The Europe fuel card market is expected to reach USD 264.95 billion by 2024 owing to the rising demand for cashless transactions, and availability of add-on benefits. The evolution of technologies in the payment industry has made people more inclined towards smart payment options which ensures a track on their spending as well securely. This increased need for safe and reliable digital payment is expected to drive the fuel card industry in Europe over the next few years.
Fleet managers have been looking for viable real-time solutions to ensure appropriate tracked spending. The fuel cards not only provide with the discounts and rebate but it also comes with online reporting tools which provide fleet managers with in-depth data as to where their fuel card has been used, who used it and for what purpose. Managers also can limit the fuel card spending real time.
The loyalty program provides drivers with fuel points on their purchase. It also has different advantages such discounts on non-fuel items, offers, and gifts. Thus, is expected to boost the fuel card industry.
Fuel cards prevent theft; hence, they help fleet managers reduce unaccounted spending. A fuel card is accessed using the secured pin and driver is obliged to show his identity proof while using. Thus, it helps prevention of theft in employees and is expected to drive the fuel card industry in the near future.
The universal card has penetrated the European market and fleet managers are inclined to use it due to the various benefits it offers. Branded cards from the oil companies such as ESSO, BP, and Shell are widely used and hold second largest market share in the forecast period.
The light weight vehicle is the ones who are major users of fuel cards. However, the heavy vehicles segment is expected to grow over the forecast period owing to the increasing commercial transport.
The UK was the largest and is likely to be the fastest growing market with a CAGR of 20.7% over the forecast period. Germany will see a steady growth during the forecast period. Many big players are opting for merger and acquisition to expand their presence in the region. For instance, international players such WEX and FLEETCOR have entered into Europe by taking over ExxonMobil and Shell respectively.
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Hexa Research has segmented the Europe Fuel Card market on the basis of type and conveyance on a regional and country level:
Segmentation By Type, 2014 – 2024 (USD Million)
• Universal card
• Branded/Proprietary card
• Merchant card/Bank card
Segmentation By Conveyance, 2014 – 2024 (USD Million)
• Light weight
• Heavy weight
Segmentation By Country, 2014 – 2024 (USD Million)
Key Players Analyzed
• FLEETCOR, LLC
• DKV EURO SERVICE GmbH + Co. KG
• UK Fuels Limited
• W.A.G. Payment Solutions, a.s.
• BP PLC
• ExxonMobil Corporation.
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