Industry revenue of »manufacture of motor vehicles« in Belgium 2011-2023

Belgium is considered as one of the pioneers in automobile production, with claims that the first ever steam powered vehicle was built in the country, in 1677. Before the beginning of the First World War, the country housed over 200 car manufacturers and produced some renowned cars such as the Minerva, Excelsior and Nagant, to name a few, with nearly 75 percent of the production being exported. However, over the years, the situation has changed completely and the industry is no longer as attractive as it once used to be, owing to the high manufacturing costs and costly labor wages, which have resulted in multiple plant closures. General motors had to shut its Opel plant in Antwerp in 2010 and Ford, one of the leading car manufacturers in the world, followed suit in 2014. Manufactures are increasingly shifting to low cost bases and as a result, industry revenues are projected to decline from 15 billion U.S. dollars in 2011 to 8 billion U.S. dollars by 2023.

In 2018, Germany was the leading automobile manufacturer in Europe, with approximately 6.1 million vehicles produced. Spain, France, the UK, and Czech Republic were the other leading manufacturers respectively.

Industry revenue of »manufacture of motor vehicles« in Belgium from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Belgium. The industry “manufacture of motor vehicles“ has the code “C291“.

Details on the methodology can be found here.

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Statistics on "Economic Outlook Belgium"

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