The output of motor vehicles in Belgium has experienced significant fluctuations over the past decade. From 2013 to 2023, the market saw declines with occasional upticks, such as the 6.66% increase in 2019 following a consistent downward trend from 2013 through 2018. The sharpest fall was in 2015, with an 11.85% decline, while 2020 saw another significant drop of 12.74%, reflecting broader market disruptions. Following minor recoveries from 2021 to 2023, the output in 2023 stood at €13.29 billion. The compound annual growth rate (CAGR) over the last five years reflects a more gradual decline at -0.69%. This indicates a persistent negative trend in motor vehicle output.
Looking ahead to the forecasted period 2024 to 2028, the output is expected to continue its downward trend. The CAGR for these five years is forecasted at -1.64%, suggesting a steady decline. The total output is projected to reduce by 7.94% over this period, indicating ongoing challenges in the sector.
Future trends to watch for include:
- Technological advancements in vehicle production, which may offset declines.
- Policy shifts towards electric vehicle production and the impact on local manufacturing.
- Global supply chain disruptions or enhancements that could affect output levels.
- Changes in consumer demand for motor vehicles in the region and globally.
