Fleet Card Market Size, Share, Outlook

The fleet card industry is valued at $692.8 billion in 2022. The market is poised to register a growth of 6.01% over the forecast period, compounded annually. In terms of volume, by 2030, we expect the volume to increase to 257,317 million gallons.

Increased demand for fleet management solutions, Digitization trends and mobile access in the transportation industry, Integration with other systems, and Increasing popularity of fleet cards with growing cold chain transportation are the major factors driving the growth in the fleet card market.

 

Fleet Card market analysis

The global fleet cards market is a major part of the global fuel card industry. The fleet card industry has been growing rapidly in recent years, driven predominantly by increasing demand for fleet management solutions and technological advancements, thereby supporting fleet card providers to launch more sophisticated solutions.

Fleet cards are specialized credit cards designed for businesses that operate a fleet of vehicles, such as delivery trucks, service vans, or company cars. These cards can be used to pay for a variety of fuels at gas stations, including gasoline, diesel, and other fuels.

With steady growth in construction activity worldwide, investment in multi-channel marketing strategies, incorporation of EVs in company fleets, collaboration between fleet operators and third-party vendors, outsourcing of fleet management and maintenance services, and other market trends, the industry is gaining wide acceptance across countries.

Focus on sustainability is widely observed in the industry. Fleet card providers are quickly embracing sustainability trends through sustainable fuel options, promoting green fleet management practices, and implementing carbon offset programs.

Another trend in the fleet card industry is the growing focus on security measures. As the risk of cyber threats increases, fleet card providers are investing in measures such as two-factor authentication, fraud detection, and EMV chip technology to protect customer data and prevent fraud.

The fleet card industry is also becoming more competitive, with new entrants and established players vying for market share. To remain competitive, fleet card providers are offering more personalized services, more sophisticated analytics, and better security measures. They are also partnering with other software and service providers to offer integrated solutions that meet the specific needs of their customers.

 

 

Market Dynamics

Market Driver- Increased demand for fleet management solutions

Increasing demand for fleet management solutions is supporting the sales of fleet cards across markets. Fleet operators are increasingly relying on fleet management solutions to optimize their operations, reduce costs, and improve efficiency, and other benefits.

The global fleet management solutions market is poised to register a 10.9% compounded annual growth rate (CAGR) over the forecast period from 2023 to 2030.

Accordingly, fleet card providers are positioning themselves to meet this growing demand for fleet management solutions to track fuel consumption and expenses, monitor driver behavior, and manage maintenance and repair costs. Further, fleet card service providers are also extending real-time data and analytics, allowing fleet managers to make informed decisions and optimize their operations.

In addition to improving efficiency and reducing costs, fleet management solutions can also help companies improve safety and compliance. Further, Fleet management solutions can also help companies stay in compliance with regulations related to vehicle maintenance, driver hours of service, and other requirements, supporting the overall industry growth.

 

Market Trends- Digitization trend and mobile access in the transportation industry

Increased adoption of digital transactions with increased use of virtual currency supports the demand for fleet cards. The penetration of smartphones coupled with government initiatives to rely on digital transactions remains a major driving force for fleet cards. 

Mobile access and online portals provide fleet managers with real-time access to important information, such as fuel consumption, vehicle location, and maintenance records. In addition, mobile access and online portals enable fleet managers to view and manage expenses related to fuel, maintenance, and repairs in real-time. This allows them to identify cost-saving opportunities and optimize their fleet operations to reduce expenses.

The use of fleet cards eliminates the need for receipt submission, auditing, and insurance of checks, which significantly saves time and effort for drivers as well as managers. In addition to achieving significant cost savings through fleet cards, users can view transaction histories and manage their accounts from their mobile devices, improving convenience and ease of use.

 

Market Segmentation

The global Fleet card Market is segmented into Type, Application, and Countries.

By Type, Trucks to register the highest growth rate during the forecast period

Heavy trucks present strong growth prospects with a large number of fleet operators relying on smooth and hassle-free solutions for their fleet management. Fleet cards can provide controls such as spending limits, transaction alerts, and fraud prevention measures to prevent unauthorized use. Fleet card providers that offer customized solutions tailored to the specific needs of trucking companies are likely to be more successful in this market.

• Leading companies are launching data analytics platforms that provide fleet managers with insights into fuel consumption, driver behavior, and vehicle performance.
• Similarly, fleet card providers are developing mobile payment solutions to meet the needs of trucking companies.
• Launch of programs that provide rebates for fuel at participating fuel stations.
• Technology integration including services that allow trucking companies to track driver behavior, monitor vehicle performance, and manage fuel expenses from a single platform is widely observed.
• The use of the contactless payment system that allows drivers to make purchases without having to swipe or insert their card is quickly gaining interest among users.

