The new report by Expert Market Research titled, ‘European Fuel Card Market Growth, Size, Report and Forecast 2022-2027’, gives an in-depth analysis of the European Fuel Card Market, assessing the market based on its segments like types, applications, and major countries. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027):4.8%
Increasing demand for monitoring vehicle purchase and fuel economy is the major driving factor in the market. An increase in the adoption of prepaid cards, the surge in preference for digital payments, and the growing demand for fuel cards in transportation and logistics industries are also driving the growth of the European fuel card market. Further, the growing consumer preference for digital transaction solutions, such as mobile wallets, prepaid cards, contactless payment, and others, is likely to drive market expansion during the forecast period. Growing value-added services that enable fleet managers to reduce fraudulent claims and enhance fuel management are predicted to drive European fuel card industry growth.
Industry Definition and Major Segments:
European fuel cards are ideal for enterprises that travel to Europe frequently; these cards make it easier by allowing refuelling in roughly 28 countries and thousands of stations. Fuel cards can also be used to pay for road tolls, making border crossings easier.
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Based on type, the market is segmented into:
• Universal Cards
• Branded Cards
• Merchant Cards
The major applications of the market are:
• Fuel Refill
• Vehicle Service
• Toll Charge
By country, the market is classified into:
• United Kingdom
Technological advancements in the fuel card, along with the benefits and convenience offered by fuel cards, enhanced convenience, and growth in the prepaid and contactless card industry, would create lucrative opportunities for the fuel card market in the future. Also, the European fuel card market is expected to witness a high growth rate during the forecast period, owing to an increase in alliances and collaborations among various key vendors and users. The growth in the penetration of mobile payments further increases the market demand. Also, various governments are determined towards supporting the implementation of a cashless society. The proliferation of smartphone applications for digital transactions is another factor supporting the market’s growth.
Key Market Players:
The major players in the market are BP International Limited, European Diesel Card Ltd., Exxon Mobil Corporation, FleetCor Technologies, Inc., and Shell International B.V., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions,
among other latest developments of these market players.
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