The turnover for the renting and leasing of motor vehicles in Belgium has shown varying trends from 2013 through 2023. Starting with a minor decline in 2013, the sector experienced an overall increase, highlighted by significant growth in years like 2015 and 2019 with year-on-year increases of 18.05% and 18.13% respectively. However, there were also notable declines, such as the -8.47% in 2018 and the -9.94% in 2020, likely influenced by external factors including market fluctuations and the COVID-19 pandemic. As of 2023, the turnover stood at 5.44 billion Euros, representing a stable growth rate compared to the previous year. Over the last five years, the sector exhibited a compounded annual growth rate (CAGR) of around 4.13%.
Moving forward, the projected turnover continues to rise steadily, reaching 6.09 billion Euros by 2028. The forecasted five-year CAGR stands at approximately 1.79%, indicating modest but consistent growth. The key future trends to monitor include advancements in vehicle technology, the increasing adoption of electric vehicles, and changes in consumer behavior towards mobility solutions, all of which could significantly impact the renting and leasing market dynamics. Additionally, economic factors and regulatory changes in environmental policies will also play critical roles in shaping the market's future trajectory.
