Forecast: Plug-in Hybrid Electric Vehicle Registrations in Belgium

The analysis of Plug-in Hybrid Electric Vehicle (PHEV) registrations in Belgium reveals a significant upward trend over the last decade. Between 2015 and 2023, actual registrations increased from 2.48 thousand to 70.98 thousand, recording a robust Compound Annual Growth Rate (CAGR) of approximately 68.05% in this period. This exponential growth was most notable in 2020 when registrations jumped by 256.11% year-on-year, followed by a consistent upward trajectory in subsequent years, although at a moderated pace. From 2022 to 2023, registrations rose by 19.73%, maintaining a healthy growth momentum.

Looking ahead, forecasted data from 2024 to 2028 points towards continued growth at a slower pace. The CAGR over this forecast period is estimated at 9.12%, with the number of registrations expected to reach 127.71 thousand by 2028. This suggests a total forecasted growth rate of 54.7% from 2023 to 2028.

Future trends to watch include advancements in battery technology, government incentives, and infrastructure development, which will be critical factors in sustaining PHEV market growth. Additionally, consumer preferences shifting towards sustainable transportation options will likely bolster future registration numbers.