Key Market Indicators
Spanish commercial vehicle registrations are projected to decline significantly over the next five years, dropping from approximately 134,000 units in 2023 to about 78,000 units by 2028. This marks an average annual decrease of 8.7%. Since 2010, the Spanish market has seen a consistent yearly decline of 11.2%. In 2023, Spain ranked 27th globally in commercial vehicle registrations, with the Philippines surpassing it with the same registration figure of 134,000 units. The top spots were taken by Canada, Mexico, and Argentina, respectively. In contrast, Spanish commercial vehicle production is expected to experience modest growth. Production is set to increase from around 387,000 units in 2023 to approximately 395,000 units by 2028, reflecting an average annual growth rate of 0.3%. Despite this slight upward trend, the Spanish supply has been on a downward trajectory since 2002, declining by 4.9% annually. In 2023, Spain was the eighth-largest producer of commercial vehicles, with India overtaking it by matching Spain's production figure. Leading the global production rankings were Mexico, China, and Canada.
