U.S. B2B Fuel Cards Market

WEX said on 22 July 2026 that its Mobility revenue rose 22.0% to USD 422.4 million in the second quarter while payment processing transactions rose only 0.1%, as the average U.S. fuel price it tracks reached USD 4.70 a gallon, according to its second-quarter 2026 release filed with the SEC. Fleet card revenue follows the pump, not the swipe count. The U.S. B2B fuel cards market covers issuer revenue from payment cards issued to American businesses for fuel, charging and related vehicle spend, from card fees, merchant and network fees, spend-linked fees and late-payment charges, not the fuel itself. Douglas Insights sizes it at USD 3.21 billion in 2025, from 21.3 million active cards at USD 150.7 of revenue per card, and at USD 4.82 billion in 2035, a revenue CAGR (compound annual growth rate) of 4.14%. The United States is 86.1% of North America in our global B2B Fuel Cards Market report, the study sits in our banking, financial services and insurance coverage, and every figure follows the Douglas Insights research methodology.

Which U.S. B2B fuel card type carries the most revenue: universal, trucking, branded or open-loop?

Universal multi-brand fleet cards carry the most U.S. B2B fuel card revenue, 48.5% of 2025 value, USD 1.56 billion. Open-loop fintech and EV charging cards grow fastest, 9.80% a year to USD 776.7 million by 2035.

Universal multi-brand fleet cards, USD 1.56 billion, lead because American local fleets, from plumbers’ vans to utility pickups, want one card accepted at almost every station in the country with product controls and line-item data. WEX, Corpay’s Fuelman and U.S. Bank’s Voyager run these closed-loop networks, which let the issuer earn a merchant fee on each gallon and a card fee from the fleet. The segment grows 4.00% a year to USD 2.30 billion because small businesses keep moving from reimbursed personal cards to controlled fleet cards.

Over-the-road trucking cards, USD 802.5 million, are the diesel cards used at truck stops by long-haul carriers, led by WEX’s EFS and Corpay’s Comdata. They grow 3.30% a year: carrier counts rise slowly after the freight downturn, but cash advances, permits and fuel discounts keep revenue per truck high. Branded oil-company cards, USD 545.7 million, carry the Shell, ExxonMobil, bp and Chevron names, though WEX issues many of them; they grow only 2.40% a year as fleets prefer acceptance beyond one brand.

Open-loop fintech and EV charging cards, USD 304.9 million or 9.5% of 2025 U.S. B2B fuel card value, run on Visa or Mastercard rails with fuel controls, from issuers such as AtoB, Coast and Mudflap. They grow fastest, 9.80% a year, because they are issued in minutes through an app and work at public chargers as well as pumps. Their wider card economics are covered in our Virtual Cards Market report. Card-type values for 2035 sum to USD 4.88 billion, 1.38% above the headline.

Why are active U.S. B2B fuel cards growing 2.20% a year?

Active U.S. B2B fuel cards grow 2.20% a year, from 21.3 million in 2025 to 26.5 million in 2035. Five forces add 3.00 points; small-fleet onboarding supplies 0.90 points and delivery van fleets 0.70.

Small fleets and owner-operators onboarded online: 0.90 points

Small fleets add 0.90 points. Fintech issuers sign carriers with one to ten trucks through an app and pair the U.S. B2B fuel card with working capital. eCapital and AtoB announced a partnership on 22 July 2026 that gives eCapital’s transportation clients the AtoB fuel card and digital wallet next to factoring, according to the joint release; eCapital says it has funded more than 44,000 clients.

Last-mile delivery and service vans: 0.70 points

Van fleets add 0.70 points. Parcel delivery contractors, home-service firms and telecom field crews keep adding light commercial vehicles, and each van gets its own U.S. B2B fuel card so the fleet manager can lock it to fuel and set a daily limit. Douglas Insights estimates light commercial vehicles hold about 8.1 million of the 21.3 million active cards.

Mixed-energy credentials: 0.50 points

Charging adds 0.50 points. A fleet that adds an electric van keeps its fuel card when the same account also pays for public charging, so every mixed-energy card is a retained card. Federal rules for funded chargers require contactless card acceptance, which widens where a U.S. B2B fuel card works.

