Fuel Cards Market Analysis

Fuel Cards Market Analysis

Based on card type, the fuel cards market is divided into branded fuel cards and universal fuel cards. The universal fuel cards segment accounted for over 60% market share in 2022 and will be valued at over USD 1,519 billion in 2032. The universal fuel cards offers greater flexibility to the user along with, convenience and expense control for the massive fleets of trucks and other commercial vehicles. With the assistance of universal fuel cards, the fleet managers have the leverage to get access to larger network of the gas stations. It also benefits the users with greater streamlined fuel management, to monitor and get control over the fuel expenditure.
 

Based on vehicle type, the fuel cards market is categorized into fleet/commercial fuel cards and individual fuel cards. Companies that are operating in fleet management offer reimbursement to pay their drivers and other employees for costs which is associated with the transport vehicles in the fleet. The process of reimbursement requires a time taking administrative work to check receipts, odometers, and to ensure the drivers’ purchases. The fleet fuel cards come handy to mitigate this time-consuming process to reimbursement, while doing the fuel purchasing part. The fleet fuel card benefits the fleet manager to control the expenses and monitor the consumption.
 

Based on application, the fuel cards market is categorized into fuel refill, parking, vehicle service, and toll charges. The fuel refill segment held a market share of over 65% in 2022. The fuel refill is the most used application in fuel cards. The fuel cards are the prominent solution for fuel refilling with other services regarding transport vehicles. The purchase of fuel refill is an important aspect of transportation, comparing with the other services such as, parking charges, vehicle services and toll charges.
 

North America fuel cards market was valued at over USD 215 billion in 2022 and will grow at a CAGR of over 14% in 2032. North America has the most technologically advanced trucking industry, and the trucking industry is implementing the latest technologies to levitate their competitive grounds. These fuel cards vendors are getting incorporated into the trucking business to gain a prominent customer base and grow their reach into the industry.. Due to the rise in fuel prices, it is vital for the fleet management companies to optimize their expenditures while monitoring and controlling the expenses with the help of fuel cards.