The heavy trucks segment remains a lucrative growth segment for fleet card providers. Heavy trucks consume a significant amount of fuel, and fuel is one of the largest expenses for trucking companies. Similarly, trucking companies that operate heavy trucks often have large fleets that require efficient management. Trucking companies that operate heavy trucks are subject to various compliance requirements, such as hours of service regulations and vehicle inspection requirements.

Fleet cards can help trucking companies manage their maintenance and repair expenses by providing detailed data on vehicle performance and maintenance needs. Further, they support operators to achieve increased efficiency by providing real-time data on fuel consumption, driver behavior, and vehicle performance.

 

By Application, Large-Fleet held the dominant position in 2022

Large-fleet companies typically have over 100 vehicles and may have a dedicated fleet management team to oversee operations. Some key prospects for fleet cards in large-fleet companies include:

• Scale and Efficiency: Fleet cards can help large-fleet companies manage fuel expenses and vehicle usage more efficiently and at scale, which can help to reduce costs and improve overall fleet performance.
• Customization and Control: Fleet cards can be customized to meet the unique needs of large-fleet companies, including the ability to set spending limits, restrict purchases, and monitor transactions in real time.
• Enhanced Reporting and Analytics: Fleet cards can provide large-fleet companies with advanced reporting and analytics that can help to identify trends, reduce costs, and optimize fleet performance.
• Integration with Other Systems: Fleet cards can be integrated with other fleet management systems, such as telematics and GPS, to provide a more complete picture of fleet operations and performance, which can help large-fleet companies optimize their operations.

 

By Region, North America accounts for the largest market share worldwide

The North American market is the largest in the world while the Asia Pacific region is set to register the fastest growth. The United States is the largest market for fleet cards, driven by large-scale adoption across fleet operators. The US has one of the largest and fastest-growing fleet markets in the world. Further, the country is characterized by the presence of a diverse customer base ranging from small-scale users to large-scale enterprises across transportation, logistics, construction, and healthcare domains.

In addition, the country has an established infrastructure for fleet management and payment solutions, which makes it easier for fleet card companies to enter the market and offer their services.

Leading US fleet card companies are extending a wide range of services to attract customers including-

• All-in-one maintenance management & payment program
• Customizable dashboards and reports
• reward points
• Set controls to determine card usage
• neutralize fleet emissions through certified carbon offset projects
• help prevent fraud and misuse by customizing fuel controls
• acceptance across a wide range of network partner stations
• deactivate lost or stolen cards online anytime

In addition, companies extend support such as fleet fuel card carriers can choose from network gas fueling stations and repair and maintenance facilities. The top fleet card networks also extend free mobile apps to locate all of the in-network gas stations and repair facilities while the driver is on the road. In addition, amidst robust demand growth, companies are focusing on innovation in terms of other features and services to be provided to their users.

 

Segmentation

By Type

• Commercial PCs
• Light commercial vehicles
• Buses
• Trucks
• Other CVs
• Others

 

By Application

• Small-Fleet
• Mid-Sized Fleet
• Large-Fleet

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Key Players

The market is highly fragmented in nature, with intense competition among key players.

• Royal Dutch Shell Plc
• ExxonMobil Corp
• HSBC Holdings Plc
• Fleetcor Technologies Inc
• WEX Inc
• Puma
• First Rand Bank Limited
• Engen Petroleum Ltd
• U.S. Bancorp
• BP P.L.C.
• Libya Oil Holdings Ltd

 

Fleet Card Market Outlook 2023

1 Market Overview

1.1 Introduction to Fleet Card Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Fleet Card Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Fleet Card Market Companies with Area Served

4.2.2 Products Offerings Global Fleet Card Market

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 Post-COVID-19 Scenario- Low Growth Case

5.1.3 Post-COVID-19 Scenario- Reference Growth Case

5.1.4 Post-COVID-19 Scenario- Low Growth Case

 

6 Global Fleet Card Market Trends

6.1 Global Fleet Card Revenue (USD Million) and CAGR (%) by Type (2018-2028)

6.2 Global Fleet Card Revenue (USD Million) and CAGR (%) by Applications (2018-2028)

6.3 Global Fleet Card Revenue (USD Million) and CAGR (%) by Regions (2018-2028)

 

