Fuel Cards Market Report 2023-2028, Size, Industry Trends & Forecast

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IMARC Group expects the market to reach US$ 1,424.9 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.

According to the latest report by IMARC Group, "Global Fuel Cards Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028", the global fuel cards market size reached US$ 732.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,424.9 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.

Fuel cards are payment solutions utilized for budgeting and managing vehicle-related expenses while reducing the hassle of administrating costly reimbursements and expense reports. They can be used by employees who operate corporate vehicles for maintenance and other related costs and repairs. Fuel cards are generally protected via individual personal identification numbers (PINs) and anti-fraud technology to make tracking easier. They manage multiple cards, offer online access to the linked account, set up reporting systems, and assist in downloaded statements. As a result, fuel cards find widespread applications for individual and corporate vehicles.

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Fuel Cards Market Trends and Drivers:

The escalating demand for digital payment methods, the incorporation of the internet of things (IoT), and the increasing focus on efficient fleet administration are driving the fuel cards market. Besides this, the elevating utilization of these solutions by small and medium-scale enterprises (SMEs) to set spending limits, track purchases in real-time, and manage expenses is further augmenting the market growth.

Apart from this, the integration of fleet fuel cards with embedded chips and the introduction of smartcards, which are more durable than magnetic strips, quick response (QR) codes, and near-field communication (NFC) technology via mobile apps to handle payments are also catalyzing the global market.

Moreover, the growing popularity of these solutions that offer discounted prices and other rebates to consumers is acting as another significant growth-inducing factor. Furthermore, the development of customized solutions with detailed reporting is expected to bolster the fuel cards market in the coming years.

Global Fuel Cards Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Fuel Cards Companies:

FirstRand Limited, FleetCor Technologies Inc., Puma Energy (Trafigura Group Pte. Ltd.), Absa Group Limited, BP p.l.c., Chevron Corporation, Engen Petroleum Ltd., Exxon Mobil Corporation, Shell plc, TotalEnergies SE, U.S. Bancorp and WEX Inc.

The report has segmented the market on the basis of type, technology, application, end user and region.

Breakup by Type:

  • Branded
  • Universal
  • Merchant

Breakup by Technology:

  • Smart Cards
  • Standard Cards

Breakup by Application:

  • Fuel Refill
  • Parking
  • Vehicle Services
  • Toll Charges
  • Others

Breakup by End User:

  • Individual
  • Corporate

Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

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Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porters Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

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