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Fuel Card Market in Europe by 2025 with Dominant Key Players: BP Plc., Engen Petroleum Ltd., Exxon Mobil Corporation, FirstRand Bank Limited, FleetCor Technologies Inc., Libya Oil Holdings Ltd

01-28-2019 05:59 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Fuel Card Market in Europe by 2025 with Dominant Key Players: BP

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 $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 an increase in adoption of cashless fuel transactions and government legislation for e-invoicing of fuel transactions.

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Key Players of Europe fuel card market:

•BP P.L.C.
•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.

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.

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Live Chat Software Market: Global Opportunity Analysis and Industry Forecast, 2017-2023@ https://www.alliedmarketresearch.com/live-chat-software-market

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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