Europe Fuel Card Market to hit $374,592 Million by 2025: Growth Drivers and Future Scenarios - Top industry players profiled Engen Petroleum Ltd., Exxon Mobil Corporation, FirstRand Bank Limited, FleetCor Technologies Inc., Libya Oil Holdings Ltd., Puma E

The Europe fuel card market garnered $257.28 billion in 2017 and is estimated to reach $374.59 billion by 2025, registering a CAGR of 5.0% from 2018 to 2025. The universal fuel card segment contributed the highest revenue in the Europe fuel card market in 2017 and will continue to dominate throughout the forecast period, owing to wide acceptance of universal fuel cards.

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The rise in the adoption of consumers for digital transaction solutions including prepaid cards, mobile wallets, contactless payment, and other would surge the growth during the forecast period. The card payments contributed to nearly half of the total transactions in 2016. Moreover, the European countries have experienced a considerable rise in prepaid and contactless payments in the past few years.

According to the study by Mastercard, the contactless payments on Mastercard and Maestro networks surged by nearly 145% in Europe. Moreover, the U.K. dominates the contactless card payment industry with more than 112 million contactless cards issued in the country. Technological innovations have created new opportunities in the market. The integration of fuel cards with IoT has improved the service. Mastercard’s fleet management solution has grown in popularity owing to its technological innovation. The fuel and maintenance data are integrated into the payment process and the fuel card is activated with the help of IoT.

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The fuel refill application segment dominated the Europe fuel card market In 2017 and would maintain its lead during the forecast period. However, the other services segment would register the highest growth, owing to an increase in adoption of fuel cards to address various needs including purchasing of vehicle spare parts and accessories.

Comprehensive and Competitive Analysis of Leading Europe Fuel Card Industry Players

•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
•WEX Inc.

The U.K. led the Europe fuel card market in terms of revenue in 2017 and is expected to maintain its lead during the forecast period. Moreover, there was a significant growth in contactless cards with the number of cards issued grown up to 103 million in 2016. However, Italy would register the highest growth throughout the forecast period, owing to rise in adoption of cashless transactions along with supportive government policies for e-invoicing of fuel transactions.

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