The motor vehicle transmissions market in Belgium has seen significant fluctuations over the past decade. Between 2013 and 2023, the market size has exhibited both growth and decline, with notable decreases in 2015 (-9.89%), 2016 (-10.98%), and 2020 (-18.48%). While recovery was observed in 2021 (12.42%) and 2022 (3.39%), the market faced a slight decline in 2023 (-1.77%). As of 2023, the market value stands at 1.5941 billion USD. Over the last 5 years, the market has had an average annual decline of -1.02% CAGR.
Looking ahead, the forecasts indicate a continued reduction in market size. By 2028, the market is anticipated to shrink to 1.439 billion USD, with a forecasted average annual decline of -1.56% CAGR over the next five years. The aggregate reduction over this period is expected to be -7.56%.
Future trends to watch for include potential shifts towards electric vehicles, which may alter the demand for traditional motor vehicle transmissions, and possible market recovery influenced by advancements in automotive technology and global economic conditions.
