Passenger car registrations in Belgium have shown significant growth over recent years, standing at 15,587 thousand units in 2023. From 2013 to 2018, the growth was gradual, followed by a substantial increase in 2020 which saw registrations leap by 91.21% year-on-year, and continued to climb steadily. The average compound annual growth rate (CAGR) from 2019 to 2023 was an impressive 95.23%. Forecast data indicates continuous robust growth, with an expected 7.22% CAGR leading to a projected 41.72% increase by 2028.
Future trends to watch for:
- Electric vehicle adoption and its impact on overall registrations.
- Government policies and incentives for eco-friendly transportation.
- Technological advancements in automotive industry.
- Potential market disruptions from mobility-sharing services.
