Fuel Card Market By Type of Card (Branded Cards, Universal Cards, Merchant Cards); By Application (Fuel Reimbursement, Vehicle Maintenance, Toll Payments, Other Operational Expenses); By Vehicle Type (Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Passenger Vehicles); By End User (Trucking & Logistics Companies, Delivery & Courier Services, Oil & Gas Enterprises, Corporate Fleets, Government Fleets, Others); By Geography, Segment Revenue Estimation, Forecast, 2024–2030

Introduction And Strategic Context

The Global Fuel Card Market will witness a robust CAGR of 6.9% , valued at $775.4 billion in 2024 , and is expected to appreciate and reach $1,160.7 billion by 2030 , confirms Strategic Market Research.

 

Fuel cards, also known as fleet cards, are specialized payment instruments issued by fuel providers or financial institutions that allow vehicle owners and fleet operators to manage fuel purchases and vehicle expenses efficiently. These cards offer a centralized platform for tracking fuel-related expenditures, enabling enhanced budgeting, fraud control, and reporting features for businesses of all sizes. In recent years, fuel cards have evolved from simple payment tools to integrated telematics-enabled platforms that deliver real-time fleet management capabilities.

 

The strategic relevance of fuel cards in the period from 2024 to 2030 lies in their intersection with key macroeconomic and technological forces. The ongoing digitalization of transportation and logistics, the expansion of connected fleet ecosystems, and regulatory moves toward fuel efficiency and carbon accountability are reshaping fleet payment infrastructure. Governments across North America and Europe are mandating tighter controls on commercial fleet emissions and expense management, while emerging economies are rapidly adopting digital fuel solutions to address fuel theft and operational inefficiencies.

 

The convergence of fintech with mobility solutions is also redefining fuel card functionalities — transforming them into smart tools for cost optimization, tax automation, driver behavior monitoring , and emissions reporting. Additionally, the market is poised to benefit from the widespread deployment of 5G, IoT -based fleet telematics, and advanced ERP integrations.

 

Key stakeholders in this dynamic market include fuel card issuers , fleet management companies , petroleum retailers , logistics operators , government agencies , corporate enterprises , and fintech developers . While large-scale fleet owners dominate the traditional user base, small and mid-sized enterprises are rapidly entering the fold, driven by flexible digital onboarding, mobile-based card issuance, and value-added benefits such as discounts, loyalty programs, and cross-border refueling capabilities.

 

Experts forecast that by 2030, the role of fuel cards will extend beyond fuel expense tracking to include full-spectrum vehicle cost management, including tolls, repairs, insurance, and energy (EV charging) — making them critical tools in the evolving mobility economy.

 

Market Segmentation And Forecast Scope

The global fuel card market is structured across multiple dimensions that reflect the complexities of the fleet management and fuel payments ecosystem. Strategic Market Research segments the market by Type of Card , Application , Vehicle Type , End User , and Region . This segmentation provides clarity into how various industries utilize fuel cards and reveals growth levers across geographies and customer profiles.

By Type of Card

• Branded Cards

• Universal Cards

• Merchant Cards

Branded cards, issued by oil companies like Shell or BP, dominate the market with over 43.5% share in 2024 , owing to brand loyalty and deep station networks. However, universal cards are projected to grow the fastest , driven by demand for cross-brand flexibility and integration with telematics and financial systems.

 

By Application

• Fuel Reimbursement

• Vehicle Maintenance

• Toll Payments

• Other Operational Expenses

While fuel reimbursement remains the core application, the rise of bundled services — such as real-time maintenance alerts and automated toll collection — is expanding the operational relevance of fuel cards .

 

By Vehicle Type

• Light Commercial Vehicles (LCVs)

• Heavy Commercial Vehicles (HCVs)

• Passenger Vehicles

Heavy Commercial Vehicles (HCVs) are the largest adopters, particularly in freight-heavy economies like the U.S., Germany, and China. The LCV segment is gaining traction, driven by last-mile logistics and e-commerce delivery growth .

