Key Market Indicators
Spanish vehicle registration is projected to hit approximately 1.8 million units by 2028, up from nearly 1.6 million units in 2023. This marks an average annual growth rate of 2%. Since 2010, the Spanish market has seen a modest year-on-year increase of 0.3%. In 2023, Spain ranked 28th globally in vehicle registrations, with Thailand surpassing it with nearly 1.6 million units. Canada, China, and Austria secured the 2nd, 3rd, and 4th spots, respectively. On the production front, Spain is expected to produce around 2.9 million vehicles by 2028, a slight increase from approximately 2.8 million units in 2023. This represents an average annual growth rate of 0.3%. Since 2002, Spanish vehicle production has experienced a yearly growth of 0.2%. In the global ranking for 2023, Spain stood at 9th place in vehicle production. Brazil led with close to 2.8 million units, followed by the United States, Japan, and Germany in the 2nd, 3rd, and 4th positions, respectively.
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