According to the study published by Ken Research on “Fuel Cards in Belgium 2016”, the economy of Belgium grew faster than previously thought in the last quarter of 2016, according to revised estimates. Growth was spurred by greater investment, as firms enjoyed easy access to finance and improved profitability thanks to lower labor costs and social security contributions. However, growth for the year as a whole was mediocre, with consumers hit by higher inflation and wage growth moderation, dampening private consumption growth. In the first few months of this year, growth has likely continued at a sedate pace, with indicators for consumer and business sentiment broadly neutral since the start of the year. On the political scene, Belgium continues to drag its heels over the introduction of a Financial Transaction Tax (FTT) along with nine other European countries as part of an enhanced cooperation procedure, as the government is concerned about the impact on pension funds.
The market intelligence of Ken research states that, the total number of service stations in Belgium rose by 6.5% in 2015. Over 23,000 new fuel cards will be issued between 2016 and 2021, totaling to 1,240,248 cards in the market. Fuel card volumes will continue to grow rising 11.0% between 2016 and 2021 to total 2,065m liters by the end of 2021.The top five fuel card operators made up 61.8% of fuel card volumes in 2015. The reasons for such growth are the desire for better fuel efficiency. The other reason for such growth is due to the increased and better network of connectivity among other station in Belgium. The use of fuel cards with the inked accounts through the application based technology has provided the customers with the ease and availability of the information and analytics of their vehicles more conveniently.
The other benefits such as reduction in the paper work, hassle free services and maintenance of vehicles and optimal safety through insurance and proper surveillance contribute further in its growth.
The key players in the Fuel cards industry of Belgium are Shell BP Esso DKV UTA TOTAL Q8 Agip (Eni) ROUTEX AS24 Aral OMV Network Tank Texaco Je.
Therefore the growth in fuel cards in Belgium is due to the desire of the population for better fuel efficiency. The other reasons includes the widespread network of gas stations and the convenience of the customers such as low paper work, app based handling and optimal safety of the vehicle in vulnerable circumstances