Key Market Indicators
Belgian vehicle registrations are projected to soar, reaching approximately 48.5 million units by 2028. This marks a significant increase from the 24.2 million units recorded in 2023, reflecting an average annual growth rate of 10.7%. The Belgian market has seen a remarkable uptrend since 2010, boasting a 106.8% year-on-year increase. In 2023, Belgium ranked sixth globally in vehicle registrations, with Indonesia taking the lead at 24.2 million units. Canada, China, and Austria followed in the second, third, and fourth positions, respectively. On the production front, Belgian vehicle output is forecasted to decline to around 142,800 units by 2028, down from 226,360 units in 2023. This represents a compound annual growth rate (CAGR) decline of 7.4%. Since 2002, the nation's vehicle supply has decreased by 6% annually. In 2023, Belgium ranked 31st in vehicle production, with Taiwan surpassing it with 226,360 units. The United States, Japan, and Germany secured the second, third, and fourth spots in this ranking, respectively.