Market Insights Mobility Commercial Vehicles

Buses - Belgium

Belgium

In Belgium, the Buses market is projected to reach 0.83k vehicles unit sales by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of -1.49%, resulting in a projected market volume of 0.77k vehicles units by 2029.
This growth in production, estimated to reach 98.00vehicles units in 2029, showcases the potential for expansion within the Buses market.
From an international standpoint, it is evident that the majority of sales, amounting to 116.30k vehicles units, will be the in the United States in 2024.
Belgium is witnessing a growing demand for electric buses in its commercial vehicles market, driven by the government's push for sustainability and environmental initiatives.

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Analyst Opinion

The Buses market in Belgium has been experiencing steady growth in recent years, driven by several factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Belgium have been shifting towards more sustainable and environmentally friendly transportation options, leading to an increased demand for buses.

This can be attributed to the growing awareness of the negative impact of traditional gasoline-powered vehicles on the environment. As a result, there has been a greater emphasis on the adoption of electric and hybrid buses in the country. These buses offer lower emissions and reduced fuel consumption, making them a popular choice among environmentally conscious consumers.

In addition to customer preferences, several market trends have contributed to the growth of the Buses market in Belgium. One notable trend is the rise of smart technology in buses. This includes features such as real-time tracking, Wi-Fi connectivity, and digital payment systems, which enhance the overall passenger experience.

The integration of these technologies has not only improved the efficiency of bus operations but has also attracted a younger demographic who value convenience and connectivity. Furthermore, local special circumstances in Belgium have played a role in the development of the Buses market. The country's well-developed public transportation infrastructure and strong government support for sustainable mobility initiatives have created a favorable environment for bus operators and manufacturers.

The government has implemented policies and incentives to encourage the adoption of electric buses, including subsidies and tax breaks, which have further stimulated market growth. Underlying macroeconomic factors have also contributed to the expansion of the Buses market in Belgium. The country's stable economy and high disposable income levels have increased consumer purchasing power, allowing for greater investment in public transportation.

Additionally, the growing urbanization and population density in Belgium have led to increased demand for efficient and reliable transportation options, further driving the growth of the bus market. In conclusion, the Buses market in Belgium is experiencing growth due to customer preferences for sustainable transportation options, market trends such as the integration of smart technology, local special circumstances including government support for sustainable mobility initiatives, and underlying macroeconomic factors such as a stable economy and increasing urbanization. These factors have created a favorable environment for the expansion of the bus market in Belgium.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of buses.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. 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, linear regression, the S-curve function and exponential trend smoothing methods are applied.

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.