Fuel Cards in Denmark 2021
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The fuel cards market in Denmark was valued at $2,688.2 million in 2020 and is projected to grow at a CAGR of over 2% between the forecast period 2021-2024. The proportion of fuel sold through fuel cards has recorded continuous growth in recent years, increasing from more than 42% in 2015 to more than 45% in 2020. Denmark has recorded an upward trend in the number of fuel cards since 2015. The total number of fuel cards in circulation grew by more than 2% from 2015 to 2019.
In 2020, total fuel cards grew by 0.3%, with a little more than 1,800 new cards issued during the year. However, the proportion of active fuel cards declined in 2020, down from 88% in 2019, as fleet and CRT owners were forced to reduce the size of their fleets due to a lack of business during the COVID-19 crisis. Although both international and domestic trade was affected by the pandemic, CRT vehicles had more business as they were still required to transport essential supplies. Denmark began its recovery from the second wave of COVID-19 at the end of Q2 2021, launching an extensive vaccination program. As a result, international trade levels in Europe increased during the forecast period, and many traditionally domestic fleets will expand their businesses into surrounding countries such as Germany and Sweden. This new business forced many fleets to turn to fuel cards to take advantage of international card acceptance and additional services to remain competitive.
Denmark fuel cards market overview
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What are the fuel cards market dynamics in Denmark?
The value of the fuel card market is expected to post an annual increase of more than 6% in 2021, due to the rise in fuel card volumes and average fuel prices. The main factors behind this growth will be rising fuel prices and growing volumes of fuel sold through fuel cards.
During the forecast period, all new cars are expected to become compliant with more stringent emission targets set by the government. Annual sales of diesel vehicles in Denmark will be affected by this factor. This will positively impact fuel sales value, as vehicles will switch to gasoline, which is a more expensive fuel option. Investing in services such as washrooms, overnight parking, free Wi-Fi, driver meal deals, and driver loyalty schemes will encourage drivers to use a specific card. This will increase card volumes over the next few years.
What are the key channels in the Denmark’s fuel cards market?
There are two key channels found for the Fuel Cards market that involves the Fleet Card and CRT card. In 2020, fleet card volumes fell by more than 4%, and this was due to the impact of the COVID-19 crisis on total fuel card volumes. Due to rising levels of international transport, together with logistics companies need to use the additional services offered by fuel card operators, fuel sold to CRT vehicles acquired a significant share. Due to the pandemic, CRT card volumes have decreased by more than 5% in 2020. However, as the situation eases, fuel sales through CRT cards will normalize in 2021. There are also high levels of competition in the Danish CRT card market, with many card operators offering similar services.
Denmark fuel cards market, by channel
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Who are the key players in the Denmark fuel card market?
The Danish fuel card market is consolidated, with the top three operators accounting for more than 68% of total fuel card volumes sales in 2020. The top three card operators in the Danish market are OK, Shell, and Circle K.
OK remained the top market leader in Denmark, with its market share increasing by 0.2 percentage points, as its large site acceptance network appealed to domestic and foreign CRT vehicles companies. OK focuses on the growing fleet market, with more than 70% of its fuel card volumes coming from this market segment. OK also remained the largest fleet card operator contributing more than 30% of fleet volumes and Shell remained the largest CRT card operator selling more than 27% of CRT volumes in 2020.
Denmark fuel cards market, by key players
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Market report scope
Market size (Year – 2020) |
$2,688.2 million |
Growth rate | CAGR of >2% between 2021-2024 |
Base year for estimation | 2020 |
Forecast period | 2021-2024 |
Segmentation by Channel | Fleet card and CRT card |
Key players | OK, Shell, Circle K, Q8, DKV, and Uno-X |
Reasons to Buy
- Plan effective market entry strategies by uncovering current and future volumes and values of the Denmark 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.
Shell
Circle K
Q8
DKV
Uno
X (Uno X Energi)
Table of Contents
Frequently asked questions
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What is Denmark’s fuel cards market size in 2020?
The fuel cards market in Denmark was valued at $2,688.2 million in 2020.
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What is Denmark’s fuel cards market growth rate?
The fuel cards market in Denmark is expected to grow at a compound annual growth rate of more than 2% during the forecast period 2021-2024.
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What are the key channels in Denmark’s fuel cards market?
Fleet card and CRT card are the major channels in Denmark’s fuel cards market.
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Who are the key players in Denmark’s fuel cards market?
OK, Shell, Circle K, Q8, DKV, and Uno-X are the key players in the Denmark fuel cards market.
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