Forecast: Motor Vehicles Production Value in Spain

The production value of motor vehicles in Spain has shown significant growth over the past decade. Starting from €32.19 billion in 2013, the value experienced noticeable increases, reaching €49.36 billion by 2023. The early part of the decade saw robust year-on-year growth rates, peaking with a 15.42% increase in 2015. However, growth rates stabilized in subsequent years, marked by a slight contraction in 2020, likely due to the global pandemic. The compound annual growth rate (CAGR) over the past five years, ending in 2023, was modest at 2.1%.

Year-on-year analysis for the last two years highlights an increase of 6.88% in 2022 and a 5.42% rise in 2023. Forecasted figures suggest a continuation of this upward trend, with the production value expected to climb steadily to €56.38 billion in 2028, implying a forecast 5-year CAGR of 2.11%.

Future trends to watch for include advancements in automotive technology, increasing investment in electric vehicles, and potential impacts of regulatory changes and trade dynamics within the European Union. Additionally, shifts in consumer preferences towards sustainable and connected mobility solutions could shape the market landscape significantly.