The production in the Manufacture of Motor Vehicles sector in Belgium has seen fluctuations over the past decade. There was a notable decline between 2013 and 2018, from 12.02 Billion Euros to 8.62 Billion Euros. The year 2019 showcased a temporary rebound with a 16.49% increase, reaching 10.04 Billion Euros. However, this climb was short-lived as subsequent years again witnessed a downward trend, with 2023 standing at 8.72 Billion Euros, marking a -2.02% variation from the previous year. The five-year compound annual growth rate (CAGR) leading up to 2023 is a slight 0.23%, indicating a minimal improvement.
From 2024 onwards, the forecast shows a consistent decline, with 2028 anticipated to reach 7.85 Billion Euros. The forecasted five-year CAGR is -1.68%, translating to an overall reduction of -8.12% in this period.
Future trends to watch for include potential impacts of technological advancements, such as electric vehicle production and automation, changes in global supply chains, and evolving consumer preferences which may reshape the sector dynamics.
