Fuel Card Market Report 2025 (Global Edition)

Global Fuel Card Market Report 2024 Market Size Split by Card Type (Branded, Universal, Merchant), by Applications (Fuel Refill, Parking, Vehicle Service, Value-Added Services, Toll Charge, Telematics...

Fuel Card Market Report Description

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Fuel Card Market Insights Video

Competitive Landscape of the Fuel Card Market

In the fuel card market's competitive landscape, numerous key competitors are driving innovation and growth. Key players in the market adopt strategies such as technological innovations to improve fuel efficiency, partnerships for expanding market reach, mergers and acquisitions to strengthen portfolios, and regional expansions to tap emerging markets. These strategies enhance competitiveness and address stringent emission regulations globally.

In August 2021, U.S. Bank has collaborated with Mastercard to introduce the U.S. Bank Voyager Mastercard, expanding its fleet card services. This card allows users to pay for various fleet-related expenses at existing Voyager merchant locations and anywhere Mastercard is accepted. Fleet managers can tailor spend controls for drivers and vehicles, overseeing an array of purchases beyond fuel and maintenance. The card covers tolls, emergency repairs, international fuel purchases, and more. (Source: https://www.businesswire.com/news/home/20210824005131/en/U.S.-Bank-Partners-With-Mastercard-to-Launch-the-U.S.-Bank-Voyager-Mastercard-for-the-Fleet-Industry)

Top Companies Market Share in Fuel Card Industry: (In no particular order of Rank)

• FLEETCOR
• WEX Inc.
• WAG Payment Solutions PLC
• P. PLC
• Exxon Mobil
• Royal Dutch Shell
• Radius
• S. Bancorp
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Fuel Card Market

Which Region Dominates the Fuel Card Market in 2024?

According to Cognitive Market Research, North America currently dominates the fuel card market, and the region is expected to have significant growth during the projected period. This is due to the region's rising fleet management needs, growing adoption of digital payment solutions, and the demand for enhanced expense tracking. Companies leverage fuel cards for real-time fuel usage insights, improved security, and cost-efficiency.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR) due to the expanding logistics and transportation sector, heightened fleet management needs, and increasing digitalization in payment solutions. Fuel cards offer businesses better expense control, detailed reporting, and reduced fraud risks, all of which appeal to companies managing large fleets.

The current report Scope analyzes Fuel Card Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Fuel Card

According to Cognitive Market Research, the global fuel card market size was estimated at USD 1751.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 700.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the fuel card market with a market size of USD 552.68 million in 2024 and is projected to grow at a CAGR of 8.2% during the forecast period. The US market's increasing use of developing technology.
• The Canada fuel card market had a market share of USD 84.06 million in 2024 and is projected to grow at a CAGR of 9.2% during the forecast period. Canada’s development of various technologies.
• The Mexico fuel card market is projected to witness growth at a CAGR of 8.9% during the forecast period, with a market size of USD 63.74 million in 2024.

Europe Fuel Card

According to Cognitive Market Research, the global fuel card market size was estimated at USD 1751.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 525.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.

• The United Kingdom fuel card market had a market share of USD 88.26 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. In the UK, fuel card sales witness an upswing due to the advancements in technology.
• The France fuel card market is projected to witness growth at a CAGR of 7.9% during the forecast period, with a market size of USD 48.33 million in 2024.
• According to Cognitive Market Research, the German fuel card market size was valued at USD 104.02 million in 2024 and is projected to grow at a CAGR of 8.9% during the forecast period. In Germany, fuel card surged due to the increased focus on the major market players.
• The Italy fuel card market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD 45.18 million in 2024.
• The Russia fuel card market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 81.43 million in 2024.
• The Spain fuel card market is projected to witness growth at a CAGR of 7.8% during the forecast period with a market size of USD 43.08 million in 2024
• The Luxembourg fuel card market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD 16.29 million in 2024.
• The Portugal fuel card market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 11.03 million in 2024.
• The Greece fuel card market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 6.30 million in 2024.
• The Rest of Europe's fuel card market is projected to witness growth at a CAGR of 7.4% during the forecast period, with a market size of USD 81.43 million in 2024.

Asia Pacific Fuel Card

According to Cognitive Market Research, the global fuel card market size was estimated at USD 1751.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 402.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.

• According to Cognitive Market Research, the China fuel card market size was valued at USD 181.25 million in 2024 and is projected to grow at a CAGR of 11.7% during the forecast period. Fuel card surged in China due to the increased focus of the major market players.
• The Japan fuel card market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD 55.58 million in 2024.
• The India fuel card market had a market share of USD 48.33 million in 2024 and is projected to grow at a CAGR of 14.0% during the forecast period. India's increasing demand for big data analytics.
• The South Korean fuel card market is projected to witness growth at a CAGR of 11.3% during the forecast period, with a market size of USD 40.28 million in 2024.
• The Australian fuel card market is projected to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 20.94 million in 2024.
• The South East Asia fuel card market is projected to witness growth at a CAGR of 13.2% during the forecast period, with a market size of USD 27.79 million in 2024.
• The Rest of Asia Pacific fuel card market is projected to witness growth at a CAGR of 12.0% during the forecast period, with a market size of USD 28.60 million in 2024.

