Forecast: Battery Electric Vehicle Registrations in Belgium

Battery Electric Vehicle (BEV) registrations in Belgium have demonstrated substantial growth over the past years. In 2023, BEV registrations reached 52.35 thousand units. The year-on-year variation over the last two years shows significant increases with 65.97% in 2022 and 39.08% in 2023, signaling a robust upward trajectory in the adoption of BEVs. The compound annual growth rate (CAGR) over the last five years up to 2023 stands at 56.01%, indicating strong and steady growth.

Notable spikes occurred in 2019 with a 142.24% year-on-year increase and again in 2020 with a 69.67% rise, marking critical points of acceleration in BEV adoption. As we look forward to 2028, forecast data suggests a 5-year CAGR of 13.1%, translating into an 85.07% growth rate over this period, indicating a continued but moderating increase in BEV registrations.

Future trends to watch for include advancements in battery technology, changes in government policies regarding electric vehicle incentives, and growth in charging infrastructure which could drive further adoption. These factors are likely to influence the market dynamics and should be closely monitored.