The new registrations of passenger cars in Belgium displayed fluctuating trends over the past decade. Despite a downturn in 2014 and significant drop in 2020 primarily due to the COVID-19 pandemic, the market showed resilience with a recovery in subsequent years. The factor marking 2023 was a minimal increase (0.36%) in registrations, standing at 565.49 thousand units, indicating a near stabilization in demand. Notably, the average annual growth rate (CAGR) from 2019 to 2023 was modest at 0.29%, reflecting a marginally growing market.
Looking ahead, the market is forecasted to maintain a steady growth with a projected 5-year CAGR of 0.31%, leading to an estimated count of 574.57 thousand registrations by 2028. This steady growth underscores a recovery and growth potential despite previous market disruptions.
Future trends to watch for:
- Impact of electric and hybrid vehicle adoption on overall registration numbers.
- Influence of governmental policies and incentives aimed at promoting greener technologies.
- Potential shifts in consumer preferences post-pandemic affecting new car demand.
- Economic factors like inflation and interest rates impacting car purchases.
