Belgium: Passenger Car Market 2024

Passenger Car Market Size in Belgium

The Belgian passenger car market skyrocketed to $X in 2021, jumping by 1,502% against the previous year. Over the period under review, consumption posted a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Passenger Car Production in Belgium

In value terms, passenger car production soared to $X in 2021 estimated in export price. In general, production, however, recorded a abrupt decline. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from Belgium

In 2021, overseas shipments of passenger cars decreased by -5.3% to X units for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 23%. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports dropped slightly to $X in 2021. Overall, total exports indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +69.4% against 2015 indices. The growth pace was the most rapid in 2020 when exports increased by 36% against the previous year. As a result, the exports attained the peak of $X, and then dropped slightly in the following year.

Exports by Country

Germany (X units), France (X units) and the Netherlands (X units) were the main destinations of passenger car exports from Belgium, with a combined 37% share of total exports. Sweden, Poland, the UK, Denmark, Luxembourg, Italy, the United States, Spain, Guinea and Libya lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +13.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for passenger cars exports from Belgium, comprising 26% of total exports. The second position in the ranking was taken by France ($X), with a 12% share of total exports. It was followed by Sweden, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value to Germany totaled +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+5.5% per year) and Sweden (+12.4% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, approximately mirroring the previous year. Over the last nine-year period, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2020 an increase of 10% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Libya ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Belgium

For the third year in a row, Belgium recorded growth in overseas purchases of passenger cars, which increased by 17% to X units in 2021. The total import volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, passenger car imports shrank to $X in 2021. The total import value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 25%. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

Germany (X units), France (X units) and Japan (X units) were the main suppliers of passenger car imports to Belgium, with a combined 42% share of total imports. China, Spain, the Netherlands, the United States, the UK, the Czech Republic, Mexico, Turkey, Italy and South Korea lagged somewhat behind, together comprising a further 49%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of +31.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Japan ($X) and France ($X) appeared to be the largest passenger car suppliers to Belgium, with a combined 39% share of total imports. China, the United States, Spain, Mexico, the UK, the Netherlands, the Czech Republic, Turkey, Italy and South Korea lagged somewhat behind, together accounting for a further 52%.

Among the main suppliers, Mexico, with a CAGR of +37.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, with a decrease of -19% against the previous year. Over the period under review, the import price continues to indicate a slight decrease. The growth pace was the most rapid in 2020 when the average import price increased by 7.7%. As a result, import price reached the peak level of $X per unit, and then fell markedly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for the Czech Republic ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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