7 Global Fleet Card Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Fleet Card Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Fleet Card Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Fleet Card Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Fleet Card Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Fleet Card Development Regional Status and Outlook

8.1 Global Fleet Card Revenue (USD Million) By Regions (2018-2022)

8.2 North America Fleet Card Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Fleet Card Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Fleet Card Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Fleet Card Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Fleet Card Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Fleet Card Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Fleet Card Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Fleet Card Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Fleet Card Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Fleet Card Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Fleet Card Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Fleet Card Revenue (USD Million) by Applications (2018-2022)

8.5 South America Fleet Card Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Fleet Card Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Fleet Card Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Fleet Card Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Fleet Card Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Fleet Card Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Fleet Card Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Fleet Card Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Fleet Card Market Revenue (USD Million), by Type, and Applications (2023-2028)

10.1 Global Fleet Card Revenue (USD Million) and Market Share (%) by Type (2023-2028)

10.1.1 Global Fleet Card Revenue (USD Million), and Market Share (%) by Type (2023-2028)

10.2 Global Fleet Card Revenue (USD Million) and Market Share (%) by Applications (2023-2028)

10.2.1 Global Fleet Card Revenue (USD Million), and Market Share (%) by Applications (2023-2028)

11 Global Fleet Card Development Regional Status and Outlook Forecast

11.1 Global Fleet Card Revenue (USD Million) By Regions (2023-2028)

11.2 North America Fleet Card Revenue (USD Million) by Type, and Applications (2023-2028)

11.2.1 North America Fleet Card Revenue (USD) Million by Country (2023-2028)

11.2.2 North America Fleet Card Revenue (USD Million), by Type (2023-2028)

11.2.3 North America Fleet Card Revenue (USD Million), Market Share (%) by Applications (2023-2028)

11.3 Europe Fleet Card Revenue (USD Million), by Type, and Applications (2023-2028)

11.3.1 Europe Fleet Card Revenue (USD Million), by Country (2023-2028)

11.3.2 Europe Fleet Card Revenue (USD Million), by Type (2023-2028)

11.3.3 Europe Fleet Card Revenue (USD Million), by Applications (2023-2028)

11.4 Asia Pacific Fleet Card Revenue (USD Million) by Type, and Applications (2023-2028)

11.4.1 Asia Pacific Fleet Card Revenue (USD Million), by Country (2023-2028)

11.4.2 Asia Pacific Fleet Card Revenue (USD Million), by Type (2023-2028)

11.4.3 Asia Pacific Fleet Card Revenue (USD Million), by Applications (2023-2028)

11.5 South America Fleet Card Revenue (USD Million), by Type, and Applications (2023-2028)

11.5.1 South America Fleet Card Revenue (USD Million), by Country (2023-2028)

11.5.2 South America Fleet Card Revenue (USD Million), by Type (2023-2028)

11.5.3 South America Fleet Card Revenue (USD Million), by Applications (2023-2028)

11.6 Middle East and Africa Fleet Card Revenue (USD Million), by Type, and Applications (2023-2028)

11.6.1 Middle East and Africa Fleet Card Revenue (USD Million), by Region (2023-2028)

11.6.2 Middle East and Africa Fleet Card Revenue (USD Million), by Type (2023-2028)

11.6.3 Middle East and Africa Fleet Card Revenue (USD Million), by Applications (2023-2028)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List Of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Fleet Card Market Companies with Areas Served

Table 3 Products Offerings Global Fleet Card Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Fleet Card Revenue (USD Million) And CAGR (%) By Type (2018-2028)

Table 8 Global Fleet Card Revenue (USD Million) And CAGR (%) By Applications (2018-2028)

Table 9 Global Fleet Card Revenue (USD Million) And CAGR (%) By Regions (2018-2028)

Table 10 Global Fleet Card Revenue (USD Million) By Type (2018-2022)

Table 11 Global Fleet Card Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Fleet Card Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Fleet Card Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Fleet Card Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Fleet Card Market Share (%) By Regions (2018-2022)

Table 16 North America Fleet Card Revenue (USD Million) By Country (2018-2022)

Table 17 North America Fleet Card Revenue (USD Million) By Type (2018-2022)

Table 18 North America Fleet Card Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Fleet Card Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Fleet Card Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Fleet Card Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Fleet Card Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Fleet Card Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Fleet Card Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Fleet Card Revenue (USD Million) By Country (2018-2022)

Table 26 South America Fleet Card Revenue (USD Million) By Type (2018-2022)

Table 27 South America Fleet Card Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Fleet Card Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Fleet Card Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Fleet Card Revenue (USD Million) By Applications (2018-2022)

 

