Belgium Auto Sales in October 2023 booms 26.7%, growing for the 15th consecutive month and reporting 38,538 new registrations. YTD figures at 413,121 are up 32.6% from the previous year.
Market Trend and Outlook
The Belgian Auto Market in October 2023 booms 26.7%, growing for the 15th consecutive month and reporting 38,538 new registrations. YTD figures at 413,121 are up 33.2% from the previous year.
Looking at cumulative data up to October 2023 brand-wise, BMW maintains 1st position with 42,661 sales (+37.3%), followed by Volkswagen with 39,118 units sold (+40.7%).
In third place ranks Mercedes with 30,514 sales (+22.3%) ahead of Audi with 29,573 registrations (+35.2%), Peugeot at 26,550 (+5.5%), Renault with 22,034 (+33.9%) and Toyota with 20,316 registrations (+10.8%).
Volvo rises 5 spots into 8th with 17,984 (+66.0%) followed by Dacia -up 1 spot- with 17,835 (+35.6%) and in 10th place by Kia with 16,386 (+22.3%).
Medium-Term Market Trend
The car passenger’s market in Belgium is a mature market, with high share taken by premium brands, and in the decade before covid era has been stable, oscillating around half million annual sales.
The arrival of the pandemic caused the market to collapse 21.5% in 2020. This fall in sales, would mark the Belgian market for the following years.
In fact auto sales continued to fall in 2021, dropping another 11.2%. Despite slowing down, the fall continued in 2022 with sales reaching 366,087 (-4.4%).
The continuous increase in vehicle prices is a main driver in the slowing down of sales, making it harder for lower income families to buy cars. Another factor that puts downward pressure on demand is the Eu’s push towards EVs, an expensive alternative to traditional combustion engine cars. These are just a few of the issues that the Belgian auto market is going to have to confront in 2023.
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Manufacturers Group.