Key Market Indicators
Spanish car registration is projected to plummet to approximately 105,000 units by 2028, down from around 544,000 units in 2023, marking a 25% year-on-year decline in CAGR. Since 2010, the demand for cars in Spain has decreased by 16% annually. In 2023, Spain ranked 28th globally in car registrations, with Romania leading at 544,000 units. Indonesia, Austria, and Belgium held the second, third, and fourth positions, respectively. Conversely, Spanish car production is expected to see a modest increase, reaching nearly 2.3 million units by 2028, up from about 2.26 million units in 2023, growing at a marginal rate of 0.1% annually. Since 2002, the nation's car supply has fallen by 0.1% each year. In 2023, Spain ranked seventh in car production, with Brazil slightly ahead at 2.26 million units. Japan, Germany, and India occupied the second, third, and fourth spots, respectively.
