings to specific needs and integrate them with other business expense management tools and systems.

Global Fuel Cards Market 2023-2028 Analysis and Segmentation:

Top Key Players covered in this report are: Absa Group Limited, BP p.l.c., Chevron Corporation, Engen Petroleum Ltd., Exxon Mobil Corporation, FirstRand Limited, FleetCor Technologies Inc., Puma Energy (Trafigura Group Pte. Ltd.), Shell plc, TotalEnergies SE, U.S. Bancorp and WEX Inc.

The report segmented the market on the basis of region, type, technology, application and end user.

Breakup by Type:

• Branded
• Universal
• Merchant

Breakup by Technology:

• Smart Cards
• Standard Cards

Breakup by Application:

• Fuel Refill
• Parking
• Vehicle Services
• Toll Charges
• Others

Breakup by End User:

• Individual
• Corporate

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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