 

By End User

• Trucking & Logistics Companies

• Delivery & Courier Services

• Oil & Gas Enterprises

• Corporate Fleets

• Government Fleets

• Others (Rental Agencies, Utilities, etc.)

Trucking and logistics companies represent the largest end-user segment due to their need for centralized fuel expense control across geographically dispersed fleets. Corporate fleets and government agencies are accelerating adoption due to increasing fuel policy compliance and digital payment mandates.

 

By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

North America leads the global market in 2024 due to its mature fuel infrastructure, widespread digital adoption, and the presence of large fleet management firms. However, Asia Pacific is expected to be the fastest-growing region from 2024 to 2030 , driven by fleet expansion in India, Southeast Asia, and urbanizing China.

 

Market Trends And Innovation Landscape

The global fuel card market is undergoing a profound transformation, shaped by the intersection of fintech innovation, smart mobility, and data-driven fleet management. Traditional fuel cards are rapidly being replaced or augmented by AI-enhanced, API-integrated, and mobile-first solutions that deliver end-to-end visibility into vehicle performance and fuel-related costs.

Trend 1: Integration with Telematics and IoT

One of the most defining trends is the convergence of fuel cards with telematics systems. Modern fuel cards are now embedded within vehicle tracking software and IoT dashboards , offering real-time fuel usage insights, route optimization, and driver behavior analytics. This integration enables fleet operators to minimize fuel wastage, detect anomalies like unauthorized fueling, and automate mileage-based reporting.

Fleet management platforms such as Geotab , Verizon Connect, and TomTom Telematics have actively partnered with card issuers to unify fuel transactions with location-based services, creating holistic data ecosystems.

 

Trend 2: Shift Toward Contactless and Mobile-Enabled Fuel Cards

Contactless payment options and mobile-based fuel card issuance have emerged as key innovations post-2020. Companies are deploying virtual cards linked to digital wallets or QR-based authorization systems , minimizing fraud and enhancing user convenience at unmanned or smart fuel stations.

As fuel stations modernize infrastructure with NFC and QR code readers, mobile-first fuel card models are expected to become the norm — especially for SME fleets and solo drivers.

 

Trend 3: Carbon Reporting and ESG Compliance

Environmental transparency is becoming a non-negotiable metric for commercial fleets. Several card providers have started integrating CO2 tracking modules to help businesses monitor the carbon footprint of each fuel transaction. This enables real-time ESG reporting and prepares fleets for upcoming carbon taxation policies in the EU and other regulated markets.

Fuel cards will soon serve as decarbonization tools, offering incentives for cleaner fuel choices and integration with carbon offset platforms.

 

Trend 4: AI and Predictive Analytics

AI-driven analytics tools are being layered onto fuel card dashboards to forecast fuel spend, detect fraudulent activity, and recommend optimal fueling behavior. Advanced spend forecasting models are helping companies set accurate fuel budgets per route, vehicle type, and geography.

AI also enables dynamic alerts, such as identifying driver deviations from authorized fuel stations, thereby reducing misuse and unauthorized fuel purchases.

 

Innovation Landscape and Ecosystem Partnerships

Leading card issuers are actively forming alliances with fintech startups, digital banks, and vehicle OEMs to expand their value propositions. Examples include:

• Embedded APIs that connect fuel cards to ERP systems for real-time reimbursement

• Blockchain pilots for tamper-proof fuel transaction records

• EV integration allowing hybrid fleets to charge at partner charging stations using the same fuel card

The innovation frontier is clearly shifting from transaction processing to ecosystem orchestration — with fuel cards becoming digital enablers of total fleet cost intelligence.

 

Competitive Intelligence And Benchmarking

The global fuel card market is moderately consolidated, with a blend of traditional oil companies, financial institutions, and specialized fleet service providers vying for dominance. Strategic partnerships, regional customization, and digital transformation strategies differentiate the key players.

