Key Market Indicators
Spanish vehicle registration is projected to hit approximately 1.8 million units by 2028, up from about 1.6 million units in 2023. This marks an average annual growth rate of 2%. Historically, since 2010, the Spanish market has seen a modest increase of 0.3% year-on-year. In 2023, Spain ranked 28th in vehicle registrations, with Thailand leading slightly ahead at around 1.6 million units. Canada, China, and Austria held the second, third, and fourth spots, respectively, in this ranking. On the production front, Spain is expected to produce nearly 2.9 million vehicles by 2028, up from around 2.8 million units in 2023. This represents an average annual growth rate of 0.3%. Since 2002, Spanish vehicle production has increased by 0.2% year-on-year. In 2023, Spain was the ninth-largest vehicle producer, with Brazil narrowly surpassing it with a similar output. The United States, Japan, and Germany were the top three countries in vehicle production for the same year.
