Forecast: Electric Vehicle Registrations in Belgium

Electric vehicle (EV) registrations in Belgium have shown a significant upward trend from 2014 to 2023, growing from 2.05 thousand to 129.68 thousand. The year-on-year growth rate was especially notable, peaking at 161.24% in 2020. However, from 2022 to 2023, the growth rate decelerated to 26.97%. The compound annual growth rate (CAGR) over the last five years (2018-2023) was an impressive 57.83%. A key insight is the dip in 2018, where registrations dropped slightly by -8.41%, highlighting the volatility in early adoption phases.

Looking ahead, the forecasted data from 2024 onwards suggest continuous but moderate growth, with a forecasted 10.9% CAGR over the next five years. By 2028, it is anticipated that registrations will reach 263.32 thousand, representing a 67.77% growth from 2023 levels.

Future trends to watch for include:

• Government incentives and regulations encouraging EV adoption.
• Improvements in EV technology and battery life.
• Expansion of EV charging infrastructure.
• Market responses to sustainable and eco-friendly transportation solutions.