According to a recent report published by Allied Market Research, titled, Europe Fuel Card by Type, and Application: Opportunity Analysis and Industry Forecast, 2018-2025, the Europe fuel card market was valued at $257,281 million in 2017, and is projected to reach at $374,592 million by 2025, growing at a CAGR of 5.0% from 2018 to 2025. In 2017, the universal fuel card segment accounted for the highest revenue in the Europe fuel card market.
Surge in digital transactions, increase in usage of prepaid cards, rise in need for improved fuel management, and growth associated with 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.
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.
Key Findings of the Europe Fuel Card Market:
- 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.
- In 2017, UK accounted for the highest revenue among the other countries.
- Based on application, the fuel refill generated the highest revenue in 2017.
- By card type, the merchant fuel card segment is anticipated to exhibit substantial growth during the forecast period.
Some of the key market players profiled in the report include BP Plc., Engen Petroleum Ltd., Exxon Mobil Corporation, FirstRand Bank Limited, FleetCor Technologies, Inc., Libya Oil Holdings Ltd., Puma Energy, Royal Dutch Shell plc, U.S. Bancorp, and WEX, Inc.