Europe fuel card market value
Europe Fuel Card market is driven by the need for cost-efficient fleet management and the increasing focus on eco-friendly and sustainable fueling solutions.
PORTLAND, OREGON, UNITED STATES, September 26, 2023 /EINPresswire.com/ — The Europe fuel card market 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. 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.
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One of the predominant trends in the Europe Fuel Card market is the ongoing digital transformation. Fuel card providers are increasingly offering digital and mobile solutions to streamline processes. These solutions enable businesses to monitor fuel expenditures in real-time, track driver behavior, and manage their fleets more efficiently. Mobile apps associated with fuel cards also provide drivers with greater convenience and accessibility.
With environmental concerns growing, fuel card providers are emphasizing sustainability. Many offer fuel cards that enable businesses to purchase greener fuels or offset carbon emissions through environmental programs. This aligns with the broader push for eco-friendly practices and supports corporate sustainability goals.
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Fuel card providers are expanding their offerings beyond fuel-related services. They are integrating additional features such as expense management, toll payments, and vehicle maintenance tracking into their fuel card solutions. This integration simplifies administrative tasks and offers more comprehensive fleet management options for businesses.
As businesses increasingly operate across European borders, there is a growing demand for fuel cards that are accepted in multiple countries. Providers are responding by offering fuel cards with broader acceptance networks, allowing businesses to efficiently manage their fuel expenses across various European markets.
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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.
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