Fuel Card Market

Market Definition

The market refers to the industry that provides specialized payment cards for businesses and individuals to purchase fuel and related services. These cards help manage fuel expenses, offer discounts, track spending, and simplify fleet management through digital solutions. 

Fuel cards are widely used by commercial fleets, logistics companies, and consumers to optimize fuel purchases, improve cost control, and enhance convenience at fuel stations. The report explores key drivers of market development, offering detailed regional analysis and a comprehensive overview of the competitive landscape shaping market.

Fuel Card Market Overview

Global fuel card market size was valued at USD 725.32 billion in 2024, which is estimated to be valued at USD 800.17 billion in 2025 and reach USD 1628.03 billion by 2032, growing at a CAGR of 10.58% from 2025 to 2032. 

Consumer incentives such as in-store savings, loyalty rewards, and partner discounts are becoming key growth drivers in the market. These value-added benefits are increasing customer engagement, boosting brand loyalty, and fueling wider adoption of fuel and fleet card programs.

Major companies operating in the fuel card industry are FleetCor, WEX Inc, Bancorp, Inc., HDFC Bank Ltd, Absa Bank Limited, State Bank of India, RBL Bank Ltd., Axis Bank, Nehat Tech Solutions Pvt. Ltd., ICICI Bank, IDFC FIRST Bank Ltd, BOBCARD LIMITED, Kotak Mahindra Bank Limited, Union Bank of India, and Mastercard.

The market is experiencing steady growth, driven by increasing demand for cost-efficient fleet management solutions, digital payment integration, and enhanced expense control. Businesses are adopting these cards to streamline operations, reduce fraud, and gain real-time visibility into fuel spending. 

The market is also benefiting from the expansion of logistics and transportation sectors. Advancements in mobile technology and data analytics are further propelling the development of smart, customizable fuel payment solutions tailored to evolving fleet needs.

• In March 2025, WEX extended its partnership with Circle K to strengthen fuel card programs and co-develop fleet management software tailored for commercial operators. The collaboration also supports the continued rollout of 10-4 by WEX, a mobile platform that provides diesel discounts and payment solutions to independent truckers, aiming to improve cost-efficiency and accessibility across the freight ecosystem.

Key Highlights:

1. The fuel card market size was recorded at USD 725.32 billion in 2024.
2. The market is projected to grow at a CAGR of 10.58% from 2025 to 2032.
3. Europe held a market share of 33.81% in 2024, with a valuation of USD 245.22 billion.
4. The branded segment garnered USD 278.90 billion in revenue in 2024.
5. The standard card segment is expected to reach USD 997.49 billion by 2032.
6. The parking segment is anticipated to witness the fastest CAGR of 11.12% during the forecast period
7. Asia Pacific is anticipated to grow at a CAGR of 11.54% during the forecast period.

Market Driver

Growing Consumer Incentives

Consumer-focused incentives are becoming a key driver of growth in the market. With fuel prices rising and economic pressures increasing, users are looking for more than just basic discounts. Programs that offer in-store savings, loyalty rewards, and exclusive partner deals add significant value. 

These features help attract new customers and improve retention by making every transaction more rewarding. When combined with digital platforms, these incentives create a smooth and engaging experience that encourages more frequent card use and supports long-term market expansion.

• In January 2025, GasBuddy launched its new Pay with GasBuddy+ card, enhancing its fuel savings platform by offering users up to 33 cents per gallon in discounts. The upgraded card extends savings beyond the pump to convenience store purchases, providing nationwide benefits wherever Mastercard is accepted, without credit checks.

Market Challenge

Data Security Risks

Data security risks remain a significant challenge in the fuel card market, as fraudsters and cybercriminals increasingly target transaction data. In response, companies are actively strengthening their security frameworks to protect sensitive information and maintain customer trust. 

Efforts include adopting advanced technologies to detect and prevent fraudulent activities, enhancing authentication processes, and implementing continuous monitoring systems. 

Additionally, providers are prioritizing user awareness initiatives and regularly updating their security protocols to adapt to evolving threats. These measures collectively help to safeguard transactions and reduce financial exposure in a high-risk environment.

Market Trend

Shift Toward Digital and App-Based Solutions

The market is witnessing a significant shift toward digital and app-based solutions, driven by the growing demand for convenience, speed, and accessibility. 

This shift is primarily driven by the need for enhanced user convenience, faster transaction processing, and broader accessibility. Mobile platforms are increasingly supplementing or replacing traditional physical cards, offering features such as real-time discount visibility, streamlined onboarding processes, and intuitive user interfaces. 

This trend is particularly evident among small fleets and independent drivers, that benefit from the flexibility and functionality of digital platforms.

• In October 2024, WEX introduced 10-4, a digital platform designed to modernize traditional fuel card offerings. Targeting independent truckers and small fleet operators, the app combines fuel discounts, expense tracking, and tailored rewards. By allowing users to make payments with their own cards while still accessing cost-saving benefits, 10-4 exemplifies the industry’s shift toward mobile, app-based fuel payment solutions. This development highlights the growing role of technology in transforming and expanding the market.

