Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Belgium

Belgium

In Belgium, the revenue generated in the Battery Electric Vehicles market is projected to reach €5.7bn in 2024.
This segment is expected to show a compound annual growth rate (CAGR 2024-2029) of 13.11%, resulting in a projected market volume of €10.6bn by 2029.
The unit sales of Battery Electric Vehicles market are expected to reach 183.00k vehicles in 2029.
Furthermore, the volume weighted average price of Battery Electric Vehicles market in Belgium is expected to amount to €58.5k in 2024.
From an international perspective, it is shown that the most revenue will be generated China, with an estimated revenue of €193,400m in 2024.
Belgium's market for Battery Electric Vehicles is experiencing steady growth, driven by government incentives and increasing environmental awareness.

Key regions: United Kingdom, Japan, Netherlands, France, United States

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Analyst Opinion

Belgium, a country known for its picturesque landscapes and historical architecture, is also witnessing a growing trend in the Battery Electric Vehicles (BEV) market. As more and more consumers around the world are becoming conscious of the environmental impact of traditional gasoline-powered vehicles, the demand for electric vehicles is on the rise. Belgium is no exception to this global trend, and several factors contribute to the development of the BEV market in the country.

Customer preferences: One of the primary reasons for the growth of the BEV market in Belgium is the increasing preference for sustainable transportation options among consumers. With concerns about climate change and air pollution, many Belgians are actively seeking out environmentally friendly alternatives to traditional vehicles. The lower emissions and reduced carbon footprint of electric vehicles make them an attractive choice for environmentally conscious consumers.

Trends in the market: The BEV market in Belgium is also being driven by government initiatives and incentives. The Belgian government has implemented various measures to promote the adoption of electric vehicles, including tax benefits, grants, and subsidies. These incentives make electric vehicles more affordable and accessible to a wider range of consumers, driving the demand for BEVs in the country. Another trend in the Belgian BEV market is the increasing availability of charging infrastructure. As the number of electric vehicles on the road grows, the need for a reliable and extensive charging network becomes crucial. Belgium has been investing in the development of charging stations across the country, making it easier for BEV owners to recharge their vehicles. This infrastructure expansion further encourages consumers to consider electric vehicles as a viable option for their transportation needs.

Local special circumstances: Belgium's small size and well-connected transportation network make it an ideal market for electric vehicles. The country has a relatively high population density, and the average daily commute distances are relatively short. These factors make electric vehicles a practical choice for many Belgians, as the limited range of early electric vehicles is less of a concern in a smaller country like Belgium.

Underlying macroeconomic factors: The BEV market in Belgium is also influenced by broader macroeconomic factors. As the global economy continues to recover from the COVID-19 pandemic, there is a renewed focus on sustainable and green investments. Governments and businesses worldwide are prioritizing environmentally friendly initiatives, and electric vehicles play a significant role in this transition. The growing demand for electric vehicles in Belgium is part of a larger global trend towards sustainable transportation solutions. In conclusion, the Battery Electric Vehicles market in Belgium is developing due to customer preferences for sustainability, government incentives, the availability of charging infrastructure, local special circumstances, and underlying macroeconomic factors. As more consumers in Belgium prioritize environmental consciousness and as the government continues to support the adoption of electric vehicles, the BEV market in Belgium is expected to continue growing in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).