Fuel Card Market Size

Fuel Card Market size was over USD 616.2 billion in 2023 and is projected to reach USD 4.1 trillion by the end of 2036, growing at around 16.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of fuel card is assessed at USD 711.7 billion.

The fuel card market is driven by the growing number of small to medium-sized trucking businesses (SMB) and larger fleet companies. Businesses rely on fuel cards to enable drivers and carriers to manage fuel purchases, minimize fraud, and simplify logistics. A fleet card report provides the fuel consumption and mileage for vehicles, allowing fleet managers to set limits on purchases and discourage card misuse. Furthermore, the growing usage of online payment modes for cashless fuel transactions is fostering fuel card market adoption. A May 2024 World Bank survey, estimated that between 2017 and 2020 the cashless transactions per person boosted from 91 to 135 annually, and is expected to show a significant growth rate of 76% from 2025 to 2030.

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of the fuel card market was over USD 616.2 billion.

The market size of the fuel card market is projected to cross USD 4.1 trillion by the end of 2036 expanding at a CAGR of 16.9% during the forecast period i.e., between 2024-2036.

The major players in the market are BP, Absa Group Limited, FLEETCOR, Chevron, ENGE, China Sinopec, U.S. Bancorp, ARCO, Allstar, and others.

In terms of type, the universal segment is anticipated to garner the largest revenue share of 58.1% by 2036 and display tremendous growth opportunities during 2024-2036.

The market in the North American region is projected to hold the largest revenue share of 46.1% by the end of 2036 and provide more business opportunities in the future.

Fuel Card Market Size