Below are some of the leading companies in the market:

Shell

Shell remains one of the most dominant players, leveraging its expansive fuel station network and branded card programs. Its fuel card strategy emphasizes deep telematics integration, loyalty-driven value propositions, and high compatibility with corporate fleet software. Shell Fleet Solutions offers bundled analytics dashboards that enable fleet managers to reduce fuel costs and improve route efficiency .

 

WEX Inc.

WEX is a U.S.-based leader in fleet payments, known for its multi-network card programs that cater to trucking firms, SMEs, and government agencies. WEX offers universal acceptance cards, strong fraud control features, and high adoption among logistics fleets. Its platform is recognized for real-time transaction visibility and AI-powered spend alerts , driving customer retention across North America and Europe.

 

BP

BP operates through its branded BP Plus and Aral fuel card services, particularly in Europe. The company is focusing on cross-border refueling, seamless toll coverage, and EV charging compatibility. BP has also made substantial strides in carbon offset-linked fuel card programs , enabling businesses to monitor and offset fleet emissions through integrated ESG tools.

 

FLEETCOR Technologies

FLEETCOR is a diversified payments and fleet services company, owning brands like Fuelman , Comdata , and AllStar Business Solutions . It distinguishes itself through scalable enterprise solutions and a rich API ecosystem that integrates cards with payroll, tax, and telematics systems. Its white-label offerings appeal to regional fuel distributors looking to digitalize their customer base.

 

ExxonMobil

ExxonMobil offers fleet cards tailored for businesses seeking granular purchase controls. Their commercial card suite includes real-time fraud detection, multi-vehicle reports, and tiered discounts. ExxonMobil’s presence is strongest in North America, though it has recently initiated strategic expansions into Southeast Asia and Latin America , targeting growing transport hubs.

 

TotalEnergies

TotalEnergies plays a critical role in Europe and select parts of Africa and Asia, with its Total Card system supporting fuel, tolls, and parking. It stands out through its push toward digital fleet administration and sustainability reporting. The integration of EV charging within the same card system is gaining traction among hybrid fleets in France and Germany.

 

U.S. Bank Voyager

A notable banking-based player, U.S. Bank Voyager targets federal and municipal fleets with multi-brand acceptance and advanced purchase categorization. Its strength lies in fraud analytics and government contract compliance. The bank’s strong backend systems and auditing tools appeal to finance-driven fleet operations.

 

Competitive Landscape Takeaway : The most competitive players are expanding beyond fuel to include maintenance, tolling, and EV charging as value-adds. The differentiators moving forward will include platform interoperability, mobile-first UX, and carbon accountability features.

 

Regional Landscape And Adoption Outlook

The global fuel card market exhibits distinct adoption patterns across regions, influenced by differences in transportation infrastructure, regulatory environments, digital maturity, and fleet density. From advanced economies with established digital payment ecosystems to emerging markets prioritizing fuel fraud control and operational efficiency, fuel card uptake varies widely — both in function and scale.

North America

North America leads the global fuel card market in 2024, accounting for over 35% of global revenue , driven by the United States' mature logistics sector and widespread fleet digitization. Fuel card usage in the region is highly integrated with telematics, toll management, and compliance software , particularly in long-haul freight and government fleets.

The region benefits from:

• High credit infrastructure penetration

• Well-developed fuel station networks

• Strong participation from fintech players like WEX , Voyager , and Comdata

State mandates on commercial fleet emissions and mileage reporting are encouraging large enterprises to upgrade from basic cards to dynamic platforms with integrated reporting and real-time analytics.

 

Europe

Europe is the most mature and fragmented fuel card market, characterized by:

• Cross-border logistics complexity

• High diesel taxation

• A growing emphasis on carbon footprint tracking

The EU’s “Green Deal” targets and national carbon pricing schemes are pushing fleets to adopt cards with emissions monitoring and carbon offset integration , a feature prominently offered by BP , Shell , and TotalEnergies . Additionally, Europe’s EV transition is stimulating demand for dual-function cards that support both fuel and electric charging — especially in markets like Germany, the UK, and the Netherlands.

Fleet cards in Europe are increasingly bundled with pan-European toll and VAT recovery services, enhancing administrative efficiency for international fleets.

