The motor vehicle output in Spain displayed considerable growth from 2013 to 2023, characterized by a consistent increase in value, peaking at 73.91 billion Euros in 2023. This reflects an overall expansion with year-on-year variations showing positive trends, except for a significant dip in 2020 due to external factors, likely the COVID-19 pandemic. The long-term CAGR improved from a decline during the pandemic to 1.84% by 2023. Future forecasts from 2024 to 2028 suggest continued growth with a predicted 5-year CAGR of 2.36%, bringing the industry's value to 85.78 billion Euros by 2028.
Key trends to watch for in the future include:
- Technological advancements, particularly in electric vehicles.
- Potential changes in global trade policies affecting exports.
- Continual investments in manufacturing and innovation to remain competitive.
