Nearly 8 in 10 Belgian lease drivers expect growing market share of Chinese car brands
78% of Belgians with a company car expect Chinese car brands to gain a larger share of the Belgian market. This is according to a study by GfK, commissioned by ALD Automotive | LeasePlan, global leader in leasing and sustainable mobility. Indeed, the number of registered Chinese cars rose to 9,804 in Belgium in 2023, more than twice the 4,000 cars sold in 2022 (1).
It seems to be a ritual: almost every week a new Chinese car brand announces its entry into Belgium. And that does not go unnoticed. The majority of lease drivers surveyed are convinced that Chinese car brands will gain a bigger market share in Belgium over the next five years. This is according to research by GfK commissioned by ALD Automotive | LeasePlan.
Belgians with a company car are convinced of this for the following reasons:
- As many as 79% of respondents are convinced that Chinese manufacturers offer electric cars that are cheaper than those of established brands.
- 47% believe that Chinese manufacturers know well how to adapt to the European market.
- Finally, 24% are convinced that Chinese cars meet European safety requirements.
**BYD most popular Chinese car brand ** Chinese car brand Build Your Dreams (BYD) currently stands out. The brand ended 2023 with global record sales of more than 3 million cars and is also in the top ten best-selling brands worldwide. Not surprisingly, 51% of respondents are familiar with the brand. This puts BYD in 36th position on the list of most popular car brands in the country, with a market share of 0.11%. At the top of the rankings are well-known names as BMW, Volkswagen and Mercedes (2).
Brand associations with China
Moreover, South Korean car brand Hyundai (41%) seems to be the most associated with Chinese car brands by respondents, followed by Kia (40%). Nissan and Volvo share third place with 22% each. Volvo's association with China does not come as a big surprise, given Chinese company Geely's majority stake in the Swedish car brand. Nevertheless, Volvo's headquarters are still in the Swedish city of Göteborg.
Johan Portier, Country Managing Director at ALD Automotive | LeasePlan: "Although there are prejudices surrounding Chinese car brands, the majority of respondents expect market share to grow, mainly because of the value for money. The lower investment amount gives fleet managers the opportunity to appeal to a larger group of employees. Thus, they can opt for electric cars while optimising their remuneration package."
About the study
Commissioned by ALD Automotive | LeasePlan, GfK surveyed 2,211 of their lease drivers on their perception and knowledge of Chinese car brands in 2023. The survey was divided into several parts: a survey on the current way of driving and the different drivetrain options, the image of the country of origin and the willingness to pay for a Chinese car. Thanks to the conclusions of this study, ALD Automotive | LeasePlan can better advise its customers and partners. You can read more about the study here.
(1) Source: Febiac (2) Febiac, new registrations 2023
