The production in the sale of motor vehicles sector in Belgium has seen a significant upward trend from 2013 to 2023, reaching 13.55 billion Euros in 2023. While experiencing considerable fluctuations in earlier years, the sector's resilience is evident from a robust 10.26% year-on-year growth in 2023 and a five-year CAGR of 6.09% leading up to 2023.
Between 2013 and 2023:
- The market fluctuated, with notable dips in 2017 and 2020, and a strong bounce back in 2018 and 2019.
- The sector saw steady growth, notably from 2016 onwards, indicating recovery and expansion.
The forecast from 2024 to 2028 suggests a continued positive trend, with an average annual growth rate of 4.08% and an overall growth rate of 22.14% over the five-year period.
Future trends to watch for include:
- Technological advancements and increased production efficiency.
- Shifts in consumer preferences towards electric and sustainable vehicles.
- The impact of regulatory changes and policies promoting eco-friendly transportation options.
- Potential supply chain disruptions and their effects on production capacities.
