Forecast: Passenger Cars Production in Belgium

The passenger car production in Belgium has shown a significant declining trend from 2013 through 2023, with the production volume decreasing from 465,500 units in 2013 to 180,690 units in 2023. Notably, the annual decline rates vary, with some years experiencing sharp drops, such as a 23.35% decline in 2015. The five-year compound annual growth rate (CAGR) stands at a negative striking rate of -7.44%, highlighting the persistent downward movement in production.

Looking forward, forecast data indicates an even steeper decline from 2024 to 2028, with a forecasted five-year CAGR of -11.02% and an overall reduction of 44.22% by 2028. The forecast suggests that production may drop to a mere 90,520 units, a stark contrast to the levels observed in previous years.

Future trends to watch for include:

• The impact of ongoing shifts towards electric vehicles and their potential to reshape manufacturing strategies in Belgium.
• Global supply chain disruptions and their effects on Belgium's automotive industry production capacity.
• Policy changes and investments in automation and innovation that may influence production volumes.