A fuel card is a mode of payment through a specialized card for business expenses on vehicles operating in the organization’s fleet. As a result, anyone who drives the company's fleet of vehicles has access to these cards. The fuel card is used to pay for fuel and other vehicle-related expenses such as maintenance, servicing, licensing, and others. These cards are just for goods and expenses related to transportation. Whether any small-medium enterprise operating a small fleet of delivery vehicles or a large fleet of HGVs (Heavy Good Vehicles), fuel cards are an indispensable business tool that can streamline fleet management. Therefore, using a fuel card has many advantages, but financial savings are the biggest.
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Data Bridge Market Research analyses that the Europe Fuel Cards for Commercial Fleet Market is expected to grow at a CAGR of 6.4% in the forecast period of 2024 to 2031 and is expected to reach USD 59,557.40 million by 2031. The growing awareness of consumers regarding energy-efficient building design during any new construction is effective in making the home more efficient and is also less expensive for a homeowner in the long run. As a result, this increases the demand for Building management systems, thus contributing to the growth of the Europe fuel cards for commercial fleet market.
Key Findings of the Study
Growth in Inclination towards the Digital Banking
In the last few decades, banks have made huge investments in technology to reduce their cost and improve customers’ experience in every sector. Banks are offering digital banking channels such as ATMs, internet banking, mobile banking, and digital banking kiosks to deliver the best quality services to customers with the expectation of increasing profitability and reducing operating costs. Through digital banking, individuals can now easily make transactions, check their account balances, or even make transfers with a single click of a button on their smartphone, desktop, or any other digital device.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Million and Pricing in USD
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Segments Covered
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By Card Type (Universal Fuel Cards, Branded Fuel Cards, and Merchant Fuel Cards), Features (Mobile Payment & Cardless Transactions, Vehicle Reporting, Real-Time Updates, EMV Compliant, Tokenization, and Others), Subscription Type (Registered Card, Bearer Card), Utility (Fuel Fee Payment, Fleet Maintenance, Vehicle Parking Fees, Toll Fee Payment, and Others), End-User (Delivery Fleets, Taxi Cab Fleets, Car Rental Fleets, Public Utility Fleets, and Others), Industry (Transportation and Logistics, Construction, Corporate, Automotive, Food and Beverages, Healthcare, Chemical, and Others)
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Countries Covered
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U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Switzerland, Turkey, Austria, Romania, Serbia, Croatia, Slovenia, Bulgaria, Bosnia, North Macedonia, and rest of Europe
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Market Players Covered
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Shell (Netherlands), W. A. G. payment solutions, a.s. (Czech Republic), bp p.l.c. (U.K.), UTA (an Edenred company) (Netherlands), OMV Aktiengesellschaft (Austria), TotalEnergies (France), Valero Marketing and Supply Company (U.S.), MORGAN FUELS (Ireland), UK Fuels Limited (U.K.), DKV Mobility (Germany), WEX INC (U.S.), and ENI (U.K.) among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis
The Europe fuel cards for commercial fleet market is segmented into six notable segments which are based on the card type, features, subscription, utility, fleet type, and industry.
- On the basis of card type, the market is segmented into universal fuel cards, branded cards, and merchant cards.
In 2024, the universal fuel cards segment is expected to dominate the Europe fuel cards for commercial fleet market
In 2024, the universal fuel cards segment is expected to dominate the market with 46.70% market share as it offers flexibility, control, and convenience for all business purchasing needs, thereby having a tighter control of the business expenses.
- On the basis of features, the market is segmented into vehicle reporting, EMV compliant, tokenization, real-time updates, mobile payment & card-less transactions, and others. In 2024, the mobile payment & card-less transactions segment is expected to dominate the market with a 31.27% market share
- On the basis of subscription type, the market is segmented into registered card and bearer card
In 2024, the registered card segment is expected to dominate the Europe fuel cards for commercial fleet market
In 2024, the registered card segment is expected to dominate the market with a 60.60% market share as it helps the business owners to keep track for all the expenses and offers more flexibility in monitoring vehicles.
