In examining the number of electric passenger cars in Belgium, the dataset reveals a significant rise from 919 units in 2013 to 100,260 units in 2023. This represents an extraordinary growth rate, peaking with fluctuations in year-on-year increases. Notably, 2022 saw a 75.4% increase over the previous year, while 2023 registered a 39.93% rise, signifying steady but decelerating growth. The compounded annual growth rate (CAGR) for the past 5 years stands at 61.08%. Forecasts for 2024 onwards project a slowing growth trend, with a projected 5-year CAGR of 13.43%, suggesting a mature market phase with an 87.78% growth rate over the next five years to 2028.

Future trends to watch for include:

Technological advancements in battery and charging infrastructure that could stimulate further market penetration.
Government policies and incentives impacting EV adoption rates.
Consumer preferences and environmental awareness enhancing the appeal of electric vehicles.
Competition from traditional automotive brands transitioning to electric vehicles.