Fraud and spend controls: 0.50 points

Controls add 0.50 points. Card skimming at pumps and unauthorised fills push fleets that still use cash or reimbursement onto cards with PIN, odometer and product limits; at USD 5.19 a gallon, the 2026 diesel average forecast by the U.S. Energy Information Administration (EIA) in its October 2026 Short-Term Energy Outlook, each stolen fill costs more.

Embedded payments and factoring: 0.40 points

Embedded finance adds 0.40 points, as transport management systems, freight brokers and factoring firms hand out cards to carriers they already pay. The five contributions, 0.90 + 0.70 + 0.50 + 0.50 + 0.40, give 3.00 points before restraints.

What holds back U.S. B2B fuel card growth as fleets charge at depots and use bank cards?

Three restraints remove 0.80 points from U.S. B2B fuel card growth, leaving 2.20% a year. Depot charging takes 0.30 points, open-loop corporate cards 0.30 points and carrier exits after the freight downturn 0.20 points.

Depot charging is the slowest-building brake. An electric delivery van charged overnight at its own depot buys nothing at a public station, so the U.S. B2B fuel card loses the transaction. Douglas Insights removes 0.30 points, less than in Europe, because U.S. fleet electrification slowed after the federal commercial clean vehicle credit under section 45W ended for vehicles acquired after 30 September 2025, as the Internal Revenue Service (IRS) sets out in its FAQs on the One, Big, Beautiful Bill.

Open-loop corporate cards from banks remove 0.30 points, mostly at firms where fuel is a small cost: a general-purpose commercial card with merchant-category limits can replace a dedicated U.S. B2B fuel card. Carrier exits remove 0.20 points. Long-haul payment processing volumes were flat in 2025: WEX’s Mobility transactions fell 4.3% to 132.5 million in the fourth quarter, according to its fourth-quarter and full-year 2025 results, as small carriers left the market.

Revenue per card, the second leg, has its own brake: when pump prices fall, spend-linked fees fall with them. WEX guided in February 2026 on a full-year U.S. retail fuel price of USD 3.10 a gallon, in its 2025 results release, before prices rose. Douglas Insights holds the price leg at 1.90% a year by valuing fees at normalised fuel prices, and treats the 2026 spike as a windfall outside the trend.

Where in the United States do B2B fuel cards earn most: the trucking South or the delivery-heavy West?

The South earns most from U.S. B2B fuel cards, USD 1.30 billion or 40.5% of 2025 revenue, and grows fastest, 4.45% a year to USD 2.01 billion by 2035, because Texas, Georgia and Florida add trucks and service vans fastest.

The South, USD 1.30 billion, carries the Interstate 10, 20 and 40 freight corridors, the Texas and Gulf Coast petrochemical belt and the fastest-growing metro areas, so both over-the-road trucking cards and local service cards add accounts there first. Truck-stop chains such as Pilot and Love’s are headquartered in Tennessee and Oklahoma, and their diesel lanes run through the region.

The West, USD 674.1 million, grows 4.30% a year on delivery fleets in California, Arizona and Washington, and it is where mixed-energy U.S. B2B fuel cards matter most, because California hosts the largest share of public fast chargers. The Midwest, USD 754.3 million, and the Northeast, USD 481.5 million, grow 3.70% a year each: the Midwest is a manufacturing and agricultural freight hub with slow population growth, and the Northeast has dense cities where vans drive short routes. Regional values for 2035 sum to USD 4.81 billion, 0.07% below the headline; in the data table the row labelled Global holds the U.S. total, USD 3.21 billion in 2025.

Who issues U.S. B2B fuel cards: WEX, Corpay, U.S. Bank or the fintech challengers?

WEX issues the most U.S. B2B fuel card value, about 33.5% of 2025 revenue, USD 1.08 billion, Douglas Insights estimates. With Corpay at about 28.0%, two issuers hold 61.5% of the market.

WEX reported full-year 2025 revenue of USD 2.66 billion and Mobility segment revenue of USD 1.39 billion, down 1% on lower fuel prices, and says Mobility serves more than 600,000 fleet customers globally, according to its 2025 results. Because most of that segment is U.S. fleet cards, Douglas Insights places WEX first in U.S. B2B fuel cards, after removing non-U.S. and non-card revenue.

Corpay reported 2025 Vehicle Payments revenue of USD 2.14 billion, up 6%, and U.S. revenue across all lines of USD 2.21 billion, 49% of the group, in its fourth-quarter and full-year results of 4 February 2026. Vehicle Payments also includes Brazilian tolls and U.K. fuel cards, so our USD 898.8 million U.S. estimate is a Douglas Insights estimate. In the second quarter of 2026 Corpay’s Vehicle Payments revenue rose 13% to USD 580.2 million, or 8% on its pro forma and macro adjusted basis, according to its 5 August 2026 release.

