WILMINGTON, DE, UNITED STATES, April 12, 2024 /EINPresswire.com/ — The Europe fuel card market share 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.
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 is experiencing significant growth driven by factors such as the surge in digital transactions, increased usage of prepaid cards, and the growing need for improved fuel management, particularly within the transportation and logistics industry. However, security concerns associated with fuel cards, including fleet card skimming and fraudulent transactions, pose challenges to market growth.
Within the market segments, the universal fuel card segment currently dominates the Europe market, attributed to its nationwide acceptance. This trend is expected to continue throughout the forecast period. Additionally, the merchant fuel card segment is projected to witness the highest growth rate. This growth is fueled by the increasing adoption of merchant cards, supported by partnerships between fuel merchants and fuel card providers.
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The Europe fuel card market presents both opportunities and challenges, and as the industry continues to evolve, addressing security concerns while leveraging partnerships and technological advancements will be crucial for sustained growth and success.
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.
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Some of the key market players profiled in the report include 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, and WEX, Inc.
The Europe fuel card market is consolidated with the presence of key vendors constituting large market share. UK and Germany are the prime consumers of fuel cards. However, Italy is expected to witness robust growth in the near future, owing to rise in government regulatory policies for e-invoicing of fuel transactions. The key players profiled in the report include 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, and WEX, Inc. These players have adopted various strategies to enhance their product portfolio and to increase their Europe Fuel Card market share. For instance, in March 2017, Esso and BP Plc. initiated a partnership contract through which Esso started accepting BP fuel cards at circa 860 Esso forecourts in the UK.
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