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Transforming customer experience, owing to rise in adoption of prepaid cards among millennial population driving the market.
PORTLAND, PORTLAND, OR, UNITED STATE, July 19, 2022 /EINPresswire.com / -- According to a recent report published by Allied Market Research, titled, The Europe fuel card market size was valued at $257,281 million in 2017, and is projected to reach $374,592 million by 2025, registering a CAGR of 5.0% from 2018 to 2025. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Increasing adoption of prepaid cards, rising preference for digital payments, and growing demand of fuel cards in transportation & logistic industries are the key factors contributing to growth of the industry. However, security issues regarding fuel cards would limit the growth of the market. On the other hand, technological advancements, improved convenience, and growth in prepaid & contactless card industry would create new opportunities in future.
The nationwide adoption of the universal fuel card enabled this segment to contribute nearly half of the total market revenue in 2017. This segment is expected to maintain its lead during the forecast period. However, in terms of growth rate, the merchant segment would register the fastest CAGR of 6.4% from 2018 to 2025. The branded fuel cards segment will have steady growth during forecast period.
The fuel refill application segment accounted for nearly half of the total market share in 2017 and would remain dominant by 2025. The report also analyzes parking, vehicle service, and toll charge applications. The other applications segment, which comprises fuel cards used to manage expenses related to spare parts, accessories, and others would register the highest CAGR of 7.2% during the forecast period as adoption of fuel card for value-added services would grow significantly in future.
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Italy would register the fastest CAGR of 6.5% from 2018 to 2025, owing to rise in adoption of digital transactions and supportive government policies for fuel transactions. However, the rest of Europe region generated the highest market share of nearly one-third of the European market in 2017. The other countries analyzed in the research are the U.K., Germany, and France among others.
The major market players analyzed in the research include BP plc, Exxon Mobil Corporation, Engen Petroleum Ltd., FleetCor Technologies, Inc., FirstRand Bank Limited, Puma Energy, Libya Oil Holdings Ltd., U.S. Bancorp, Royal Dutch Shell plc, and WEX, Inc. These players have adopted various strategies including new product launches, joint ventures, partnerships, collaborations, mergers & acquisitions, and others to gain a stronghold in the industry.
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