Russia Fuel Cards Market Size and Forecast to 2024 – Analysing Markets, Channels, and Key Players

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The fuel cards market in Russia was valued at EUR18,551.5 million in 2020 and is projected to grow at a CAGR of over 2% between the forecast period 2021-2024. By channel, CRT card is the largest segment in Russia’s fuel cards market followed by fleet card.

In Russia, a significant proportion of CRT vehicles have fuel cards, as companies ensure their drivers have maximum service station network coverage along their varied transport routes. In future years, growing levels of international trade across Europe will mean traditionally domestic fleets will need to use fuel cards in neighboring countries. By 2024, card operators should ensure that they create new partnerships domestically and in neighboring countries to expand their acceptance networks in urban and remote locations, as well as to meet fleet needs and increase the appeal of their fuel cards to fleet vehicles.

Overview of fuel cards market in Russia

Overview of fuel cards market in Russia

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What are the fuel cards market dynamics in Russia?

During the forecast period, a large proportion of new fuel cards in Russia will be issued to small domestic fleets as they take on new business in foreign markets owing to the increasing trade between neighboring countries. It is expected that Russia 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 China and Belarus. As manufacturers release more affordable models and electric charging networks grow across the country, electric vehicle (EV) costs will fall. This development will see EVs become more viable for commercial use and significantly reduce transport costs.

What are the key channels in Russia’s fuel cards market?

Key channels in Russia’s fuel cards market are fleet card and CRT card. 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 saw continuous growth between the period 2015-2019. CRT card volumes are expected to see a similar trend, growing strongly between 2020-2024.

Competition is high in the CRT card market in Russia, 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 for fuel card operators to appeal to drivers, as well as fleet managers, in order to ensure that their card is preferred over competitors’ offerings.

Fuel cards market in Russia, by channel

Fuel cards market in Russia, by channel

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Who are the key players in Russia’s fuel cards market?

In 2020, the top three fuel card operators made up over 65% of fuel card volumes. For fuel card categories in 2020, LUKOIL remained the largest fleet card operator while Rosneft remained the largest CRT card operator. Other major players in the market include Bashneft, Tatneft OJSC, Surgutneftegaz, UTA, DKV, Shell Neft, St. Petersburg Fuel Company (PTK), Neste, and Circle K.

Fuel cards market in Russia, by key players

Fuel cards market in Russia, by key players

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Market report scope

Market size (Year – 2020)

EUR18,551.5 million
Growth rate – By Value CAGR of >2% from 2021 to 2024
Base year for estimation 2020
Forecast period 2021-2024
Segmentation by Channel Fleet Card and CRT card
Key players Rosneft, LUKOIL, and Gazprom Neft (Sibneft), Bashneft, Tatneft OJSC, Surgutneftegaz, UTA, DKV, Shell Neft, St. Petersburg Fuel Company (PTK), Neste, Circle K

Reasons to Buy

  • Plan effective market entry strategies by uncovering current and future volumes and values of the Russian fuel cards 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.

Rosneft
LUKOIL
Gazprom Neft (Sibneft)
Bashneft
Tatneft OJSC
Surgutneftegaz
UTA
DKV
Shell Neft
St. Petersburg Fuel Company
(PTK)
Neste
Circle K

Table of Contents

Table of Contents

Market Overview

Market Size

Market Forecast

Channel Share

Market Shares

Major Competitors

Competitor Card Analysis

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