Forecast: Motor Vehicles, Motorcycles Wholesale, Retail and Repair Output in Spain

The motor vehicles, motorcycles wholesale, retail, and repair output in Spain reached 35.31 billion Euros in 2023, demonstrating considerable growth from 2013. Over the past decade, the sector experienced variability including a dip in 2020 due to the pandemic, followed by recovery. Year-on-year growth for 2023 stood at 5.54%, marking a positive trajectory post-2020. The recent 5-year CAGR is at 1.35%, indicating steady growth. Looking ahead, the sector is projected to grow further, reaching 39.63 billion Euros by 2028, with a forecasted 5-year CAGR of 1.83% and an anticipated overall growth rate of 9.49%.

Future trends to watch for:

• Increased adoption of electric and hybrid vehicles.
• Advancements in autonomous driving technology.
• Growth in aftermarket services due to evolving vehicle tech.
• Effects of economic policies on automotive trade and local manufacturing.
• Shifts in consumer preferences towards sustainable and connected mobility solutions.