The turnover in the renting and leasing of motor vehicles sector in Belgium stood at 5.45 billion Euros in 2023. Moving into 2024, the turnover is forecasted to rise to 5.58 billion Euros, highlighting an annual growth of 2.39%. Over the subsequent years, the forecasted turnover continues to show a consistent upward trend: 5.71 billion Euros in 2025, 5.84 billion Euros in 2026, 5.97 billion Euros in 2027, and reaching 6.1 billion Euros in 2028. This translates to year-on-year growth rates of approximately 2.33%, 2.28%, 2.23%, and 2.18% respectively. The Compound Annual Growth Rate (CAGR) over this forecasted five-year period stands at approximately 2.28%.
Future trends to watch for:
• Increasing demand for electric and hybrid vehicle rentals as environmental regulations tighten and consumer preferences shift towards sustainable transportation.
• Technological advancements in telematics and fleet management software that enhance operational efficiency and customer experience.
• Potential market consolidation as companies look for economies of scale to remain competitive.
• The impact of economic conditions, such as interest rate changes and inflation, on consumer spending and corporate leasing budgets.
