The wages and salaries for parts and accessories for motor vehicles in Belgium showed a significant decline from 2013 to 2023, decreasing from €493.9 million to €341.2 million. Over this period, there were both sharp declines and mild fluctuations; however, the overall trend was downward. From 2013 to 2023, the year-on-year variations and Compound Annual Growth Rate (CAGR) indicate a mixed trend with occasional rebounding years, such as 2020, but largely the pattern was of a decrease.
For the recent past, between 2022 and 2023, there was a slight decline of 0.7%, consistent with the continuing downward trend over the five-year period (2018-2023), showing an average annual decrease (CAGR) of 1.05%. The forecasted data from 2024 to 2028 suggests a continuation of this trend, with the wage levels expected to drop further, albeit at a slower pace, with a 5-year CAGR forecasted at -0.27%.
Future trends to watch for include potential economic factors such as changes in industrial policies, labor market dynamics, and technological advancements in the automotive sector that could impact wage levels. Additionally, shifts towards electric vehicles and automation might play crucial roles in shaping the future wage trends in this industry.