Fintech issuers are the share-takers. AtoB, Coast and Mudflap issue open-loop cards that work at any station, with discounts negotiated at selected truck stops, and they hold about 6.5% of U.S. B2B fuel card revenue, Douglas Insights estimates. Readers following the European issuers, DKV Mobility and Edenred’s UTA, can compare them in our Europe B2B Fuel Cards Market report.

How much does a U.S. fleet pay per B2B fuel card when diesel tops USD 5 a gallon?

U.S. fleets generated an average of USD 150.7 of issuer revenue per B2B fuel card in 2025, Douglas Insights estimates, from about USD 55 for a company-car card to about USD 560 for a long-haul truck card.

U.S. B2B fuel card pricing is spend-linked. Most issuer revenue comes from a merchant fee charged as a share of each fuel purchase, so revenue per card rises with the pump price even if the fleet buys the same gallons. The EIA’s October 2026 outlook puts on-highway diesel at USD 3.66 a gallon in 2025 and USD 5.19 in 2026, with a September 2026 monthly average of USD 6.29, and regular gasoline at USD 3.10 and USD 3.91.

Card and account fees, late fees on 30-day terms and fees for cash advances and permits make up the rest. Heavy trucks hold 48.0% of revenue on about 2.75 million cards because a long-haul tractor can burn 10,000 gallons a year. Douglas Insights projects revenue per card at USD 153.6 in 2026 and USD 181.9 by 2035 at normalised fuel prices, adding services rather than gallons. Fleets tracking what their trucks spend beyond fuel can compare engine oil and fluid costs in our Fluid and Lubricant Market report.

Which federal rules shape U.S. B2B fuel cards after the 2026 emission rollback?

Three federal rule sets shape U.S. B2B fuel cards: the 2026 repeal of heavy-duty truck greenhouse gas standards, the end of the 45W fleet electric vehicle credit, and contactless payment rules at federally funded chargers.

The Environmental Protection Agency (EPA) published a final rule on 18 February 2026 rescinding the 2009 greenhouse gas endangerment finding and removing greenhouse gas emission standards for heavy-duty engines and vehicles, effective 20 April 2026, according to the Federal Register. With no federal push toward zero-emission trucks, diesel stays the main product on U.S. B2B fuel cards through the forecast.

The One, Big, Beautiful Bill Act, signed on 4 July 2025, ended the section 45W commercial clean vehicle credit for vehicles acquired after 30 September 2025, according to the IRS. Fewer electric vans mean fewer depot-charged vehicles that leave the card network.

For chargers built with National Electric Vehicle Infrastructure (NEVI) money, the Federal Highway Administration (FHWA) standards in 23 CFR 680 require contactless payment by major debit and credit cards, according to the final rule published on 28 February 2023. Open-loop U.S. B2B fuel cards work at those chargers with no roaming deal. Regulation II, the Federal Reserve rule capping debit interchange, does not reach closed-loop fleet charge cards, so issuers set merchant fees by contract.

What if diesel stays above USD 5 or fintech cards win small fleets: where do U.S. B2B fuel cards land in 2035?

The U.S. B2B fuel cards market ends 2035 between USD 4.00 billion and USD 5.69 billion across our three cases, around a base of USD 4.82 billion. Card growth and spend-linked fees set the spread.

In the slower case pump prices fall back below 2025 levels, more small carriers exit and bank commercial cards take light fleets. In the faster case diesel stays near the USD 4.49 the EIA forecasts for 2027 in its October 2026 outlook, fintech issuers bring owner-operators onto cards and mixed-energy accounts keep electric vans inside the U.S. B2B fuel card network. One extra point of yearly card growth adds USD 492.6 million to 2035 value; one point less removes USD 451.1 million.

Our 4.14% sits below the 4.30% North America rate and the 5.57% global rate in the Douglas Insights global model, because U.S. fleet card penetration is already high and diesel volumes per truck are flat.

Douglas Exclusive: the U.S. Fuel Card Pump-Price Pass-Through Gauge

The U.S. Fuel Card Pump-Price Pass-Through Gauge is a Douglas Insights model built from 11 sourced inputs, 4 company filings and 1 EIA outlook, measuring how much U.S. B2B fuel card revenue moves when pump prices move.

