Executive Cars - Belgium

Belgium

Revenue in the Executive Cars market is projected to reach €486m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.77%, resulting in a projected market volume of €505m by 2029.
Executive Cars market unit sales are expected to reach 9,184.0vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to €56k.
From an international perspective it is shown that the most revenue will be generated in China (€57,830m in 2024).

Key regions: United States, Worldwide, Germany, United Kingdom, Europe

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Analyst Opinion

The Executive Cars market in Belgium has been experiencing significant growth in recent years.

Customer preferences: Belgian customers have shown a strong preference for executive cars due to their luxurious features, advanced technology, and superior performance. The demand for these vehicles is driven by the desire for comfort and prestige. Belgian consumers value high-quality craftsmanship, elegant design, and the latest innovations in safety and connectivity. Additionally, executive cars are often associated with successful professionals and business executives, which further enhances their appeal to Belgian customers.

Trends in the market: One of the key trends in the Executive Cars market in Belgium is the increasing demand for electric and hybrid vehicles. Belgian consumers are becoming more environmentally conscious and are seeking greener alternatives to traditional petrol and diesel cars. The government has also introduced incentives and subsidies to promote the adoption of electric and hybrid vehicles, further driving the trend. As a result, many automakers have expanded their offerings of electric and hybrid executive cars to cater to this growing demand. Another trend in the market is the rise of connectivity and digital features in executive cars. Belgian consumers are increasingly looking for advanced infotainment systems, smartphone integration, and other connected services in their vehicles. This trend is driven by the growing reliance on technology in everyday life and the desire for seamless connectivity between devices. Automakers are responding to this demand by integrating cutting-edge technology into their executive car models, enhancing the overall driving experience for Belgian customers.

Local special circumstances: Belgium's central location in Europe and its strong economy make it an attractive market for executive car manufacturers. The country serves as a hub for international business and hosts numerous headquarters of multinational companies. This creates a favorable environment for the sale of executive cars, as many high-income professionals and executives reside in Belgium. Additionally, Belgium has a well-developed road infrastructure and a culture that values luxury and comfort, further contributing to the demand for executive cars.

Underlying macroeconomic factors: Belgium's stable economy and high standard of living contribute to the growth of the Executive Cars market. The country has a strong purchasing power, allowing consumers to afford premium vehicles. Additionally, low interest rates and favorable financing options make it easier for Belgian customers to purchase executive cars. The government's focus on promoting sustainable mobility and reducing carbon emissions also plays a role in driving the demand for electric and hybrid executive cars. Overall, the Executive Cars market in Belgium is expected to continue its growth trajectory as customer preferences evolve and the market responds to changing demands.

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).