Fuel Cards Market Size

Fuel Cards Market Size

Fuel Cards Market size was valued at USD 532.5 billion in 2022 and is anticipated to register a growth at over 15.5% CAGR by 2032. The global freight trucking market saw a boom post the COVID-19 pandemic.

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The trucking companies are in the constant battle to cut down their costs to generate more revenue and bring down the indirect expenses. The fuel cards offer these businesses the liberty to manage the freights fuel consumption, mileage, and other important metrics. Fuel cards brings the convenience to the businesses in detailed transaction data to apply cost saving measures.

The integration of the telematics in the commercial vehicles has numerous benefits to the car companies, including maintenance requirements, real time fuel consumption monitoring, location tracking, and drivers’ behavior analysis. By integrating this technology with fuel cards, companies would have a technological edge to monitor the performance of the vehicle and the driver assigned to the vehicle.

The increasing demand of the fuel cards are also being in the spotlight of facing problems such as, data breaching, fraudulent activity and misuses of the fuel card. There is a constant threat of falling prey to frauds and losing personal credentials to the fraudsters, where-in some cyber-attacks may attempt to get unauthorized access to the fuel cards’ data or even clone the actual fuel card. For these reasons the fuel cards can create a hassle while the fleet management would face the losses in an indirect manner.