Medium Cars - Belgium

Belgium

Revenue in the Medium Cars market is projected to reach US$1,876m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.62%, resulting in a projected market volume of US$1,819m by 2029.
Medium Cars market unit sales are expected to reach 72.8k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$25k.
From an international perspective it is shown that the most revenue will be generated in China (US$89,320m in 2024).

Key regions: India, United States, Germany, China, Europe

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Analyst Opinion

The Medium Cars market in Belgium has been experiencing significant growth in recent years. This can be attributed to several factors, including changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences in the Medium Cars market have shifted towards more fuel-efficient and environmentally friendly vehicles. With increasing concerns about climate change and rising fuel prices, Belgian consumers are looking for cars that offer better fuel economy and lower emissions. This has led to a growing demand for hybrid and electric vehicles in the Medium Cars segment.

In addition to fuel efficiency, customers in Belgium also value safety and technological features in their Medium Cars. Advanced safety systems, such as lane departure warning, adaptive cruise control, and automatic emergency braking, are becoming increasingly popular among Belgian consumers. Similarly, connectivity features, such as Apple CarPlay and Android Auto, are also in high demand.

Trends in the Medium Cars market in Belgium are largely influenced by global and regional market trends. One of the key trends is the shift towards SUVs and crossovers. These vehicles offer a higher driving position, more interior space, and a rugged appearance, which appeals to a wide range of customers.

As a result, many automakers have introduced SUV and crossover models in the Medium Cars segment to cater to this growing demand. Another trend in the market is the rise of online car sales and digital retailing. Belgian consumers are increasingly using online platforms to research and purchase cars.

This trend has been accelerated by the COVID-19 pandemic, which has restricted physical showroom visits. As a result, automakers and dealerships are investing in digital platforms and online sales channels to reach customers effectively. Local special circumstances in Belgium, such as government incentives and regulations, also play a role in shaping the Medium Cars market.

The Belgian government offers tax benefits and subsidies for electric and hybrid vehicles, which has contributed to their growing popularity. Additionally, the government has implemented strict emission standards, which have encouraged automakers to develop more fuel-efficient and low-emission vehicles. Underlying macroeconomic factors, such as GDP growth, employment rates, and disposable income, also impact the Medium Cars market in Belgium.

A strong economy and high consumer confidence have contributed to increased car sales in recent years. However, economic uncertainties, such as Brexit and the COVID-19 pandemic, can have a negative impact on consumer spending and car sales. In conclusion, the Medium Cars market in Belgium is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Fuel efficiency, safety features, and technological advancements are important factors driving customer preferences. SUVs and crossovers are gaining popularity, and online car sales are becoming more prevalent. Government incentives and regulations, as well as macroeconomic factors, also influence the market.

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).