The WEX quarter gives a pass-through of about 0.51: revenue per transaction rose 21.9% when the fuel price rose 43.3%, according to its filed release. Douglas Insights applies 0.45 to the whole U.S. B2B fuel card market, because fixed card fees and truck-stop programmes are less fuel-sensitive than WEX’s book. Weighting diesel at 55% and gasoline at 45% of card spend, the 2026 EIA prices sit 34.7% above 2025.

The finding, a Douglas Insights estimate: the 2026 fuel spike adds about USD 523 million, or 15.6%, to U.S. B2B fuel card revenue above our USD 3.34 billion trend figure, taking actual 2026 revenue to about USD 3.87 billion; in 2027 the windfall shrinks to about USD 300 million as EIA prices ease. The windfall does not compound into 2035, which is why our trend CAGR stays at 4.14% while issuers report double-digit growth in 2026. WEX reports its third quarter on 28 October 2026, according to its release notice, the first test of the gauge at USD 6 diesel.

How does the methodology turn 21.3 million U.S. fuel cards into USD 3.21 billion?

Our methodology multiplies 21.3 million active U.S. B2B fuel cards in 2025 by USD 150.7 of issuer revenue per card to reach USD 3.21 billion. Cards come from three vehicle bands; revenue per card from company filings.

The model covers 4 Census regions, 4 card types and 3 vehicle bands, and uses 54 data points, 14 sourced and 40 modelled. Arithmetic: 21.30 million x USD 150.7 = USD 3.21 billion; 3.210 x (1.0220 x 1.0190)^10 = 4.817, or USD 4.82 billion. Cards reach 21.8 million in 2026 and 26.5 million in 2035; revenue per card reaches USD 153.6 in 2026.

Two cross-checks agree. First, USD 3.21 billion is 86.1% of the USD 3.73 billion North America row in our global B2B fuel cards model, leaving USD 518 million for Canada and Mexico. Second, our WEX and Corpay U.S. estimates, USD 1.08 billion and USD 898.8 million, sit below their filed USD 1.39 billion Mobility and USD 2.14 billion Vehicle Payments revenue, which include non-U.S. and non-card income. AI tools help draft the text and automated checks test the arithmetic and links; the Douglas Insights research desk chooses the sources, builds the model and approves publication, as our editorial standards explain.

Sources

1. WEX Inc. / SEC WEX Inc. reports second quarter 2026 financial results (Form 8-K) (2026)
2. WEX Inc. WEX Inc. reports fourth quarter and full year 2025 financial results (2026)
3. Corpay Corpay reports fourth quarter and full year financial results (2026)
4. Corpay / SEC Corpay second quarter 2026 results (Exhibit 99.1) (2026)
5. U.S. Energy Information Administration Short-Term Energy Outlook, October 2026 (2026)
6. Environmental Protection Agency / Federal Register Rescission of the greenhouse gas endangerment finding and motor vehicle greenhouse gas emission standards (2026)
7. Internal Revenue Service FAQs for modification of sections 25C, 25D, 25E, 30C, 30D, 45L, 45W and 179D under Public Law 119-21 (2025)
8. Federal Highway Administration / Federal Register National Electric Vehicle Infrastructure Standards and Requirements, 23 CFR 680 (2023)
9. eCapital and AtoB eCapital and AtoB partner to deliver integrated fuel savings and digital payments (2026)
10. WEX Inc. WEX Inc. to release third quarter 2026 financial results on October 28, 2026 (2026)

What counts in the U.S. B2B fuel cards market, and what is excluded?

The U.S. B2B fuel cards market counts issuer revenue from universal, over-the-road trucking, branded and open-loop fuel and charging cards used by American businesses. The fuel and electricity themselves, consumer loyalty cards and telematics hardware stay out.

The by-card-type split covers the four types above. The by-vehicle split covers heavy trucks, light commercial vehicles and company cars and pickups; the by-region split covers the South, Midwest, West and Northeast. Revenue counted in this U.S. B2B fuel card sizing includes merchant and network fees, card and account fees, late charges, cash-advance and permit fees and fuel discounts retained by issuers. The value of fuel passed through, toll transponders sold without a card and fleet maintenance spend billed outside the card are excluded. Fuel cards issued in Canada and Mexico sit in the North America row of the global report.