- On the basis of utility, the market is segmented into fuel fee payment, vehicle parking fees, fleet maintenance, toll fee payment, and others. In 2024, the fuel fee payment segment is expected to dominate the market with a 68.65% market share
- On the basis of fleet type, the market is segmented into delivery fleets, car rental fleets, public utility fleets, taxi cab fleets, and others. In 2024, the delivery fleet segment is expected to dominate the market with a 43.33% market share as it helps to improve customer services with a telematics interface for proper fleet management.
- On the basis of industry, the market is segmented into transportation and logistics, construction, food and beverages, automotive, healthcare, chemical, corporate, and others. In 2024, the delivery fleet segment is expected to dominate the Europe fuel cards for commercial fleet market with a 36.33% market share as of growing emphasis on cost-effective fuel management solutions, operational efficiency, and heightened demand for streamlined fleet services.
Major Players
Data Bridge Market Research analyzes Shell (Netherlands), W. A. G. payment solutions, a.s. (Czech Republic), bp p.l.c. (U.K.), MORGAN FUELS (Ireland), and UK Fuels Limited (U.K.) as the major key players in the Europe fuel cards for commercial fleet market.
Market Development
- In March 2023, ENI.COM (a SUBSIDIARY OF ENI) and the Spinelli Group, an integrated logistics leader, collaborated for two years, utilizing HVOlution, a 100% renewable raw material-derived diesel fuel, to power the group's 300+ heavy-duty vehicles. With 150 Euro 6d trucks compatible with pure biofuel, Eni Sustainable Mobility's network facilitated biofuel supply at 57 service stations, expanding to 150 by month-end. This strategic partnership demonstrates Eni Sustainable Mobility's commitment to supporting heavy transport decarbonization, aligning with its vision to evolve into a multi-service, multi-energy company, contributing to the decarbonization of the transport sector. This benefit company to meet its target and reduce carbon foot print
- In February 2023, bp p.l.c. its European fleet business recently issued 10 fuel cards to the Iranian Embassy and Consulate in Germany and Austria. These cards empower holders to seamlessly access goods and services at BP retail sites and partner locations throughout Europe, eliminating the need for cash transactions. In 2023, the invoiced amount for goods and services purchased using these fuel cards totaled approximately USD 9,200. This benefits the company by strengthening its relationship with the government
- In January 2023, Valero Marketing and Supply Company and Darling Ingredients Inc. (NYSE: DAR) announced the final investment decision on a Sustainable Aviation Fuel (SAF) project at the DGD Port Arthur plant. The project, expected to be completed in 2025, will upgrade 50% of the plant's 470 million gallon annual production capacity to SAF, making DGD one of the world's largest SAF manufacturers. The estimated cost of the project is USD 315 million, with Valero contributing half. This development helps the company to reduce carbon footprint, and benefit in the long run
- In February 2022, UK Fuels Limited launched a money-saving fuel card, responding to the surge in fuel prices. The Fleetone card, offering guaranteed discounts of up to 10 pence per liter on diesel and unleaded fuel, emerged as a game-changing solution for fleets of various sizes. Accessible at over 4,100 fuel stations, including 80% of supermarkets and 70% of motorway stations, the Fleetone card, accompanied by UK Fuels' Velocity online account management portal, empowers fleet managers in controlling fuel costs and monitoring driver performance. This benefits the company by acquiring more customers
- In November 2021, OMV Aktiengesellschaft had collaborated with Together for Sustainability (TfS) which is an initiative for the chemical industry. This collaboration will help the company improve sustainability practices in the global supply chain, which will help strengthen the company's global market position and increase its global footprint
Regional Analysis
Geographically, the countries covered in the Europe fuel cards for commercial fleet market report are U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Switzerland, Turkey, Austria, Romania, Serbia, Croatia, Slovenia, Bulgaria, Bosnia, North Macedonia, and Rest of Europe.
As per Data Bridge Market Research analysis:
The U.K. is estimated to be the fastest-growing region in Europe fuel cards for commercial fleet market.
The U.K. is expected to dominate the Europe fuel cards for commercial fleet market owing to increasing acceptance of branded fuel cards at fuel refilling stations across the country.
For more detailed information about the Europe fuel cards for commercial fleet market report, click here – https://www.databridgemarketresearch.com/reports/europe-fuel-cards-for-commercial-fleet-market
