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Industry revenue of »retail sale of automotive fuel in specialised stores« in Belgium 2011-2023

Over the years the Belgian fuel retail industry has been one of the densest in Europe generating significant revenues of up to 7.7 billion U.S. dollars in 2014. However, the future does not augur for the sector, with revenues expected to decline at a rapid pace from 5.2 billion in 2017 to just 2.7 billion U.S. dollars in 2023. Many far reaching trends such as the rise of alternative fuels, especially battery technology and the integration of digital technologies such as AI and IoT to deliver a more personalized and convenient consumer experience, are the main factors responsible for this decline. In fact, the number of electric passenger cars in the country have already risen from just 36 in 2010 to 15,338 in 2019 with Nissan Leaf, Tesla Model S, Volkswagen e-Golf, BMW i3 and Tesla Model X being the most popular. Flanders is the region with the most number of registrations, followed by Wallonia and Brussels.

To survive, retailers must shift from a product-oriented model to a consumer centric one in order to capture new product and service opportunities. Technologies such as AI, IoT and virtual and augmented reality are also expected to play a key role in this transition, with areas such as customer engagement, supply chain logistics and supply and demand predictions already witnessing increased application in the overall retail sector.

Industry revenue of »retail sale of automotive fuel in specialised stores« in Belgium from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Belgium. The industry “retail sale of automotive fuel in specialised stores“ has the code “G473“.

Details on the methodology can be found here.

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