The production of air transport in Spain experienced fluctuations over the past decade, recovering from a significant decline in 2020. As of 2023, the production stood at 13.57 billion Euros. The market has seen an average annual growth rate (CAGR) of 1.75% over the last five years, despite a sharp drop in 2020 followed by a robust recovery in 2021.
Key trends:
- 2013-2023: The production grew from 9.04 billion Euros to 13.57 billion Euros, showing resilience and recovery, especially post-2020.
- 2020: A significant drop of 14.97% due to global disruptions, but a sharp recovery of 17.14% in 2021 indicates strong market adjustments.
- 2021-2023: Growth stabilized with a year-on-year increase of 7.62% in 2022, followed by a smaller rise of 2.15% in 2023.
Future trends to watch for:
- Continued moderate growth is forecasted with a five-year CAGR of 1.66% from 2024 to 2028.
- The production value is expected to reach 15.02 billion Euros by 2028, marking a total growth of 8.57% from 2023.
- Potential factors influencing future trends include technological advancements, sustainability initiatives, and market recovery post-pandemic impacts.
