European Fuel Card Market Size & Growth Drivers Outlook by 2030 | Fortune Business Insights™
Companies covered in the European fuel card market are Fuel Card Services Ltd., A.G. payment solutions, Shell, Esso, DKV, BP, TOTAL, Aral, AS 24 (Total Group), OMV, Eurowag, UNION TANK Eckstein GmbH & Co. KG, DKV Euro Service (DKV MOBILITY SERVICES Group) and more players profiled.
Pune, India, July 27, 2023 (GLOBE NEWSWIRE) — The European fuel card market size is expected to display impressive growth during the forecast period backed by numerous factors such as thriving government initiatives, presence of key players in the region, and surging adoption of tokenization, among others.
This information is stated by Fortune Business Insights, in its report titled, “European Fuel Cad Market, 2023-2030.”
The governments of various European nations have embraced cutting-edge technologies to offer their citizens improved services. Many private oil and gas firms in Europe provide their clients with fuel cards for a variety of uses, including refuelling, fleet maintenance, toll payments, and real-time data access. Fuel cards are typically used as payment cards for gas, tolls, and vehicle maintenance.
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Key Manufacturers of the European Fuel Card Market worldwide are:
- Fuel Card Services Ltd.
- A.G. payment solutions
- Shell
- Esso
- DKV
- BP
- TOTAL
- Aral
- AS 24 (Total Group)
- OMV
- Eurowag
- UNION TANK Eckstein GmbH & Co. KG
- DKV Euro Service (DKV MOBILITY SERVICES Group)
Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2022 |
| Historical Year | 2019 – 2021 |
| Forecast Year | 2023 – 2030 |
| Segments Covered | By End-Use and Regional |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Fuel Card Services Ltd., A.G. payment solutions, Shell, Esso, DKV, BP, TOTAL, Aral, AS 24 (Total Group), OMV, Eurowag, UNION TANK Eckstein GmbH & Co. KG, DKV Euro Service (DKV MOBILITY SERVICES Group) |
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/industry-reports/european-fuel-card-market-100500
Report Coverage:
The report presents a systematic study of the market segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the European fuel card market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
Drivers and Restraints:
Adoption of Biometrics and Tokenization to Augur Growth
Fuel card issuers are enticing customers by including attractive perks on their cards, such as credit points and discounted fuel costs. These are the main elements fueling the market’s expansion in Europe. Due to the adoption of biometrics and tokenization in the payment industry, the market has been experiencing growth over the past few years.
The penetration of fuel cards in Europe is also anticipated to rise with the adoption of tokenization. Additionally, businesses that produce fuel cards have begun to integrate the powerful reporting tools and telematics interface. Moreover, owing to the security from online predators, the fuel card manufacturers are focused on security.
COVID-19 Impacts:
COVID-19 Pandemic Negatively Affected Market due to Strict Lockdown
Since the COVID-19 viral outbreak, the infection has spread to every part of the world, prompting the World Health Organization to declare it an emergency situation affecting public health. Almost every industry in the first half of 2020 was affected by the coronavirus sickness on a global scale.
European Fuel Card Market: Segmentation
By Type
- Branded Fuel Cards
- Universal Fuel Cards
- Merchant Fuel Cards
By Application
- Oil
- Gasoline
- Fleet Maintenance
- Toll Payments
- Others
By Vehicle Type
- Light Weight
- Heavy Weight
By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Regional Insights:
U.K. to Dominate in the Region Backed by Substantial Use of Fuel Cards
Due to the early adoption of smart payment technology, the market in Europe has developed. In the anticipated time frame, the U.K. is anticipated to hold a significant European fuel card market share. Due to the growing number of commercial vehicles and technical developments, the U.K. dominates the market. By 2021, new car registration in the region may account for 37% of private registrations and 63% of corporate registrations, according to a study done by Deloitte in 2017. This will lead to a rise in the use of fuel cards in the area. The market for European fuel cards has grown due to the use of safe and dependable fuel cards.
Moreover, in Germany, new vehicle registrations are projected to increase to 2.9 million by 2020. These factors will boost the growth of the European fuel card market.
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Key Question Covered in this European Fuel Card Market Research Report
- What is a European Fuel Card and how does it work?
- What are the key market factors driving the growth of the European Fuel Card market?
- What are the different types of European Fuel Card available in the market?
- What are the major market trends and challenges faced by the European Fuel Card industry?
- Which regions are expected to witness significant growth in the European Fuel Card market in the coming years?
Competitive Landscape:
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Key Industry Development:
- October 2021: In Mumbai, BP plc had opened a new mobility station. Jio-bp mobility stations were introduced by the business that had partnered with Reliance Industries Limited. As a result, the company’s market position will be strengthened and its customer base will grow.
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