Fuel Card Market Companies
                     Fuel Card Market Research Report- Forecast till 2023 
Market Highlights 
In 2016, the global fuel cards market 2020 was valued at USD 595,720 million. It has been 
estimated that it will reach USD 842,410 million by 2023, growing at the CAGR of 5.8% from 2017-
2023. Due to rise in mobile payments, increase in digitalization in various regions, growth 
associated with prepaid cards, a significant amount of growth is expected in the global fuel card 
market. Rising pricing, product offerings, ingenious product introduction is contributing immensely 
towards the growth of global market. Vendors are investing bulky amounts to improve the fuel card 
experience. The Asia-Pacific Fuel Card market is estimated to show the highest CAGR. India, Japan, 
China and Australia are expected to allow profitable opportunities for key market players. Exposure 
to internet has allowed the users to have the privilege of using plastic money instead of hard cash. 
Several banks have stated that the new age segment is one of the essential factors implementing 
sale transactions through fuel cards, in order to avoid manual work like auditing. Countries in Latin 
America, Africa and the Middle East are yet not technologically advanced which may cause 
hindrance in the global market growth. Today, fuel cards are being used as a debit card. It allows 
the driver to pay for fuel, repairs, and maintenance. Initially, fuel cards were utilised by trucking 
companies. However, the demographics have changed past few years. These are few of the 
substantial factors which bring an impact on the fuel card market. 
Market Boosters and Key Barriers  
Fuel card offers a dynamic outlook of the operations to fleet managers, in addition to helping 
drivers make cashless payment for fuels and other expenses. In recent years, fuel cards have been 
used in conjunction with telematics to make use of GPS data for purchasing data. This is done to 
track the fleet and driver performance. The latest study by Fleetmatics reveals that telematics helps 
bring down the fuel consumption by 573 million gallons per year, which has managed to save close 
to USD 2.2 Bn. 
The global fuel card market could benefit most from the soaring demand for cashless fuel 
transactions. Rise in the number of value-added services related to fuel cards also adds to the 
market strength. Apart from this, numerous loyalty offerings are given to retain customers in the 
face of evolving market space.  
Fuel card manufacturers are making extensive use of online channels as well as mobile applications 
to offer services. This provides an omnichannel experience to the users. To increase the adoption of 
fuel cards, host card emulation is now being used which offers in-house payment solutions. 
Segmentation: 
The global fuel card market is categorisedon the basis of card, type, application, vehicle and 
geography. 
On the basis of card, the fuel card can be segmented into business fuel card, individual fuel card, and 
prepaid fuel card. Out of all these, business fuel card has an extensive lead in the market. 
By Type, the fuel card can be categorised into branded, universal, and merchant. 
On the basis of Application, the fuel card market can be categorised into fuel refill, parking, vehicle 
service, toll charge, and others. Toll charge leads the pack with a 
By Vehicle Type, the fuel card market can be segmented into Heavy Fleets and Light Fleets. Heave 
Fleets segment has the market lead.By Application, the fuel card market can be segmented into fuel 
refill, parking, vehicle service, toll charge, and others. Toll charge leads the pack with a considerable 
amount of revenue. By Geography, the fuel card market can be categorised into Europe, North 
America, Middle East, Asia-Pacific, and Africa (MEA) and South America. 
Regional Segmentation 
 North America holds the maximum amount of card fuel share. The cashless approach, penetration 
of the internet at every stage have a high effect on the fuel card market share. The U.S.A plays a 
significant role in increasing the market growth.The APAC region is estimated to change the game 
in coming years. The region is expected to show the maximum growth during the forecast period. 
India, China, and Japan are anticipated to take over the monopoly due to dense population and 
increasing usage of vehicle. 
Key Competitors 
 The fuel card market companies are Royal Dutch Shell (Netherlands), Exxonmobil (U.S), BP (U.K), 
FleetCor Technologies, Inc. (U.S), Wex Inc. (U.S), Oilibya (Libya), Puma Energy (Singapore), Engen 
Limited (South Africa), First National Bank (U.S), Britsh Petroloeum (U.K), Fuelman (U.S), Arco 
Limited (U.K), and Comdata (U.S). Industry Updates: Feb 2020 Sinclair Oil and Wex have announced 
to extend their 15-year-old partnership. Wex assists the Sinclair Fleet Track Card which allows fleet 
managers in automatic accounting, reports and tools for saving. The security features help in 
preventing unauthorized use and allows the managers to keep a check on the expenses based on 
produce type, dollar amount, time of day and the other details.