The adoption of fuel cards is on a continuous rise, owing to the 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.
According to a recent report published by Allied Market Research, titled, Europe Fuel Card by Type, and Application: Opportunity Analysis and Industry Forecast, 2018-2025, the Europe fuel card market garnered $257.28 billion in 2017, and is estimated to reach $374.59 billion by 2025, registering a CAGR of 5.0% from 2018 to 2025. The universal fuel card segment contributed the highest revenue in the Europe fuel card market in 2017 and will continue to dominate throughout the forecast period, owing to wide acceptance of universal fuel cards.
Rise in the adoption of consumers for digital transaction solutions including prepaid cards, mobile wallets, contactless payment, and other would surge the growth during the forecast period. The card payments contributed to nearly half of the total transactions in 2016. Moreover, the European countries have experienced a considerable rise in prepaid and contactless payments in the past few years.
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According to the study by Mastercard, the contactless payments on Mastercard and Maestro networks surged by nearly 145% in Europe. Moreover, the U.K. dominates the contactless card payment industry with more than 112 million contactless cards issued in the country. Technological innovations have created new opportunities in the market. The integration of fuel cards with IoT has improved the service. Mastercard’s fleet management solution has grown in popularity owing to its technological innovation. The fuel and maintenance data are integrated into the payment process and the fuel card is activated with the help of IoT.
The fuel refill application segment dominated the Europe fuel card market In 2017 and would maintain its lead during the forecast period. However, the other services segment would register the highest growth, owing to increase in adoption of fuel cards to address various needs including purchasing of vehicle spare parts and accessories.
The U.K. led the Europe fuel card market in terms of revenue in 2017 and is expected to maintain its lead during the forecast period. Moreover, there was a significant growth in contactless cards with the number of cards issued grown up to 103 million in 2016. However, Italy would register the highest growth throughout the forecast period, owing to rise in adoption of cashless transactions along with supportive government policies for e-invoicing of fuel transactions.
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Leading market players analyzed in the report include Engen Petroleum Ltd., BP Plc., FirstRand Bank Limited, Exxon Mobil Corporation, Libya Oil Holdings Ltd., FleetCor Technologies, Inc., Royal Dutch Shell plc, Puma Energy, U.S. Bancorp, and WEX, Inc.
BP Plc. has launched the app with which buyers can purchase fuel. This app has become the first app of the U.K. that connects fuel cards. Customers with BP Fuel Card would be able to add the cards to the BPme app. This will enable payments through the app without a card. The app will log every transaction and enable drivers to track their mileage. Market players have adopted various strategies and converting several stations to a single brand has been one of those. EG Group and ExxonMobil revealed that EG Group will convert its few hundred stations in the Benelux to the ESSO brand. EG Group provides the GO fuel card that will be accepted at all the ESSO stations. Moreover, these stations will accept the ESSO card as well. This conversion will provide an exceptional customer experience with an extensive network in the Benelux.
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