 

Asia Pacific

Asia Pacific is expected to be the fastest-growing region from 2024 to 2030, fueled by the explosive expansion of fleet operations in India, China, Southeast Asia, and Australia. As SMEs and e-commerce-driven last-mile logistics grow, fuel card issuers are tailoring offerings for:

• Motorbike fleets

• Light commercial vehicles (LCVs)

• Inter-city bus services

Mobile-first issuance, QR-based payments, and simplified onboarding are key drivers of penetration in price-sensitive markets like India and Indonesia. Governments in countries such as China and Malaysia are also backing digital fuel initiatives to curb tax evasion and unregulated refueling.

 

Latin America

Latin America is an emerging but volatile market for fuel cards, with adoption concentrated in Brazil, Mexico, and Argentina. Fuel subsidy reforms and currency fluctuations pose challenges, but the need for anti-fraud mechanisms in large trucking fleets is accelerating uptake.

Issuers like Fleetcor and local oil companies are targeting logistics firms with discount-backed cards and limited-control prepaid variants. The market is still developing robust API infrastructure, which may delay the rollout of next-gen smart cards.

 

Middle East & Africa

In the Middle East & Africa , fuel card adoption is at a nascent stage but rising steadily in urban corridors and among enterprise fleets. The UAE, Saudi Arabia, and South Africa lead in adoption due to their:

• High-density commercial transport routes

• Oil-export-based economies

• Gradual digitization of government and private sector fleets

Fleet cards are being bundled with fuel subsidies and smart city mobility initiatives, especially in UAE’s logistics free zones and Saudi Arabia’s Vision 2030 framework.

White Space Opportunities

• Sub-Saharan Africa , with minimal digital fleet infrastructure

• Central Asia , where cross-border logistics is growing

• Southeast Asia’s secondary cities , often underserved by branded card networks

 

End-User Dynamics And Use Case

The adoption of fuel cards varies significantly across end-user groups, depending on operational scale, geographic spread, regulatory needs, and digital infrastructure. While large trucking companies and logistics conglomerates have traditionally driven market growth, a wave of digital onboarding is drawing in new end-users — including SMEs, municipal agencies, and ride-hailing fleets.

1. Trucking & Logistics Companies

This is the largest and most mature end-user segment. These companies typically manage long-haul and regional transportation networks, with a critical need for real-time fuel spend monitoring and route optimization. Fuel cards are indispensable tools for:

• Reducing fuel pilferage

• Automating IFTA (International Fuel Tax Agreement) reporting

• Gaining control over multi-driver fleets

Advanced fuel cards in this segment are integrated with onboard telematics, providing GPS-synced fueling alerts and dynamic fuel recommendations based on route, price, and consumption patterns.

 

2. Delivery & Courier Services

This segment has expanded rapidly due to the global e-commerce surge. Fuel cards enable courier services to track vehicle-level fuel costs in real time and automate driver reimbursement. The integration of mobile-based fuel cards with handheld dispatch systems is driving operational agility.

SMEs in this sector particularly benefit from prepaid or limited-spend cards, which offer cost containment and fraud protection for gig-economy drivers.

 

3. Government Fleets

Municipal and federal agencies deploy fuel cards to support police vehicles, emergency fleets, and utility departments. These fleets require tight budgetary control and audit trails , making compliance and fraud detection features essential.

Government contracts often mandate:

• Card-level restrictions (e.g., pump type, time of day)

• Multi-layered authorization workflows

• Audit-ready reporting for internal and regulatory reviews

 

4. Corporate Fleets

Corporations managing sales, maintenance, or support vehicles use fuel cards to standardize fuel expense claims, enforce fueling policies, and tie expenses back to employee ID or vehicle registration. These cards are often integrated with corporate ERP or travel management platforms.

Fleet administrators gain centralized visibility into multi-location fueling activity, enabling better budgeting and carbon tracking across departments.

