Forecast: Passenger Cars in Use in Belgium

The number of passenger cars in use in Belgium showed a steady increase from 2013 to 2019, with an annual average growth rate ranging around 1.35% in early years, later stabilizing to approximately 0.82%. However, 2020 experienced a significant drop of -16.42%, primarily due to external disruptive factors. The market quickly rebounded in 2021 (+15.23%) and continued on a growth trajectory, reaching 5.9 million units in 2023, indicating a recent year-on-year growth of 0.64%, with a five-year average CAGR of 0.68%.

Future trends indicate a continued moderate growth, with forecasts predicting a steady rise, reaching 6.08 million units by 2028. The five-year CAGR is expected to stabilize around 0.53%, translating to an overall forecasted growth rate of 2.68% from 2024 to 2028.

Future Trends to Watch For:

• Impact of economic policies and automotive industry regulations on growth rates.
• The potential influence of environmental policies promoting electric and hybrid vehicles.
• Evolving consumer preferences and technological advancements in automotive technology.