Belgium Used Car Market Size

Statistics for the 2023 & 2024 Belgium Used Car market size, created by Mordor Intelligence™ Industry Reports. Belgium Used Car size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Belgium Used Car Industry

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Belgium Used Car Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 15.95 Billion
Market Size (2029) USD 22.37 Billion
CAGR (2024 - 2029) 7.00 %
Market Concentration Medium

Major Players

Belgium Used Car Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Belgium Used Car Market Analysis

The Belgium Used Car Market size is estimated at USD 15.95 billion in 2024, and is expected to reach USD 22.37 billion by 2029, growing at a CAGR of 7% during the forecast period (2024-2029).

Consumers' growing preference towards availing private transportation medium owing to the increase in personal disposable income and GDP per capita, the emergence of online auto platforms, and increasing new vehicle prices serve as the major determinants for the growth of the used car market in Belgium. In 2022, the GDP per capita in Belgium stood at USD 49,582.8, witnessing an expansion of 1.1% CAGR between 2018 and 2022. Further, the average annual salary in Belgium as of August 2023 stood at USD 3,850 per month.

With the increasing financial stability, consumers prefer private transportation mediums to enhance their convenience for personal mobility. However, the spike in new vehicle prices deters some of these customers from purchasing brand-new vehicles, subsequently leading to the surging demand for used cars in Belgium. For instance, according to the Belgium Statistical Office (Stabel), new car prices in Belgium increased by 10.31% between March 2020 and October 2022. Consumers growing concerns about high inflation (consumer prices), which rose to 9.6% in 2022 compared to 2.4% in 2021 owing to the supply chain disruption due to the Russia-Ukraine conflict, is also acting as a catalyst for the falling demand for new cars in Belgium.

The Belgian market witnessed a growth in used car sales in June 2023 compared to the same period in 2022. It is estimated that in June 2023, 67,528 second-hand cars were registered, an increase of 15.8%, compared to 48.7% for the new car market compared to the 2022 level. 

The second-hand market is attracting more and more private customers, especially in Wallonia. In June 2023, the best-selling used car brands were Volkswagen and BMW. Mercedes, Opel, and Peugeot, among others. In terms of used car models sold, the bestsellers were the Volkswagens Golf (14,105 units) and Polo (10,343 units), followed by the Opel Corsa (9,925 units), the BMW 3 Series (8,683 units) and the Ford Fiesta (7,266 units) in June 2023.

One of the major challenges faced by the used car market is the increasing used car prices across Belgium since 2021, owing to a surge in raw material prices, energy prices, and the subsequent supply chain disruption due to the ongoing Russia-Ukraine conflict. 

In November 2021, a second-hand car in Belgium was sold for an average of Euro 22,104 (USD 23,902), an increase of more than 22 percent on an annual basis compared to 2021. Further, a young second-hand car of up to 3 years old was sold for an average of Euro 35,995 (USD 38,921) in November 2021, compared to Euro 29,438 (USD 31,831) a year earlier and Euro 28,587 (USD 30,911) in November 2019.

Similarly, for second-hand cars between 5 and 10 years old, the average sales price increased by 27.6 percent to Euro 16,383 (USD 17,711) in November 2021 compared to the same month in 2020. The Belgian market is grappling with the threat of ongoing used car price rises in the country, which may deter customers from buying second-hand cars. It was estimated that in July 2023, the average used car price in the Belgian used car market stood at Euro 24,452 (USD 26,438).

The government's aggressive strategy to promote the electrification of vehicle fleets and ban of petrol/diesel cars to promote the reduction in carbon emissions will aid the demand for used cars across Belgium during the forecast period. Consumers who are willing to purchase cheaper alternatives to new-energy vehicles are increasingly adopting the purchase of used vehicles for convenience in mobility. 

For instance, in June 2022, The Brussels government announced the approval of a complete ban on diesel cars by 2030, which will be extended to petrol cars by 2035. The phasing-out of all vehicles with an internal combustion engine will be achieved by gradually extending the criteria for Brussels' Low Emissions Zone (LEZ). Moreover, certain regional authorities, such as the government of Belgium's Flemish region, are strategizing to implement legislation to ban the sale of new, non-EV vehicles by 2027, nearly a decade before the European Union's ICE phase-out date. Even with the aggressive stance of the Belgian government to promote the adoption of EVs, the higher cost of electric vehicles adds to the financial burden of the consumer attributed to its high battery cost, thereby, in turn, making consumers opt for used cars in the coming years.

Belgium Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)