Fuel Cards Global Market Report 2024

The fuel cards market size has grown rapidly in recent years. It will grow from $802.61 billion in 2023 to $893.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The historical growth can be attributed to fluctuations in fuel prices, increased efficiency in fleet management, tracking and reporting of expenses, tax benefits, as well as enhancements in security and fraud prevention.

The fuel cards market size is expected to see rapid growth in the next few years. It will grow to $1324.17 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The forecasted growth is anticipated due to the global expansion of fleet operations, integration with telematics systems, an emphasis on sustainability, the increase of electric and hybrid fleets, and advancements in data analytics. Notable trends in the forecast period encompass the integration of digital wallets, contactless and mobile payments, AI-powered expense management, real-time transaction monitoring, as well as personalization and customization.

The anticipated growth of the fuel card market is driven by the expanding logistics sector. The logistics sector, responsible for collecting, manufacturing, and delivering materials and goods, benefits from fuel cards, which enable careful financial management, tracking of each driver's spending, and monitoring of fueling habits. For example, in June 2023, as reported by the Council of Supply Chain Management Professionals (CSCMP), the total expenditure on corporate logistics in the US reached a record high of $2.3 trillion in 2023, up from $1.85 trillion in 2022, constituting 9.1% of the country's GDP - a record GDP proportion.

The factor contributing to the growth of the fuel card market is the increasing preference for contactless payments. Contactless payment methods, characterized by secure and convenient transactions through tapping or waving contactless-enabled devices, are driving the adoption of fuel cards. These cards offer a secure and efficient payment option, allowing users to tap the card on a contactless reader for fuel transactions. In August 2023, according to UK Finance, the number of contactless card transactions reached $2.04 billion, marking a 4.8% increase from the $1.91 billion transactions recorded in August 2022. The cumulative value of contactless transactions in August amounted to $31.33 billion, reflecting a 7.7% rise from the $29.04 billion recorded in August 2022. Hence, the growing preference for contactless payments is a significant driver of the fuel card market.


Fuel card market is currently witnessing a prominent trend of product innovation. Major players in the fuel card market are dedicating their efforts to developing groundbreaking products to enhance their market share. In July 2022, BP p.l.c., a UK-based oil and gas company, partnered with First National Bank of Omaha (FNBO), a US-based financial services corporation, to introduce the BPme Rewards Signature Visa Credit Card. This innovative card represents an evolved version of traditional fuel cards, enhancing consumer benefits by integrating BPme Rewards with features commonly found in standard credit cards, including cash-back incentives and flexible redemption options. The BPme Rewards Visa extends more purchasing power to cardholders and provides additional opportunities to accumulate rewards as it is accepted wherever Visa is used.

Leading companies in the fuel card market are directing their focus toward developing innovative solutions, such as digital fuel technology applications. Digital Fuel Technology applications encompass a variety of digital solutions and technologies designed to optimize and streamline various aspects of fuel management and consumption. For instance, in April 2023, Transflo, a US-based software company, and Comdata, Inc., a US-based global leader in commercial payment solutions, unveiled the ‘Transflo Wallet’. This cardless fuel payment solution is based on a mobile app, enabling freight brokers to digitally send fuel to drivers and carriers. By leveraging Transflo's advanced mobile app technology along with Comdata's exclusive virtual card capabilities, the solution offers the most secure and user-friendly fuel payment experience in the industry.

In November 2021, Shell plc, a UK-based oil and gas company, completed the acquisition of MSTS Payments LLC and its Multi Service Fuel Card business from Multi Service Technology Solutions Inc., with the specific financial details remaining undisclosed. This acquisition equips Shell plc with the personnel, business infrastructure, and technology necessary to expedite the growth of its global corporate card business, client value propositions (CVPs), and services. MSTS Payments LLC, based in the US, specializes in providing fuel cards for trucking companies with real-time transaction authorization.

Major companies operating in the fuel cards market report are Exxon Mobil Corporation, TotalEnergies SE, Chevron Corporation, BP plc, Valero Energy Corporation, Repsol S.A., Suncor Energy Inc., Shell plc, U.S. Bancorp, Libya Oil Holdings Ltd., Puma Energy Holdings Pte Ltd., FirstRand Limited, Absa Bank Limited, Fleetcor Technologies Inc., Comdata Inc., WEX Inc., Ingenico Group, First National Bank, Fuel Genie Systems, CSI Voyager Fleet, W. A. G. Payment Solutions plc, Singapore Petroleum Company Limited, Wilhelm Hoyer GmbH & Co. KG, Coast, Edenred Essentials, Engen Petroleum Ltd., Fuelman Inc.

Europe was the largest region in the fuel card market in 2023. The regions covered in the fuel cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fuel cards market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Fuel cards come in various types, namely branded, universal, and merchant. Branded fuel cards are specifically issued by a particular type of fuel or gasoline station. The technology associated with these cards includes both smart cards and standard cards, facilitating various applications such as fuel refills, parking, vehicle services, toll charges, and more. These applications cater to the needs of both heavy and light fleet vehicles.

The fuel cards research report is one of a series of new reports that provides fuel cards market statistics, including the fuel cards industry's global market size, regional shares, competitors with fuel cards market share, detailed fuel cards market segments, market trends and opportunities, and any further data you may need to thrive in the fuel cards industry. This fuel cards market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The fuel card market consists of revenues earned by entities providing services such as fuel purchases, fuel expense tracking, fuel discounts, and customizable purchasing controls. The market value includes the value of related goods sold by the service provider or included within the service offering. The fuel card market also includes sales of fuel credit cards, major oil and gas cards, card lock network cards, and over-the-road fuel cards (OTR cards), which are used in providing fuel card services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.