Fuel Card Market: By Fuel Card Type (Business Fuel Cards, Individual Fuel Cards, Prepaid Fuel Cards), By Type (Branded, Universal, Merchant), By Technology (Smart Card, Standard Cards), By Application (Fuel Refill, Parking, Vehicle Service, Toll Charge, Others) and Geography  

Fuel Card Market size was valued at USD 685.3 billion in 2022 and is expected to reach a value of USD 1,592.4 billion by 2029, growing at a CAGR of 12.8% from 2023 to 2029. The global market provides a detailed overview of the market that can be segmented by fuel card type, type, technology, and application. By fuel card type, the market has been segmented into business fuel cards, individual fuel card, and prepaid fuel card. The business fuel card segment is likely to be the largest and fastest-growing segment in terms of fuel card type. Based on Type, the market is segmented into branded fuel cards, merchant branded fuel cards, and universal fuel cards. Among these, the merchant branded fuel cards segment is expected to have the fastest-growing market during the forecast period 2023-2029. Based on technology, the market is segregated into smart cards and standard cards. The smart card held a considerable market share during the forecast period. Based on application, the market is segregated into fuel refill, parking, vehicle service, toll charge, and others. Vehicle service held a considerable market share during the estimated period.

Fuel Card Market Key Developments:

• In March 2019, Go Fuel Card was acquired by WEX Inc. Through the expansion of its footprint into lucrative countries and the expansion of its card acceptance through a proprietary card network, this acquisition helped WEX Inc. solidify its position in Europe.