The motor vehicles, motorcycles wholesale, retail, and repair output in Belgium has experienced significant fluctuations from 2013 to 2023. The value stood at 16.84 billion Euros in 2023. Over the past decade, the industry has seen steady growth following a major dip in 2020 due to the global pandemic. In 2023, the output increased by 6.43% compared to the previous year, marking a consistent recovery phase since 2021. The CAGR for the last five years up to 2023 was 2.32%, indicating moderate growth in the industry.
Looking ahead, the sector is projected to continue its upward trajectory. Forecasts for 2024 to 2028 estimate an average annual growth rate of 2.26%, with an overall growth rate of 11.8% by 2028. Future trends to watch for include advancements in electric vehicle technology, shifts toward sustainable mobility solutions, and potential impacts of regulatory changes aimed at reducing carbon emissions. Continued investment in innovation and infrastructure will be critical to sustaining the industry’s growth.
