Forecast: Vehicles in Use in Belgium

The number of vehicles in use in Belgium has demonstrated a steady growth from 2013 to 2019, with a noticeable decline in 2020 primarily due to the COVID-19 pandemic, evidenced by a 16.39% decrease. This was followed by a significant recovery in 2021 with a 15.28% increase. By 2023, the number of vehicles in use stood at 6.8 million units, reflecting a modest year-on-year growth of 0.68%. The Compound Annual Growth Rate (CAGR) over the past five years ending in 2023 was 0.72%, indicating a relatively stable market.

Looking ahead, the forecasted data from 2024 to 2028 suggests a continuance of this gradual growth trend, with the number of vehicles in use expected to rise to 7.02 million units by 2028. The forecasted five-year CAGR (2024-2028) is 0.56%, projecting an overall growth rate of 2.84% for the period.

Future trends to watch for include:

• Increasing adoption of electric and hybrid vehicles
• Government policies and regulations targeting emissions reduction
• Technological advancements in vehicle safety and connectivity
• Potential market disruptions due to economic fluctuations or environmental policies