Commercial Fuel Cards Market is Predicted to Reach USD 230.9 billion at a CAGR of 4.2% by 2031 – Report by Transparency Market Research Inc.
Rise in cost of fuel, surge in production of commercial vehicles, growth in e-commerce sales, and the inclusion of multiple services in fuel cards are projected to boost the North America commercial fuel cards market size.
Wilmington, Delaware, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global North America commercial fuel cards market is projected to flourish at a CAGR of 4.2% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 230.9 billion is anticipated for the market in 2031. As of 2023, the demand for North America commercial fuel cards will close at US$ 185.6 billion.
The thriving growth of the e-commerce industry is expected to have a positive impact on the demand for North America commercial fuel cards market as it leads to a rise in usage of commercial vehicles for delivery purposes. E-commerce sales often involve the delivery of goods, which requires transportation.
Fuel cards that are integrated with e-commerce platforms can streamline fuel expense management for businesses, making it more efficient and cost-effective. By using these cards for e-commerce-related deliveries, businesses can save on fuel costs, which can be a significant expense for commercial operations.
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Expansion of product portfolios and mergers & acquisitions are the key strategies adopted by manufacturers in the industry. Leading players are also following the latest North America commercial fuel cards market trends to avail lucrative revenue opportunities.
- BP p.l.c.
- Chevron Corporation
- Exxon Mobil Corporation
- Fleet Cards USA
- FLEETCOR Technologies, Inc.
- Pilot Travel Centers LLC
- Shell PLC (Shell)
- Speedway LLC
- U.S. Bank
The popular use of commercial vehicles for the transportation of industrial and consumer goods to and from neighboring countries such as Canada and Mexico, is likely to propel the North American commercial fuel cards market value. The increase in production of commercial vehicles to meet the growing needs of different industries is a major market catalyst.
Key Takeaways from the Market Study
- As of 2022, the North America fuel cards market was valued at US$ 178.2 billion
- Based on category, the smart cards segment is expected to dominates the market during the forecast period.
- By type, The branded segment is expected to dominate the market
North America Commercial Fuel Cards Market: Key Trends and Opportunistic Frontiers
- Economic growth and increased business activities can lead to a higher demand for commercial transportation services, contributing to the growth of the commercial fuel cards market.
- Partnerships between fuel card providers, financial institutions, and other relevant stakeholders can lead to the development of more comprehensive and attractive fuel card solutions for businesses.
- Companies looking to reduce their carbon footprint and adopt more sustainable practices may use fuel cards to monitor and manage fuel consumption, promoting more fuel-efficient driving habits.
North America Commercial Fuel Cards Market – Countrywise Analysis
- The United States is anticipated to account for major share during the forecast period. The flourishing growth of multiple industries which is leading to an increase in the number of commercial vehicles is anticipated to contribute to the country’s dominance positively. Moreover, the surge in number of businesses increasingly desiring to maintain accurate data on expenses drives the usage of fuel cards in the United States
- The market in Canada is projected to expand considerably during the forecast period. This is anticipated to be propelled by Canadian commercial vehicle owners increasingly being attracted by the fuel card capability to efficiently manage cost and track carbon footprint to help improve their shift toward sustainability.
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Key Developments in North America Commercial Fuel Cards Market
- U.S. Bank Voyager is a prominent player in the fuel card market, providing comprehensive payment solutions for fleets. The company’s Voyager Fleet Card is widely used for fuel and maintenance expenses.
- Comdata, a subsidiary of FLEETCOR, offers fuel card solutions and payment processing services. The company has a strong presence in North America, providing innovative solutions for fleet management.
- BP fuel cards offer fuel card solutions for businesses operating in North America, providing a range of features such as fuel rebates, reporting tools, and security features.
- Chevron and Texaco offer a business fuel card that provides businesses with convenient and efficient fuel management solutions, including detailed reporting and cost controls.
North America Commercial Fuel Cards Market – Key Segments
- Smart Cards
- Standard Cards
- Light Duty (Class 1-2)
- Medium Duty (Class 3-6)
- Heavy Duty (Class 7-8)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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