Between 2013 and 2023, Spain's aerospace industry imports displayed considerable volatility. Initial growth was seen from 2013 to 2017 with jumps ranging from 18.55% to 27.22% year-on-year. However, 2018 and 2019 encountered declines, and the sector was significantly impacted in 2020 with a 22.85% drop due to global uncertainties. Recovery began in 2021, resulting in a 17.25% increase by 2022 and a 7.12% rise in 2023, reaching a value of 5.52 billion US dollars. The five-year CAGR until 2023 indicated a slight decline of 0.13%.
Forecasts from 2024 to 2028 predict a modest growth rate with a 1.6% CAGR, driving the industry's value to 6.11 billion US dollars by 2028, an overall 8.24% increase over the forecast period.
Future trends to monitor:
- Technological advancements and innovation in aerospace manufacturing.
- Global political and economic stability affecting trade policies.
- Sustainability and environmental regulations impacting import practices.
- Recovery pace of the global aviation sector post-pandemic.
