Analyzing the production value of musical instruments in Belgium from 2013 to 2023 reveals several trends. Between 2013 and 2023, the value demonstrated significant fluctuations, surging notably in years like 2015 and 2017 but experiencing downturns in years like 2018 and 2020. The production value in 2023 stood at 18.4 million euros. The recent 5-year CAGR (2019-2023) is approximately 7.36%, indicating a healthy upward trend over the latter half of the decade.
From 2024 onward, forecasted values suggest a steady growth with the 5-year forecast CAGR at 1.35%, projecting a stable yet more modest increase in production value reaching 20.1 million euros by 2028. The future trends to watch include potential technological advancements in instrument manufacturing and global market dynamics affecting production and export capacity.
