Forecast: Vehicles Production in Belgium

From 2013 to 2023, vehicle production in Belgium experienced a steady decline, with 226.36 thousand vehicles produced in 2023. The year-on-year changes reveal consistent negative growth, culminating in a decline of -7.07% in 2023. Over the past five years, the average annual decrease in production was -6%, a significant downturn indicating long-term challenges in the industry.

Looking ahead, forecasts suggest this trend will continue, with a projected 31.78% reduction in production by 2028, corresponding to a -7.36% CAGR over the next five years. It is crucial to monitor:

• Technological advancements in vehicle manufacturing
• Changes in consumer preferences towards electric vehicles
• Government policies impacting the automotive sector
• Global supply chain disruptions

These factors will significantly influence the trajectory of vehicle production in Belgium.