Electric Vehicles - Belgium

Belgium

In 2024, the projected revenue in the Electric Vehicles market in Belgium is expected to reach €12.7bn.
This market segment is anticipated to show an annual growth rate of 12.72% (CAGR 2024-2029), resulting in a projected market volume of €23.1bn by 2029.
By 2029, it is estimated that unit sales of Electric Vehicles market in Belgium will reach 372.40k vehicles.
In 2024, the volume weighted average price of Electric Vehicles market in Belgium is expected to amount to €62.7k.
From an international perspective, it is evident that China will generate the highest revenue in the Electric Vehicles market, with €345,400m in 2024.
Belgium is experiencing a surge in the adoption of electric vehicles, with an increasing number of government incentives and a growing charging infrastructure.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

Belgium, known for its picturesque landscapes and historic cities, is also making a name for itself in the Electric Vehicles (EV) market. As more countries around the world are embracing sustainable transportation, Belgium is no exception.

Customer preferences in the EV market in Belgium are influenced by several factors. Firstly, the increasing awareness of environmental issues and the desire to reduce carbon emissions have led many consumers to consider electric vehicles as a greener alternative to traditional combustion engine cars. Additionally, the government incentives and subsidies for EV purchases have made them more affordable and attractive to the Belgian population.

Trends in the EV market in Belgium reflect the global shift towards electric mobility. One significant trend is the growing variety of electric vehicle models available in the market. Major automakers are introducing new EV models with improved range and features, catering to the diverse needs and preferences of Belgian consumers.

Another trend is the expansion of the charging infrastructure across the country. As the government invests in charging stations, the convenience and accessibility of charging an EV have improved, addressing the range anxiety concerns of potential buyers. Local special circumstances in Belgium further contribute to the development of the EV market.

Belgium's small size and relatively high population density make it an ideal country for electric mobility. Shorter travel distances and the availability of charging infrastructure make owning an EV a practical choice for many Belgians. Additionally, the country's commitment to renewable energy and sustainability aligns with the values of the EV market.

Underlying macroeconomic factors also play a role in the growth of the EV market in Belgium. The European Union's ambitious targets for reducing carbon emissions and promoting clean energy have prompted member countries, including Belgium, to adopt policies that support the adoption of electric vehicles. Furthermore, advancements in battery technology and decreasing costs of EV production have made electric vehicles more affordable and desirable for consumers.

In conclusion, the Electric Vehicles market in Belgium is experiencing growth due to customer preferences for sustainable transportation, the availability of government incentives, and the expansion of charging infrastructure. The trends in the market reflect the global shift towards electric mobility, while local special circumstances and underlying macroeconomic factors further contribute to the development of the EV market in Belgium.

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).