Forecast: Parts and Accessories for Motor Vehicles Production Value in Belgium

From 2013 to 2023, the production value of parts and accessories for motor vehicles in Belgium has shown a consistent decline. Starting at 4.06 billion Euros in 2013, it decreased by 6.45% in the last year to 1.78 billion Euros in 2023. The trend indicates a steady year-on-year reduction, culminating in a compound annual growth rate (CAGR) of -7.62% over the past five years.

Looking ahead, the forecast from 2024 to 2028 continues this downward trend, predicting a further decrease with a CAGR of -10.52%. Specific future trends to monitor include:

• Advancements in electric and hybrid vehicle technology impacting traditional motor vehicle parts.

• Potential regulatory changes that may affect production practices and costs.

• Economic factors linked to global supply chain disruptions and evolving market demands.