Fuel Card Market in Europe to Cross $374.5 Billion by 2025: A New Report has Claimed
Increasing preference for digital transactions, rising adoption of prepaid cards, and technological advancements are expected to create lucrative prospects in the Europe fuel card market.
According to the report, the Europe fuel card market garnered $257.2 billion in 2017 and is expected to reach $374.5 billion by 2025, growing a CAGR of 5.0% from 2018 to 2025. The report provides a detailed analysis of the changing market trends, key drivers & opportunities, investment pockets, competitive intelligence, and estimations for the forecast period.
Increasing adoption of prepaid cards, rising preference for digital payments, and growing demand for fuel cards in transportation & logistics industries are the key factors contributing to the growth of the industry. However, security issues regarding fuel cards would limit the growth of the market. On the other hand, technological advancements, improved convenience, and growth in prepaid & contactless card industry would create new opportunities in the future.
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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.
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.
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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