Why Fuel Cards is the next big thing

The global Fuel Cards market size was valued at $672.84 billion in 2019 and is projected to reach $1,210.01 billion by 2027 growing at a CAGR of 13.9% from 2020 to 2027.

Fuel Cards provide various benefits to fleet vendors by capturing low-level data on the mileage of vehicles, gallons of fuel filled, and the need for servicing the vehicle. Fuel Cards service providers have started to embed the telematics interface and robust reporting facilities as standard product offerings to improve fleet management productivity. Moreover, Fuel Cards are available in various forms such as branded Fuel Cards, Universal Fuel Cards, and merchant cards. Merchant Fuel Cards are anticipated to witness the highest growth rate during the forecast period.

Need for improved fuel management and penetration of digital transaction solutions among the transport industry drive the fuel cards market growth. Also, efficient fleet administration with the help of enhanced data capture fuels the growth of the market. Moreover, a lack of security measures hampers the growth of the market. Furthermore, the integration of telematics with Fuel Cards and an increase in demand for Fuel Cards from developing nations are expected to provide lucrative opportunities for the market.