Key Market Indicators
Belgian vehicle registrations are projected to soar to approximately 48.5 million units by 2028, up from around 24.2 million units in 2023. This represents an average annual growth rate of 10.7%. Since 2010, the Belgian market has seen a remarkable increase of 107% year on year. In 2023, Belgium ranked sixth globally in vehicle registrations, trailing Indonesia, which also recorded around 24.2 million units. Canada, China, and Austria occupied the second, third, and fourth positions, respectively. On the production front, Belgium's vehicle output is expected to decline to roughly 142,800 units by 2028, down from approximately 226,360 units in 2023. This indicates an average annual decrease of 7.4%. Since 2002, Belgian vehicle production has fallen by about 6% each year. In 2023, Belgium ranked 31st in vehicle production, with Taiwan surpassing it at around 226,360 units. The United States, Japan, and Germany held the second, third, and fourth spots, respectively, in this category.
