The ‘European Fuel Card Market Share, Size, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the European fuel card market, assessing the market on the basis of its segments like type, application, and major countries.
European Fuel Card Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.8%
Fuel cards are widely used by transport companies as they help companies simplify the process of controlling their fuel budget and lowering risk of frauds that can otherwise have a massive impact on their finances.
The European fuel retail market is rapidly changing driven by a diversification of fuel types and services provided at stations. Fuel cards are being developed to adapt and meet the evolving customer needs by covering sales of electricity as well as alternative fuels and provide a smooth digital experience to customers, which is aiding the growth of the European fuel card market.
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As the inclination of Europeans towards cashless transactions and cash-flow optimisation is rising, the fuel retail sector is witnessing an increase in fuel sales authorised with fuel cards thereby supporting the growth of the European fuel card market. Fuel cards provide numerous benefits to public authorities for tax collection and fraud repression. For customers, fuel cards and related loyalty programmes provide access to points and discounts, delivering financial savings. Additionally, they do not involve currency conversions, as all mobility-related transactions across Europe are paid in one currency.
European Fuel Card Market Segmentation
Fuel cards are transaction authorisation cards, which can be pre- or post-paid and are used for the selling and purchasing of goods and services related to road-based mobility, including refuelling, vehicle servicing, parking, toll charging, and maintenance. These cards can be utilised to purchase traditional fuels, alternative fuels, and electricity for electric vehicles.
Based on type, the market is segmented into:
• Universal Cards
• Branded Cards
• Merchant Cards
On the basis of application, the market is divided into:
• Fuel Refill
• Vehicle Service
• Toll Charge
The market, by country, is classified into:
• United Kingdom
European Fuel Card Market Trends
The European fuel card market comprises a balanced mix of large and small companies, mainly family businesses operating in the fuel card sector. Fuel cards provide fleet owners with reports that help them in monitoring and tracking all mobility-related expenses. Fuel card issuers provide customers with digital solutions that help them optimise their fleet management. For instance, by using telematics and smart digital platforms, consumers can plan more efficient routes eliminating empty runs and lowering emissions. Additionally, as the cards can only be used to purchase a limited number of goods and services, such as fuel and lubricants, the risk of payment fraud is limited, and companies can securely manage their transportation costs.
Fuel cards are given a special status under the EU’s Payment Services Directive and can only be used in the network of fuel stations where the card issuer has a partnership. Banking organisations have integrated advanced technology in developing fuel cards that hold the potential to transform the European fuel card market. For instance, in December 2020, Citi, a leading global bank, launched the Citi Fleet Card, which makes use of innovative contactless technology combined with a mobile application, The Miles Consultancy. The card was made available in 24 countries in Europe, allowing seamless tracking of mileage, receipts, and reports.
Key Market Players
The major players in the European fuel card market are BP International Limited, European Diesel Card Ltd., Exxon Mobil Corporation, FleetCor Technologies, Inc., and Shell International B.V., among others.