When taking into account that internal combustion engines vehicles sales will be banned in the UK by 2040, the question of what will the multimillion-dollar industry of fuel retail do, springs to mind. This case study examines the how the concept of service stations is changing to take advantage of new opportunities and build a business model that will survive the decrease in fuel retail.
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Key Highlights
– By 2030, sales of internal combustion engines will drop by 50% and in 2040, sales of such cars will be banned in the UK
– Large fuel retail companies are investing heavily to diversify their revenue streams. BP recently acquired the largest EV charging network in the UK, Chargemaster
– Most companies are increasing their offers at forecourts with a wide variety of stores to appeal to new customers, not only to motorists.
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Scope
– Examines the business model of service stations
– Analyzes the future threats to this model
– Identifies opportunities in the market
– Explores how the market leaders are tackling the issue of increasing electric vehicle parc
– Looks into the future of the service stations business model
Reasons to buy
– What will happen with service stations in the run up to and after 2040?
– How are companies adapting to the growing Electric Vehicle market?
– What other opportunities can fuel companies exploit to profit?
– How will service stations appeal to EV motorists?
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Snapshot From TOC:
Overview 2
Catalyst 2
Summary 2
Refueling process is different from EV charging process 6
EV charging is more time-consuming and demands different services while customers wait for their car to be charged 6
Service stations are centered on the need to fuel at a precise geographic location 7
Problems of the current service station model 9
Fuel is the primary demand of motorists 9
Non-fuel products may lack appeal to consumers not buying fuel 9
Drop in total fuel sales value and convenience stores as an alternative source of revenue 9
New service station that appeals to a wide range of customers and not only motorists 11
Service stations need to keep customers entertained and comfortable while they wait 11
Fuel Companies Invest in EV Chargers and Convenience Stores as road to zero approaches 14
The Road to Zero is approaching 14
EV parc is growing and will grow to represent a larger portion in the future 14
Convenience sales are growing as a way to diversify from fuel revenue and as a way to attract customers 15
Conclusions 17
Location of service stations is critical 17
Ubiquity of EV chargers gives them an advantage over fuel 17
Growing participation of stores at service stations 17
Service station of the future will have even greater focus on stores 17
Appendix 19
Sources 19
Further Reading 19
Ask the analyst 20
About MarketLine 20
Disclaimer 20
List of Tabels
Table 1: EV charging time and range by charger and power 7
Table 2: UK ban deadlines by vehicle type 14
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List of Figures
Figure 1: EV charging points 6
Figure 2: EV vs fuel charging 7
Figure 3: Total fuel sales value in the UK (£m) 10
Figure 4: Distribution of service stations sales in UK 11
Figure 5: Proportion of number total sites to sites with shops 12
Figure 6: Artist’s impression of the service station of the future 13
Figure 7: Electric vehicle parc in the UK 15
Figure 8: Total convenience stores at service stations sales value (£m) 16
Figure 9: Total convenience stores at service stations sales value projection (£m) 16
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