Lithuania Fuel Cards Market Size and Forecast to 2024 – Analyzing Markets, Channels, and Key Players
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
The fuel cards market in Lithuania was valued at EUR1,206.5 million in 2020 and is projected to grow at a CAGR of over 4% between the forecast period 2021-2024. By channel, the fleet card is the largest segment in Lithuania’s fuel card market followed by CRT card. Out of the total active cards in the market, over 85% were held by CRT owners.
Lithuania has recorded a positive trend in the growth of fuel cards since 2015. Although both international and domestic trade was affected by COVID-19, CRT vehicles had comparatively more business as they were still required to transport essential supplies. Most of the CRT vehicles have at least one fuel card, as companies ensure their drivers have maximum service station network coverage along their varied transport routes.
Overview of fuel cards market in Lithuania
For more insights on this report, download a free sample
What are the fuel cards market dynamics in Lithuania?
It is expected that Lithuania will begin to recover from the second wave of COVID-19 by the end of the second quarter of 2021 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 Poland and Latvia. This new business will force many fleets to turn to fuel cards to take advantage of international card acceptance and additional services in order to remain competitive.
In a further attempt to reduce transport costs, many fleets will invest more in EVs during the forecast period. As manufacturers release more affordable models and electric charging networks grow across Europe, EV costs will fall. This will increase the installations of EV charging stations in Lithuania. This development will see EVs become more viable for commercial use and significantly reduce transport costs.
With the future of the transport market set to change significantly over the next few years, card operators should launch a dedicated fleet card that caters to the needs of fleet vehicle drivers. To appeal to this growing market segment and meet fleet needs towards 2024, the card should offer low volume requirements, credit periods, discounted fuel prices, and, most importantly, EV charging point coverage.
In the forecast period, all new cars are expected to become compliant with more stringent emission targets set by the Lithuanian government. This is the reason behind the falling sales of diesel vehicles in the country. This will positively impact fuel sales value, as vehicles will switch to gasoline, which is a costlier fuel option.
What are the key channels in Lithuania’s fuel cards market?
Key channels in Lithuania’s fuel cards market are fleet card and CRT card. To reduce costs in order to remain competitive, domestic fleets in Lithuania are being forced to opt for fuel cards. Furthermore, as card operators introduce lower volume limits to target this growing market segment, there will be an influx of small to medium-sized fleets in the fuel card market. This will add a significant number of new fuel cards to be sold to fleet vehicles from 2020 to 2024.
Fuel cards market in Lithuania, by channel
For more segment insights, download a free sample
Who are the key players in Lithuania’s fuel card market?
In 2020, the top five fuel card operators made up over 70% of fuel card volumes. For fuel card categories in 2020, VIADA remained the largest fleet card operator followed by Neste. Other major players in the market include UTA, Circle K, DKV, Baltic Petroleum, Ventus Nafta, Saurida and Emsi.
Small card operators are continually losing their market share to big retailers as their card acceptance is decreasing year on year. If small operators continue to divest their networks, they will lose share to retailers such as VIADA and Neste, which can better meet the needs of commercial vehicles.
Fuel cards market in Lithuania, by key players
To know more about key players, download a free sample
Market report scope
Market size (Year – 2020) | EUR1,206.5 million |
Growth rate – By Value | CAGR of >4% from 2021 to 2024 |
Base year for estimation | 2020 |
Forecast period | 2021-2024 |
Segmentation by Channel | Fleet card and CRT card |
Key players | VIADA, Neste, UTA, Circle K, DKV, Baltic Petroleum, Ventus Nafta, Saurida, Emsi |
Reasons to Buy
- Plan effective market entry strategies by uncovering current and future volumes and values of the Lithuania 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.
- Plan your regional strategy by understanding the Eastern European markets, Poland, Romania, Czech Republic, Hungary, Slovakia, Lithuania, Estonia.
Neste
UTA
Circle K
DKV
Baltic Petroleum
Ventus Nafta (PKN Orlen)
Saurida
Emsi
Table of Contents
Frequently asked questions
-
What is Lithuania’s fuel cards market size in 2020?
The fuel cards market in Lithuania is valued at EUR1,206.5 million in 2020.
-
What is Lithuania’s fuel cards market growth rate?
The fuel cards market in Lithuania is expected to grow at a compound annual growth rate of more than 4% during the forecast period 2021-2024.
-
What are the key channels in Lithuania’s fuel cards market?
Fleet cards and CRT cards are the major channels in Lithuania’s fuel cards market.
-
Who are the key players in Lithuania's fuel cards market?
VIADA, Neste, and UTA are the key players in Lithuania’s fuel cards market.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.