From 2013 to 2023, the turnover for parts and accessories for motor vehicles in Belgium has been on a consistent decline, decreasing from 4.19 billion Euros in 2013 to 1.57 billion Euros in 2023. Over this period, annual variations show a downward trend with significant drops in certain years, such as an 18.27% drop in 2018 and a steady annual decline around 10% in recent years. The compound annual growth rate (CAGR) for the past five years up to 2023 stands at -9.49%.
Looking forward, the forecast for the 2024-2028 period indicates a continued decline, with the turnover expected to reduce further to 0.5971 billion Euros by 2028. The average annual decline is predicted to be around -15.36%, with an overall decrease of 56.56% over these five years.
Future trends to watch for include:
- The impact of electric vehicles’ adoption reducing the demand for traditional motor vehicle parts and accessories.
- Potential disruptions in the supply chain and manufacturing processes.
- Technological advancements in vehicle maintenance possibly influencing market demands.
- Government regulations and environmental policies pushing for sustainable automotive solutions.
