Fleet card is a recharge consumption card issued for fleets or companies or enterprises with a large number of vehicles. It consists of a management card and several driver cards, aimed at improving fleet management efficiency, reducing refueling costs, and meeting the special needs of fleet management.
Overview of Market Development
With the rapid development of the truck freight industry in the US, the fleet truck market has also expanded accordingly, becoming an important tool for fleet management. In the past few years, the US fleet card market has shown a steady growth trend. The application of technologies such as the Internet of Things and big data has improved the management efficiency and convenience of fleet cards, promoting further market development. According to our research data, the US fleet card market size is expected to reach $142.57 billion in 2024, an increase of 4.63% compared to 2023.
However, it is expected that challenges such as oil price fluctuations and rising labor costs will have a certain impact on the US fleet card market in the coming years. Its market size may experience three consecutive years of decline and may drop to $117.972 billion by 2027. Then the market is expected to gradually recover, and by 2029, its market size is expected to rebound to $127.33 billion.
Analysis of Market Competition Pattern
From the perspective of market competition, the concentration of the US fleet card market is extremely high. According to our data, the total output value of fleet cards of the top 3 enterprise in 2023 was $118.69 billion, with a total output value share of 87.10%. Specifically, the market is dominated by two leading companies, WEX Inc. and FleetCor. In 2023, the share of fleet card output value of these two enterprises in the US market was 48.19% and 37.02%, respectively.
US Fleet Card Market Size Forecast and Competition Pattern Analysis
Source: www.globalmarketmonitor.com
Segmented Market Analysis
From the perspective of product types, the fleet card market can be divided into closed-loop fleet card market and open-loop fleet card market. Among them, the closed-loop fleet card segment dominates the market, with an expected market share of 85.13% by 2024.
According to the different types of vehicles, the fleet cards can be divided into taxi fleet cards, bus fleet cards, and truck fleet cards. Among them, truck fleet cards occupy the largest market share, with an estimated 55.97% in 2024.
US Fleet Card Segment Market Size and Market Share Forecast in 2024
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Market Size (Billion USD)
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Market Share
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Segmented by Type
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Closed-loop Fleet Cards
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121.37
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85.13%
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Open-loop Fleet Cards
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21.21
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14.87%
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Segmented by Application
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Taxis
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9.56
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6.70%
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Buses
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26.64
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18.68%
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Trucks
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79.80
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55.97%
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Others
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26.8
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18.64%
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Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Fleet card Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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