The fuel cards market in the Finland was valued at $1,566.0 million in 2020 and is projected to grow at a CAGR of over 3% between the forecast period 2021-2024. The proportion of fuel sold through fuel cards has recorded continuous growth, increasing from 27.5% in 2015 to 31.3% in 2020.
Finland has recorded an upward trend in number of fuel cards since 2015. The total number of fuel cards in circulation grew by more than 1% in 2015 to 2019. Annual performance was impacted by the pandemic and growth was marginal in 2020 at 0.1%, with a little more than 900 new cards issued during the year. Additionally, the proportion of active fuel cards registered a fall, as fleet and CRT owners were forced to reduce the size of their fleets due to a lack of business.
Although both international and domestic trade were affected by COVID-19, CRT vehicles had comparatively more business as they were still required to transport essential supplies. Therefore, Finland recovered from the second wave of COVID-19 due to an extensive vaccination program. As a result, international trade levels in Europe will increase in the forecast period, and many traditionally domestic fleets will expand their businesses into surrounding countries such as Sweden and Russia. This new business forced many fleets to turn to fuel cards to take advantage of international card acceptance and additional services to remain competitive.
Finland fuel cards market overview
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What are the fuel cards market dynamics in Finland?
The value of the fuel card market is expected to increase due to the increase in fuel card volume and average fuel prices. Rising fuel prices and growing volumes of fuel sold through fuel cards will drive growth of fuel card market value.
In the forecast period, all new cars will become compliant with more stringent emission targets set by the government. This factor will affect the annual sales of diesel vehicles in Finland. This will positively impact fuel sales value, as vehicles will switch to gasoline, which is a costlier fuel option. Investing in services such as washrooms, overnight parking, free Wi-Fi, driver meal deals, and driver loyalty schemes will also encourage drivers to use a specific card. This will increase card volumes over the next few years.
What are the key channels in Finland’s fuel cards market?
There are two key channels found for the fuel cards market that involves the Fleet Card and CRT card. Fuel sold from fleet cards registered continuous growth between 2015 and 2019. In 2020, fleet card volumes decreased due to the impact of COVID-19 on total fuel card volumes.
Rising levels of international transport and a need by logistics companies to use the additional services offered by fuel card operators have contributed to the increase in fuel sold to CRT vehicles. Fuel sold through CRT cards declined by 2% in 2020. However, the CRT card volumes are expected to increase by more than 1% in the forecast period.
Finland fuel cards market, by channel
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Who are the key players in the Finland fuel card market?
The Finnish fuel card market is consolidated, with the top three operators accounting for more than 67% of total fuel card volume sales in 2020. The top three card operators in Finland are Neste, Teboil, and ABC. Neste remained the fuel card market leader in 2020, increasing its market share by 0.03 percentage points from 2019. ABC focuses on the growing fleet market, with its fuel card volume coming from this market segment.
For fuel card categories, Neste remained the largest fleet card and CRT card operator, selling more than 34% of fleet volumes and contributing more than 33% of CRT volumes sold in 2020. All the top five fuel card operators in Finland retained their position in 2020, as smaller domestic fleets relied on prominent card operators in order to benefit from an international card acceptance network and a wider range of services.
Finland fuel cards market, by key players
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Market report scope
|Market size (Year – 2020)||$1,566.0 million|
|Growth rate||CAGR of >3% between 2021-2024|
|Base year for estimation||2020|
|Segmentation by Channel||Fleet card and CRT card|
|Key players||Neste, Teboil, ABC, St1, Shell, UTA, DKV and SEO.|
Reasons to Buy
- Plan effective market entry strategies by uncovering current and future volumes and values of the Finnish fuel card market.
- Assess whether you should increase network acceptance of your card and identify potential new merchants by uncovering the position of competitors.
- Whether you are an issuer, a processor, a leasing company, or a fuel retailer, make informed pitches to partners by understanding their business.
- Enhance fuel sales at your service stations by identifying which fuel cards you should accept based on their market shares and network acceptance.
Table of Contents
Table of Contents
Northern European Overview
Competitor Card Analysis
Frequently Asked Questions
The fuel cards market in Finland was valued at $1,566.0 million in 2020.
The fuel cards market in Finland is expected to grow at a compound annual growth rate of more than 3% during the forecast period 2021-2024.
Fleet card and CRT card are the major channels in Finland’s fuel cards market.
Neste, Teboil, ABC, St1, Shell, UTA, DKV, and SEO are the key players in the Finland fuel cards market.