From 2013 to 2023, the production value of electric domestic appliances in Belgium exhibited notable volatility, peaking in 2015 at €248.9 million and consistently declining since then, reaching €110.3 million in 2023. The period saw significant year-on-year fluctuations, with a dramatic increase of 41.66% in 2015, followed by steep declines, including a 29.17% drop in 2016. In recent years, from 2021 to 2023, the trend has been relatively more stable, though still on a downward trajectory with a slight recovery of 13.33% in 2021, only to fall again in subsequent years.
The Compound Annual Growth Rate (CAGR) over the past five years indicates an average annual decline of 4.66%, projecting a production value drop to €82.4 million by 2028. This forecasted decrease of 21.22% in the next five years highlights ongoing challenges within the industry.
Future trends to watch for:
- Technological advancements driving innovation in electric domestic appliances, potentially reversing or slowing the decline in production value.
- Economic factors such as consumer spending power and raw material costs impacting the industry.
- Sustainability trends and regulatory changes encouraging greener appliances, which may influence production dynamics.
- Global supply chain issues and geopolitical factors affecting the production and export of appliances from Belgium.