Table 31 Financial Analysis

Table 32 Global Fleet Card Revenue (USD Million) By Type (2023-2028)

Table 33 Global Fleet Card Revenue Market Share (%) By Type (2023-2028)

Table 34 Global Fleet Card Revenue (USD Million) By Applications (2023-2028)

Table 35 Global Fleet Card Revenue Market Share (%) By Applications (2023-2028)

Table 36 Global Fleet Card Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2028)

Table 37 North America Fleet Card Revenue (USD)By Country (2023-2028)

Table 38 North America Fleet Card Revenue (USD Million) By Type (2023-2028)

Table 39 North America Fleet Card Revenue (USD Million) By Applications (2023-2028)

Table 40 Europe Fleet Card Revenue (USD Million) By Country (2023-2028)

Table 41 Europe Fleet Card Revenue (USD Million) By Type (2023-2028)

Table 42 Europe Fleet Card Revenue (USD Million) By Applications (2023-2028)

Table 43 Asia Pacific Fleet Card Revenue (USD Million) By Country (2023-2028)

Table 44 Asia Pacific Fleet Card Revenue (USD Million) By Type (2023-2028)

Table 45 Asia Pacific Fleet Card Revenue (USD Million) By Applications (2023-2028)

Table 46 South America Fleet Card Revenue (USD Million) By Country (2023-2028)

Table 47 South America Fleet Card Revenue (USD Million) By Type (2023-2028)

Table 48 South America Fleet Card Revenue (USD Million) By Applications (2023-2028)

Table 49 Middle East and Africa Fleet Card Revenue (USD Million) By Region (2023-2028)

Table 50 Middle East and Africa Fleet Card Revenue (USD Million) By Region (2023-2028)

Table 51 Middle East and Africa Fleet Card Revenue (USD Million) By Type (2023-2028)

Table 52 Middle East and Africa Fleet Card Revenue (USD Million) By Applications (2023-2028)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

 

List Of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Fleet Card Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Fleet Card Revenue Market Share (%) By Type (2022)

Figure 5 Global Fleet Card Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Fleet Card Revenue Market Share (%) By Applications (2022)

Figure 7 Global Fleet Card Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Fleet Card Market Share (%) By Regions (2022)

Figure 9 North America Fleet Card Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Fleet Card Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Fleet Card Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Fleet Card Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Fleet Card Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Fleet Card Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Fleet Card Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Fleet Card Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Fleet Card Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Fleet Card Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Fleet Card Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Fleet Card Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Fleet Card Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Fleet Card Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Fleet Card Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Fleet Card Revenue (USD Million) By Type (2023-2028)

Figure 25 Global Fleet Card Revenue Market Share (%) By Type (2028)

Figure 26 Global Fleet Card Revenue (USD Million) By Applications (2023-2028)

Figure 27 Global Fleet Card Revenue Market Share (%) By Applications (2028)

Figure 28 Global Fleet Card Market Revenue (USD Million) By Regions (2023-2028)

Figure 29 North America Fleet Card Revenue (USD Million) By Country (2023-2028)

Figure 30 North America Fleet Card Revenue (USD Million) By Type (2023-2028)

Figure 31 North America Fleet Card Revenue (USD Million) By Applications (2023-2028)

Figure 32 Europe Fleet Card Revenue (USD Million) By Country (2023-2028)

Figure 33 Europe Fleet Card Revenue (USD Million) By Type (2023-2028)

Figure 34 Europe Fleet Card Revenue (USD Million) By Applications (2023-2028)

Figure 35 Asia Pacific Fleet Card Revenue (USD Million) By Country (2023-2028)

Figure 36 Asia Pacific Fleet Card Revenue (USD Million) By Type (2023-2028)

Figure 37 Asia Pacific Fleet Card Revenue (USD Million) By Applications (2023-2028)

Figure 38 South America Fleet Card Revenue (USD Million) By Country (2023-2028)

Figure 39 South America Fleet Card Revenue (USD Million) By Type (2023-2028)

Figure 40 South America Fleet Card Revenue (USD Million) By Applications (2023-2028)

Figure 41 Middle East and Africa Fleet Card Revenue (USD Million) By Region (2023-2028)

Figure 42 Middle East and Africa Fleet Card Revenue (USD Million) By Region (2023-2028)

Figure 43 Middle East and Africa Fleet Card Revenue (USD Million) By Type (2023-2028)

Figure 44 Middle East and Africa Fleet Card Revenue (USD Million) By Applications (2023-2028)

Figure 45 Bottom-Up and Top-Down Approaches For This Report

Figure 46 Data Triangulation