The Diesel Automotive market in Belgium, specifically for engines exceeding 1500cc and 2500cc, experienced varied growth and fluctuations over the years. Notably, from 2013 to 2023, the market surged from $1.68 billion to $2.15 billion. The preliminary stages saw substantial year-on-year growth with 17.9% in 2014, though interspersed with declines such as -4.36% in 2017 and a significant -16.08% in 2020 due to market disruptions. Post-2020, the market rebounded with a notable 15.69% in 2021. The Compound Annual Growth Rate (CAGR) averaged 1.18% over the past five years up to 2023.
Key year-on-year variations over the last two years:
The market showed a 6.36% growth in 2022 and a moderate 1.01% growth in 2023.
CAGR over the last five years:
The market depicted an average annual CAGR of 1.18%, indicating steady albeit modest growth.
Future projections suggest a continued upward trajectory, with the market expected to reach $2.26 billion by 2028, marking an anticipated 4.15% growth over the next five years and a forecasted CAGR of 0.82% over this period.
Future Trends to Watch For:
Future trends to watch include the impact of stricter emissions regulations, shifts towards hybrid and electric vehicles, advancements in automotive technology, and broader market dynamics such as fuel prices and economic conditions influencing consumer preference towards diesel engines.
