Analysis shows a consistent decline in hours worked on parts and accessories for motor vehicles in Belgium from 2013 to 2023. The value stood at 7.9124 million hours in 2023, marking a decline of 6.12% from the previous year. Over the past five years, the average annual decline has been approximately 6.62%.
Trends over the last two years continue to show a significant year-on-year decrease. The forecast indicates an ongoing downward trend with an estimated compound annual growth rate (CAGR) of -6.07% from 2024 to 2028, leading to a 26.9% projected decline in total hours worked by 2028.
Future trends to watch for include the impact of technological advancements such as automation and electric vehicles, which may further reduce labor demand in this sector. Additionally, policy changes and market dynamics related to environmental sustainability could significantly influence the industry's future labor needs.
