Fuel Card increased at 5.3% CAGR During The Forecast Period 2032

The Fuel Card Market is expected to increase at a 6.6% CAGR to reach a transaction value of US$ 2,725.3 billion by the end of 2032, up from US$ 1,433.0 billion in 2022.By the end of 2022, universal fuel cards would have accounted for around one-third of the global fuel card industry.

Fuel Card Sales Analysis Compared to Market Outlook for 2022 to 2032

A variety of macroeconomic and microeconomic factors, such as increased urbanization and transportation needs, the adoption of digital payment systems, and the requirement for better fleet management, continue to have an impact on the global fuel card industry. Global developments in the fuel card sector are being supported by increased desire to reduce gasoline costs and more effectively combat fraudulent transactions.

A fuel card is a payment card that, like a credit card, may only be used to purchase fuel, such as gasoline, diesel, or petrol. Businesses and fleet managers use fuel cards to allow their drivers to charge their gas expenses to the business account.

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Competitive Landscape:

The cards and payments sector is rapidly evolving, owing to both new technology and shifting end-user expectations and behavior. Fintech companies' new techniques, mobile devices' adjustment of the customer experience, millennial clients' usage of social media, and legislative changes affecting how business is performed are all to blame for these transformations. When compared to other card product offerings, the progress of payment methods and card products has lagged in the case of fuel cards. This will change, however, as a result of the significant move toward payment digitization and the implications of the internet of things (IoT).

Key Players:

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

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Regional Analysis:

As a result of the convergence of the banking and IT industries, individual banks' global operations have experienced dramatic digital revolutions. When it comes to financial operations, multinational corporations and large commercial organizations are embracing the digitization trend. The growing prevalence of digital banking in North America and Europe indicates faster and more accurate financial transactions related to enterprises.

Because of variables such as political restraints, good road, rail, and transit infrastructure, a large network of warehouse and storage facilities, and a strong IT infrastructure, China is slowly becoming one of the world's top players in logistics and transportation. Before the outbreak, the Asia-Pacific region dominated the worldwide freight forwarding sector. China's e-commerce business has grown rapidly, ushering in a new era.

Due to the increased usage of gasoline, petrol, etc., and China's position as the dominant player in transportation and logistics in the Asia Pacific area, there will be profitable future demand for fuel cards.

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

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