Small Cars - Belgium

Belgium

Revenue in the Small Cars market is projected to reach US$1,227m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -2.12%, resulting in a projected market volume of US$1,126m by 2028.
Small Cars market unit sales are expected to reach 68,890.0vehicles in 2028.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$16k.
From an international perspective it is shown that the most revenue will be generated in China (US$13,380m in 2024).

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

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Analyst Opinion

The Small Cars market in Belgium has witnessed significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Belgium have shifted towards smaller, more fuel-efficient vehicles due to increasing concerns about environmental sustainability and rising fuel costs.

Small cars offer a practical and economical solution for urban commuting, which is particularly relevant in a densely populated country like Belgium. Additionally, the compact size of small cars makes them easier to maneuver and park in crowded city streets. One of the key trends in the Small Cars market in Belgium is the increasing popularity of electric and hybrid vehicles.

The government has introduced various incentives and subsidies to promote the adoption of electric vehicles, including tax benefits, reduced registration fees, and access to restricted areas. As a result, more consumers are opting for small electric or hybrid cars, contributing to the growth of this segment in the market. Another trend in the Small Cars market is the integration of advanced technology and connectivity features in small car models.

Consumers in Belgium are increasingly looking for vehicles that offer seamless integration with their smartphones, navigation systems, and other smart devices. Automakers are responding to this demand by equipping small cars with advanced infotainment systems, voice recognition capabilities, and other innovative features. Local special circumstances in Belgium, such as the high population density and limited parking spaces in urban areas, have also contributed to the growth of the Small Cars market.

Small cars are well-suited for navigating through narrow streets and finding parking in crowded city centers. Additionally, the compact size of small cars allows them to be easily stored in small garages or parking spaces, which are common in residential areas. Underlying macroeconomic factors, such as the overall economic stability and disposable income levels in Belgium, have also played a role in the growth of the Small Cars market.

As the economy continues to grow, consumers have more purchasing power and are able to afford small cars as a second vehicle or for personal use. Furthermore, low interest rates and favorable financing options have made small cars more affordable and accessible to a wider range of consumers. In conclusion, the Small Cars market in Belgium is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

The shift towards smaller, more fuel-efficient vehicles, the increasing popularity of electric and hybrid cars, the integration of advanced technology, and the unique needs of the Belgian market have all contributed to the development of this market segment.

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).