Norway Fuel Cards Market Size, Share, Key Players, Fuel Cards Value and Volume, and Forecast, 2020-2024

The fuel card volumes in Norway was 1,417.6 million liters in 2020. The market is projected to grow at a CAGR of less than 1% during the forecast period. The Norway fuel cards market report is invaluable for issuers of fleet cards, fuel retailers, fleet leasing companies and other suppliers to the sector. Based on research with issuers and fuel retailers it provides commercial (B2B) fuel card volume (split by fleet and CRT), value and market share forecasts to 2024, key data on independent and oil company card issuers and an analysis of fuel card competition in Norway.

Overview of the Norway fuel cards market

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What are the market dynamics in Norway fuel cards industry?

Both international and domestic trade were affected by COVID-19 restrictions, however, CRT vehicles had more business as they were still required to transport essential supplies. CRT vehicles in Norway have fuel cards, as companies seek to ensure their drivers have maximum service station network coverage along their varied transport routes. In the future, growing levels of international trade across Europe will require traditionally domestic fleets to use fuel cards in neighboring countries. By 2024, card operators should ensure that they create new partnerships domestically and in neighboring countries in order to expand their acceptance networks in urban and rural locations, as well as to meet fleet needs and increase the appeal of their fuel cards to drivers of CRT vehicles. Operators should benefit from the growth of this market segment.

In the past, small domestic fleets would pay by cash at low-priced refueling sites to cut down on spending. However, due to their varied transport routes, they now often refuel at the nearest site, making it difficult to monitor and keep transport costs down. Therefore, small fleets have also started opting for fuel cards.

Due to the country’s extensive vaccination program, Norway is projected to begin its recovery from the second wave of COVID-19 by the end of Q2 2021. As a result, international trade levels in Europe will increase during the forecast period, and many traditionally domestic fleets will expand their businesses into surrounding countries, such as Sweden. This new business will encourage many fleets to turn to fuel cards in order to take advantage of international card acceptance and additional services.

What are the key channels in Norway fuel cards market?

The key channels in the Norway fuel cards market are fleet cards and CRT cards.

Fleet cards segment in the Norway fuel cards market

To reduce costs in order to remain competitive, domestic fleets in Norway are increasingly opting for fuel cards. Furthermore, as card operators introduce lower volume limits to target this growing market segment, there will likely be an influx of small and medium-sized fleets in the fuel card market.

CRT cards segment in the Norway fuel cards market

There are high levels of competition in Norway’s CRT card market, with many card operators offering similar services. This can make it difficult to distinguish one card offering from another, which results in many CRT vehicles having multiple fuel cards. It is therefore vital that fuel card operators appeal to drivers, as well as fleet managers, in order to ensure that their card is preferred over competitors’ offerings.

Norway fuel cards market, by channel

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Who are the major competitors in the Norway fuel cards market?

Circle K & 123, Shell, Uno, X and YX, and Esso are the major competitors in the Norway fuel cards market. The top four fuel card operators in Norway all retained their positions 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. In 2020, Circle K & 123 remained the market leader.

In order to benefit from Norway’s growing foreign card market, card operators should seek to create partnerships with card operators in neighboring markets to increase fuel card volumes sold at their service stations. Operators should also launch fuel cards aimed at commercial fleets with low volume requirements. The lack of fuel cards catering to such fleets has been a key hindrance of fuel card adoption in the past, as it limits the number of eligible fleets. To benefit from this growing market segment, card operators should expand their international card acceptance networks and create fleet cards with toll payments, international breakdown cover, VAT reclaim, and online cost management.

Norway fuel cards market, by major competitor

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Market report scope

Reasons to Buy

• Plan effective market entry strategies by uncovering current and future volumes and values of the Norwegian 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 Northern European markets, Finland, Denmark, Sweden and Norway.