South America Fuel Card

According to Cognitive Market Research, the global fuel card market size was estimated at USD 1751.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 87.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil fuel card market size was valued at USD 37.48 million in 2024 and is projected to grow at a CAGR of 10.20% during the forecast period. Fuel card market flourished in Brazil due to rising demand for cost-effective fuel management solutions.
• Argentina's fuel card market had a market share of USD 14.71 million in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period. Argentina's growing number of commercial fleets.
• Colombia fuel card market is projected to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD 7.79 million in 2024.
• Peru fuel card market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 7.18 million in 2024.
• Chile fuel card market is projected to witness growth at a CAGR of 9.9% during the forecast period, with a market size of USD 6.30 million in 2024.
• The Rest of Latin America's fuel card market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 14.10 million in 2024.

Middle East and Africa Fuel Card

According to Cognitive Market Research, the global fuel card market size was estimated at USD 1751.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 35.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.

• The GCC Countries' fuel card market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD 14.99 million in 2024. Fuel Card sales flourish due to the presence of major market players.
• The Egypt fuel card market is projected to witness growth at a CAGR of 10.20% during the forecast period, with a market size of USD 3.68 million in 2024.
• The South Africa fuel card market is projected to witness growth at a CAGR of 10.9% during the forecast period, with a market size of USD 5.53 million in 2024. Fuel card flourished in South Africa due to the expansion of digital services and smart technologies.
• The Turkey fuel card market is projected to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD 3.01 million in 2024.
• The Nigeria fuel card market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 3.68 million in 2024.
• The Rest of the MEA fuel card market is projected to witness growth at a CAGR of 8.9% during the forecast period, with a market size of USD 4.13 million in 2024.

Fuel Card Market Analysis

Fuel Card Market Card Type Segment Analysis

According to Cognitive Market Research, the universal segment holds the largest share of the market due to the rising demand for streamlined fleet management and cost control, enabling businesses to monitor fuel expenses, reduce fraud, and enhance reporting. The integration of digital payment solutions, growth in logistics, and fuel price volatility also fuel adoption, particularly among enterprises seeking operational efficiency and transparent fuel spending.

In the fuel card market, merchant has been expanding at a rapid pace due to the increasing need for efficient fleet management, reducing unauthorized fuel purchases, and controlling expenses. Businesses benefit from real-time tracking, simplified billing, and fuel discounts, boosting market demand.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Fuel Card Industry. Request a Free Sample PDF!

Fuel Card Market Applications Segment Analysis

According to Cognitive Market Research, the fuel refill segment holds the largest share of the market due to the growing need for efficient fuel management, cost control, and convenience among businesses. Increasing adoption of telematics, fleet management solutions, and rising fuel prices further propel demand, facilitating seamless transactions and enhanced operational efficiency for fleet operators and consumers.

In the fuel card market, vehicle service have been expanding at a rapid pace due to the rising fuel costs, increased vehicle fleet operations, and demand for cost-effective fleet management solutions. Fuel cards streamline fuel purchasing and offer detailed reporting, enhancing operational efficiency.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Fuel Card End Users Segment Analysis

Fuel Card Market End Users Segment Analysis

According to Cognitive Market Research, the SMEs segment holds the largest share of the market due to the growing need for cost control, enhanced fuel management, and improved operational efficiency. These cards offer benefits such as streamlined expense tracking, fraud prevention, and discounts at fuel stations, making them an essential tool for managing transportation and logistics costs effectively.

In the fuel card market, large enterprise have been expanding at a rapid pace due to the rising need for cost management, enhanced control over fuel expenditures, and improved operational efficiency. Companies seek to streamline fuel purchasing, manage driver behavior, and gain insights through data analytics, leading to optimized fleet operations and reduced operational costs.

• Sole Traders
• SMEs
• Large Enterprise

Fuel Card Technology Segment Analysis

Fuel Card Market Technology Segment Analysis

According to Cognitive Market Research, the smart cards segment holds the largest share of the market due to the increasing demand for secure, convenient payment solutions, enhanced fraud protection, fuel management efficiency, and the growing adoption of contactless payments across industries, improving operational efficiency and customer experience.

In the fuel card market, standard cards have been expanding at a rapid pace due to the increasing demand for fleet management, fuel efficiency, and cost control. Businesses are adopting these cards to streamline expenses, improve tracking, and enhance operational efficiency, fostering growth in the sector.

• Smart Cards
• Standard Cards

Fuel Card Vehicle Type Segment Analysis

Fuel Card Market Vehicle Type Segment Analysis

According to Cognitive Market Research, the medium duty (Class 3-6) segment holds the largest share of the market due to increasing demand for efficient fleet management, cost control, and fuel tracking. Enhanced security features and partnerships with fuel providers further boost adoption among businesses managing medium-duty vehicles.

In the fuel card market, heavy duty (Class 7-8) have been expanding at a rapid pace due to the increasing fuel costs, the need for efficient fleet management, enhanced tracking of fuel expenditures, and the push for sustainability through alternative fuels and technologies in logistics.

• Light Duty (Class 1-2)
• Medium Duty (Class 3-6)
• Heavy Duty (Class 7-8)

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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