The global fuel cards market is experiencing growth due to a rise in need for improved management, penetration of digital transaction solutions, and efficient fleet administration with the help of enhanced data capture.
According to a new report published by Allied Markets Trust, the global fuel cards industry generated $735 billion in 2022, and is anticipated to generate $2.8 trillion by 2032, witnessing a CAGR of 14.4% from 2023 to 2032.
Fuel cards offer numerous advantages to fleet vendors by capturing detailed data on vehicle mileage, fuel consumption in gallons, and vehicle servicing requirements. To enhance fleet management productivity, fuel card service providers have begun incorporating telematics interfaces and robust reporting capabilities as standard features in their offerings.
Additionally, fuel cards come in various forms, including branded fuel cards, universal fuel cards, and merchant cards. Among these, merchant fuel cards are expected to experience the highest growth rate during the forecast period, indicating their increasing popularity and adoption within the fleet management industry.
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