Europe Fuel Card Market Growing at 5.0% CAGR to Hit USD $374,592 Million by 2025 | Share Analysis
Europe Fuel Card Market
A fuel card is a reloadable prepaid card used to pay for vehicle-related expenses, including fuel purchases, maintenance, servicing, and more. These cards have become increasingly popular due to their numerous benefits, such as providing detailed, real-time expense tracking for corporate fleets. Additionally, fuel cards streamline processes by eliminating manual tasks like receipt submission and auditing, while also offering cost-saving advantages through discounted fuel prices for businesses.
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The adoption of fuel cards is on a continuous rise, owing to increase in cashless payment transactions. Moreover, the need to ensure compliance with company fuel usage policies is anticipated to boost the adoption of fuel cards market among enterprises.
Surge in digital transactions, increase in usage of prepaid cards, rise in need for improved fuel management, and growth associated with the transportation & logistics industry are the key factors that drive the growth of the Europe fuel card market. However, security concerns associated with fuel cards such as fleet card skimming, and fraudulent transactions hamper the Europe fuel card market growth. Based on type, the universal fuel card segment dominated the Europe market in 2017, and is expected to continue this trend during the forecast period, owing to nationwide acceptance of universal fuel cards. Furthermore, the merchant fuel card segment is expected to grow at the highest CAGR during the forecast period, due to rise in trend of merchant cards supported by partnership of fuel merchants and fuel card providers.
The Europe fuel card market was led by the UK in 2017, and is projected to maintain its dominance during the forecast period. However, Italy is expected to witness the highest growth, owing to increase in adoption of cashless fuel transactions and government legislations for e-invoicing of fuel transactions.
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In 2017, the Europe fuel card market was dominated by the fuel refill application segment, and is expected to maintain this trend during the forecast period. However, the other services segment is expected to witness the highest growth, owing to rise in adoption of fuel cards to address other value-added needs such as purchasing of vehicles spare parts and accessories.
The nationwide adoption of the universal fuel card enabled this segment to contribute nearly half of the total market revenue in 2017. This segment is expected to maintain its lead during the forecast period. However, in terms of growth rate, the merchant segment would register the fastest CAGR of 6.4% from 2018 to 2025. The branded fuel cards segment will have steady growth during forecast period.
The fuel refill application segment accounted for nearly half of the total market share in 2017 and would remain dominant by 2025. The report also analyzes parking, vehicle service, and toll charge applications. The other applications segment, which comprises fuel cards used to manage expenses related to spare parts, accessories, and others would register the highest CAGR of 7.2% during the forecast period as adoption of fuel card for value-added services would grow significantly in future.
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Italy to grow the fastest
Italy would register the fastest CAGR of 6.5% from 2018 to 2025, owing to rise in adoption of digital transactions and supportive government policies for fuel transactions. However, the rest of Europe region generated the highest market share of nearly one-third of the European market in 2017. The other countries analyzed in the research are the U.K., Germany, and France among others.
Key Findings of the Market:
1. The universal fuel card type accounted for the highest share of the Europe market in 2017, and is estimated to register a CAGR of 3.9% from 2018 to 2025.
2. In 2017, the UK accounted for the highest revenue among the other countries.
3. Based on the application, the fuel refill generated the highest revenue in 2017.
4. By card type, the merchant fuel card segment is anticipated to exhibit substantial growth during the forecast period.
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The major market players analyzed in the research include BP plc, Exxon Mobil Corporation, Engen Petroleum Ltd., FleetCor Technologies, Inc., FirstRand Bank Limited, Puma Energy, Libya Oil Holdings Ltd., U.S. Bancorp, Royal Dutch Shell plc, and WEX, Inc. These players have adopted various strategies including new product launches, joint ventures, partnerships, collaborations, mergers & acquisitions, and others to gain a stronghold in the industry.
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