Fuel Card Market Share

North America Market Statistics

The fuel card market in the North America gained market revenue of USD 245.1 billion in 2023. The market expansion in the region is expected on account of the extensive use of commercial vehicles and fleets across the continent. Additionally, the market is growing due to the presence of significant key players, such as financial institutions, fuel retailers, and specialized fleet management companies. These businesses provide a variety of services, such as fleet operator-specific reporting tools, fuel purchase, and expense management.

The United States have a high concentration of trucking companies, delivery services, and logistic firms all of which heavily rely on fuel cards to manage their fleets efficiently. According to the US Department of Transportation, as of June 2022, there were around 2 million registered trucking companies in the US.

Canada showed an increasing demand for delivery services. A report by IBIS World in 2024 propelled that there was an increase of 3.7% every year between 2018 and 2023 in the local delivery and courier services. Furthermore, Canadian commercial vehicle owners are increasingly drawn by the capacity of the fuel card to easily manage costs and track carbon footprints, which will help improve their shift toward sustainability.

APAC Market Analysis

By 2036, Asia Pacific fuel card market is estimated to account for around 25% revenue share, credited to the surge in urbanization, as UN-Habitat estimated in 2024 that the share of urban population in Asia Pacific landscape will cross more than 50% by 2050.

The market in China is propelling due to the elevating fuel prices and growing volumes of fuel sold through fuel cards. Moreover, there has been an expansion in economies which will act as a growing factor for the fuel card market in this region. According to a 2024 published report, China’s economy gained 5.2% in their economy as compared to 2023.

There has been a high demand for logistics solutions for efficient transportation as this sector is at the surge in the Japan region. Trading Economics estimated that the transportation industry in Japan witnessed a growth of 153 million in 2023 from 134 million in 2021.