Portland, OR, May 20, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Europe fuel card market garnered $257.2 billion in 2017 and is expected to reach $374.5 billion by 2025, growing a CAGR of 5.0% from 2018 to 2025. The report provides a detailed analysis of the changing market trends, key drivers & opportunities, investment pockets, competitive intelligence, and estimations for the forecast period.
Increase in adoption of prepaid cards, the surge in preference for digital payments, and growing demand for fuel cards in transportation & logistic industries drive the growth of the European fuel card market. Whereas, security issues regarding fuel cards restrain the growth of the market. Nevertheless, technological advancements, enhanced convenience, and growth in the prepaid & contactless card industry would create lucrative opportunities in the future.
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COVID_19 Scenarios:
- The global lockdown due to novel coronavirus has suspended the working processes in various sectors. However, the software and services industry has witnessed an opportunity to continue with the help of the remote working system.
- Moreover, the pandemic has resulted in declined demand for fuel
Based on type, the universal fuel card segment contributed to nearly half of the total market revenue in 2017 and is expected to maintain its lead during the forecast period. However, the merchant segment would register the fastest CAGR of 6.4% from 2018 to 2025. The report also analyzes the branded fuel cards segment.
Based on the application, the fuel refill application segment accounted for nearly half of the total market share in 2017 and would maintain its dominant position by 2025. On the other hand, the other applications segment would register the highest CAGR of 7.2% during the forecast period.
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Based on the country, Italy is anticipated to manifest the fastest CAGR of 6.5% from 2018 to 2025. Nevertheless, the rest of the Europe region generated the highest market share in 2017, accounting for nearly one-third of the European fuel card market.
The major market players analyzed in the report 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.
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About Allied Market Research (AMR):
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.