Belgium 2024. Auto Market Continues The Positive String In February (+13.4%)

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Belgium Auto Sales still increasing throughout 2024. New sales in February amount to 43,723 units (+9.6%). Audi booms 42.4% reaching the Top 2.

Market Trend and Outlook

The Belgian auto market in February 2024 increases by 9.6%, growing for the 19th consecutive month and reporting 43,723 new registrations. YTD sales reach 90,390 units (+13.4%).

Looking at cumulative data up to February brand-wise, BMW maintains 1st position with 9,804 sales (+25.7%), followed by Audi -up 3 spots- with 7,732 units sold (+42.4%).

In third place ranks Volkswagen -down 1 spot- with 7,075 sales (+1.8%) ahead of Mercedes -down 1 spot- with 6,742 registrations (+7.4%), Volvo -up 2 spots- at 5,570 (+43.4%), Toyota with 5,337 (+7.8%) and Dacia -down 5 spots- with 4,673 registrations (+55.4%).

Peugeot loses 4 spots into 8th with 4,663 (-22.4%) followed by Tesla -up 9 spots- with 4,098 (+188.4%) and in 10th place by Skoda -down 1 spot- with 3,927 (+10.7%).

Looking at specific models the Volvo XC40 becomes the new best seller, with an 102.8% increase in year-on-year sales. In second follows the BMW X1, up 1 spot and 96.1%.

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. Despite these factors, in 2023 the market boomed 30.1% respectively to the previous year, YTD figures at 476,462.

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturers Group.

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