 

5. Oil & Gas Enterprises

These entities use fuel cards internally for workforce mobility or externally as B2B offerings. The cards act as loyalty tools and platforms for customer retention, especially for B2B refueling partners in mining, construction, and heavy equipment operations.

 

Use Case Highlight

A public logistics agency in South Korea managing over 2,000 vehicles across national routes deployed an integrated fuel card and telematics solution in 2023. The implementation included card-linked GPS tracking and real-time spend control, which reduced unauthorized fuel consumption by 23% within six months. Additionally, the system’s automated reporting feature streamlined compliance with national emissions and tax regulations, freeing up over 400 man-hours per quarter in administrative labor.

 

Recent Developments + Opportunities & Restraints

Recent Developments (Past 2 Years)

• Shell and Mastercard Partnership for Carbon Reporting (2023)
  Shell announced a collaboration with Mastercard to integrate real-time carbon tracking into its fuel card offerings, allowing corporate clients to monitor and offset emissions per transaction. 

• WEX Launches Mobile Wallet Integration for Fuel Cards (2023)
  WEX introduced a mobile-native platform that allows fleet drivers to authorize fuel transactions via digital wallets, improving fraud prevention and user convenience. 

• FLEETCOR Expands Fuel Card Reach in Brazil Through Local Partnerships (2024)
  FLEETCOR partnered with regional fuel networks in Brazil to expand its Fuelman and Ticket Log offerings, aimed at enhancing its Latin American footprint. 

• TotalEnergies Adds EV Charging Compatibility to Fleet Cards (2024)
  TotalEnergies announced that its commercial cards now support EV charging stations in France and Germany, enabling hybrid fleet management under one card. 

• U.S. Bank Voyager Integrates AI-Based Anomaly Detection (2023)
  Voyager rolled out AI algorithms to flag suspicious refueling behavior and unauthorized transactions across municipal fleets. 
   

Opportunities

• EV Integration & Hybrid Fleet Coverage
  As fleets transition to electric and hybrid vehicles, there's a growing demand for fuel cards that support both fuel and electricity purchases. Issuers offering dual-mode or energy-agnostic cards will lead adoption.

• Expansion into Emerging Markets
  Fuel card providers that localize offerings for regions like Southeast Asia, Africa, and Latin America — with mobile-first platforms and regional partnerships — stand to gain significantly.

• Carbon Accounting and ESG-Ready Platforms
  Fuel cards with built-in tools for CO2 tracking, offset suggestions, and sustainability dashboards are becoming critical enablers of ESG compliance across Europe and North America.
   

Restraints

• Data Privacy and Cybersecurity Risks
  As fuel cards evolve into data-rich digital platforms, they become more exposed to cyber threats. Breaches involving fleet data, location logs, or card misuse could erode enterprise trust.

• Complexity of Regulatory Landscapes Across Borders
  Cross-border trucking fleets face challenges with tax rules, VAT refund systems, and local compliance regulations — especially in Europe and Asia. Lack of standardized fuel reporting frameworks complicates expansion.
   

7.1. Report Coverage Table

Report Attribute	Details
Forecast Period	2024 – 2030
Market Size Value in 2024	USD 775.4 Billion
Revenue Forecast in 2030	USD 1,160.7 Billion
Overall Growth Rate	CAGR of 6.9% (2024 – 2030)
Base Year for Estimation	2024
Historical Data	2019 – 2023
Unit	USD Million, CAGR (2024 – 2030)
Segmentation	By Type of Card, By Application, By Vehicle Type, By End User, By Geography
By Type of Card	Branded, Universal, Merchant
By Application	Fuel Reimbursement, Vehicle Maintenance, Toll, Others
By Vehicle Type	LCVs, HCVs, Passenger Vehicles
By End User	Trucking & Logistics, Delivery & Courier, Government, Corporate, Oil & Gas
By Region	North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Country Scope	U.S., UK, Germany, China, India, Japan, Brazil, UAE, etc.
Market Drivers	- Rise of connected fleet ecosystems - Growing ESG compliance - Telematics integration
Customization Option	Available upon request