Fuel Card Market in Europe will reach $374,592 Million by 2025 - Growth drivers and opportunity for investors

The adoption of fuel cards is on a continuous rise, owing to increase in cashless payment transactions. Moreover, the need to ensure compliance with company fuel usage policies is anticipated to boost the adoption of fuel cards market among enterprises.

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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.

Growth Drivers and Investors Opportunity:

The Europe fuel card market is influenced by a number of factors, which include rise in need of improved fuel management, increase in penetration of digital transactions, and growth in transportation and logistics industries. However, security concerns associated with fuel cards are expected to hamper the market growth during the forecast period. Moreover, growing prepaid and contactless card industry along with technological innovation in fuel cards provides opportunities for the market growth. However, each factor has its definite impact on the market.

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Need for Improved Fuel Management:

The growth in rate of fleet expenses has increased concerns among fleet owners to secure their unwanted expenditure through optimized fleet management. Implementation of fuel cards enables real-time, actionable insights to prevent unauthorized purchases, fleet spending limits, track of non-fuel purchases, and others. These cards are beneficial to both fleet owners and drivers. In addition, implementation of fuel cards eliminates manual tasks, such as auditing and submitting receipts, while profiting the corporate with discounted fuel price offers. Also, the Europe fuel card market is expected to witness high growth rate during the forecast period, owing to increase in alliances and collaborations among various key vendors and users.

Penetration of Digital Transaction Solutions:

Increased inclination of consumers toward digital transaction solutions, such as mobile wallets, prepaid cards, contactless payment, and others, is expected to fuel the market growth during the forecast period; for instance, the total number of non-cash payments across the European Union increased by 8.5% leading to 122 billion in 2016. In addition, card payments accounted for 49% of all transactions, which shows the prevalence of card payments in the region. Moreover, growth in penetration of the mobile payments further increases the market demand. Also, various governments are determined towards supporting implementation of a cashless society. Proliferation of smartphone applications for digital transactions is another factor that supports the growth of the market.

Dearth of Security Measures:

The fuel card market faces an increase in threat of being compromised by unauthorized access, which acts as a major restraint for the market. Fleet operators face huge amount of losses every year, owing to fuel card skimming, fraudulent transactions, misuse of cards, and others. Various types of external fuel frauds have been recorded in the recent years; for instance, companies have reported about fraud type Card and PIN Interception by Post in most of the situations. According to Shells report, more than 25% of fleet managers have claimed about high frequency of this type of fuel card fraud. In addition, fuel card cloning has been one of the most-claimed fraud reported by 33% of fleet managers. The rising number of fuel frauds has created concerns for businesses and acts as a major restraint for the Europe fuel card market.

Key Market 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.

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