Forecast: Hybrid Electric Vehicle Registrations in Belgium

Hybrid electric vehicle registrations in Belgium increased significantly over the past decade, reaching 35.26 thousand units in 2023, representing a substantial year-on-year growth rate of 28.36%. From 2014 to 2023, the segment demonstrated robust growth, with the highest increase observed in 2022 at 40.31%. Despite a brief decline in 2015 and 2020, the market rebounded sharply, culminating in a five-year CAGR of 18.21% by 2023.

Forecast data for 2024 onwards indicates continued strong growth, albeit at a slightly slower pace, with a predicted five-year CAGR of 11.21%, reaching 73.15 thousand units by 2028. This reflects a forecasted overall growth rate of 70.14% from 2023 to 2028.

Future trends to watch for include advancements in battery technology, the increasing availability of hybrid models, supportive government policies, and growing consumer awareness of environmental benefits. These factors are likely to drive hybrid vehicle adoption further in Belgium.