Allied Market Research published a report, titled, “Fuel Card Market by Type (Branded, Universal and Merchant), and Application (Fuel Refill, Parking, Vehicle Service, Toll Charge and Others): Europe Opportunity Analysis and Industry Forecast, 2018–2025.” The report offers an in-depth analysis of changing market dynamics, driving forces & opportunities, competitive scenario, key segments, and projections for the future. The report states that the Europe fuel card market would reach $374.5 billion by 2025, from $257.2 billion in 2017, registering a CAGR of 5.0% from 2018 to 2025.
Upsurge in prepaid card adoption, rise in advent of digital payments, and surge in demand from transportation & logistic sectors are factors that contribute toward the growth of the industry. On the other hand, security concerns related to fuel cards are expected to hinder the growth in the industry. On the other hand, innovation in technologies, convenience provided by fuel cards, and upsurge of the prepaid & contactless card industry would generate new opportunities in the industry.
Universal segment to contribute the highest market share by 2025
The universal segment held the major share in the market, contributing for nearly half of the total share in 2017. This segment is expected to continue to contribute the dominant share by 2025. On the other hand, the merchant segment is expected to grow at the fastest growth rate, with a CAGR of 6.4% during the forecast period, 2018–2025. The study also analyzes the branded segment.
Fuel refill segment to maintain lead in terms of revenue by 2025
The fuel refill segment contributed the major market share in 2017, accounting for nearly half of the total share in 2017 and is expected to dominate throughout the forecast period. This is due to increase in adoption across various countries. In addition, the report explores vehicle service, parking, and toll charge applications. The other applications segment is expected to register the largest growth rate, growing at a CAGR of 7.2% from 2018 to 2025, owing to significant rise in adoption of fuel card for various value-added services.
Italy is expected to grow at the fastest rate by 2025
Italy is expected to register the highest growth rate, with a CAGR of 6.5% during the forecast period, 2018–2025. This is due to rise in adoption of digital transactions and supportive government requirements for transactions. However, the rest of Europe region garnered the largest market share in 2017, accounting for nearly one-third of the total market. Other countries discussed in the study are the U.K., France, and Germany.
Leading market players
Major industry players explored in the research include Exxon Mobil Corporation, BP p.l.c, FleetCor Technologies, Inc., Engen Petroleum Ltd., Puma Energy, FirstRand Bank Limited, U.S. Bancorp, Libya Oil Holdings Ltd., Royal Dutch Shell plc, and WEX, Inc. Industry players have implemented different strategies such as joint ventures, new product launches, collaborations, partnerships, mergers & acquisitions, and others to gain a strong position in the market.
Curious? Need more details? The request a sample of the “Europe Fuel Card Market” report.