Fuel Card Market Report Snapshot

Segmentation	Details
By Type	Branded, Universal, Merchant branded
By Technology	Smart Card, Standard Card
By Application	Fuel Refill, Parking, Vehicle Service, Toll Charge, Others
By Region	North America: U.S., Canada, Mexico
	Europe: France, UK, Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, U.A.E., Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation:

• By Type (Branded, Universal, and Merchant branded): The branded segment earned USD 278.90 billion in 2024 driven by strong brand loyalty, exclusive rewards, and partnerships with specific fuel providers.
• By Technology (Smart Card, and Standard Card): The standard card segment held 62.08% of the market in 2024, supported by their widespread acceptance, ease of use, and compatibility with existing fuel payment infrastructure across regions.
• By Application (Fuel Refill, Parking, Vehicle Service, Toll Charge, and Others): The fuel refill segment is projected to reach USD 427.56 billion by 2032, fueled by rising commercial fleet demand and the need for efficient fuel expense management.

Fuel Card Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Europe fuel card market share stood at 33.81% in 2024 in the global market, with a valuation of USD 245.22 billion.The region continues to dominate the market, driven by its mature transportation infrastructure, widespread adoption of fleet management solutions, and strong regulatory support for digital payment systems. 

Europe benefits from a high concentration of commercial fleets and logistics operations, which ensures steady demand for fuel cards. Fleet operators in Europe are increasingly prioritizing cost-efficiency and environmental compliance, prompting greater adoption of fuel cards equipped with advanced tracking and reporting capabilities. 

These features enable operators to monitor fuel consumption, optimize routes, and meet stringent emissions standards, thereby enhancing operational efficiency and regulatory adherence. Additionally, strategic partnerships and ongoing technological innovation further strengthen Europe’s leading position in the fuel card market.

Asia Pacific is poised for a significant CAGR of 11.54% over the forecast period. The Asia Pacific region is rapidly emerging as the fastest-growing market for fuel cards, propelled by ongoing urbanization, the expansion of commercial vehicle fleets, and rising demand for efficient fuel management solutions. 

Key markets such as China, India, and Southeast Asian countries are experiencing significant growth in transportation and logistics activities, which is driving broader adoption of digital fuel payment systems. Increased focus on controlling operational costs, combined with the widespread integration of mobile technologies, is accelerating this trend. 

Furthermore, substantial government investments in infrastructure development and smart mobility initiatives are fostering a supportive ecosystem, enabling sustained market expansion throughout the region.

Regulatory Frameworks

• In the U.S., fraud prevention in the market is overseen by the Federal Trade Commission (FTC), ensuring robust consumer protection and regulatory measures against fraudulent activities.
• In the European Union, data privacy in the market is governed by strict compliance with the General Data Protection Regulation (GDPR), ensuring secure and responsible handling of customer information.
• In India, the market is regulated primarily by the Information Technology (IT) Act, 2000, which addresses cybercrime and electronic commerce to ensure secure digital transactions.

Competitive Landscape

In the evolving fuel card market, companies are embracing digital transformation and strategic partnerships to enhance service offerings. They are integrating mobile applications and real-time tracking features to improve user experience and operational efficiency. 

Additionally, companies are focusing on sustainability by offering solutions that support the use of alternative fuels . These initiatives aim to provide comprehensive and cost-effective solutions to meet the diverse needs of fleet operators.

• In March 2025, RoadFlex partnered with Global Partners to expand its fuel card network, offering customers access to discounted fuel at major stations across multiple U.S. states. This strategic collaboration enhances RoadFlex’s fuel risk management platform, combining fuel savings, purchase controls, and advanced analytics to deliver greater convenience and cost-efficiency for fleet operators and commercial drivers nationwide.

List of Key Companies in Fuel Card Market:

• FleetCor
• WEX Inc
• Bancorp, Inc.
• HDFC Bank Ltd
• Absa Bank Limited
• State Bank of India
• RBL Bank Ltd.
• Axis Bank
• Nehat Tech Solutions Pvt. Ltd.
• ICICI Bank
• IDFC FIRST Bank Ltd
• BOBCARD LIMITED
• Kotak Mahindra Bank Limited
• Union Bank of India
• Mastercard

Recent Developments (Partnerships/Product Launch)

• In July 2023, PDI and Shell launched the Fuel Rewards Platinum Status, offering members 10 cents per gallon savings and double in-store rewards. This new tier provides enhanced fuel discounts, VIP experiences, and special rewards, further strengthening Shell’s leading loyalty program for fuel and convenience shoppers nationwide.
• In March 2023, Kotak Mahindra Bank and IndianOil launched the IndianOil Kotak Credit Card on the RuPay network. The card offers rewards on fuel, dining, and groceries, along with contactless payments, fuel surcharge waivers, and a 48-day interest-free period, promoting digital transactions across IndianOil’s extensive fuel station network.