Forecast: Production in Sale of Motor Vehicles Sector in Spain

The production in the sale of motor vehicles sector in Spain demonstrated significant fluctuations over the past decade. Starting at 7.26 billion euros in 2013, the value saw a general upward trend, peaking at 11.91 billion euros in 2019. The pandemic period in 2020 experienced a notable decline of 14.37%, but the sector rebounded steadily, reaching 12.51 billion euros in 2023. Year-on-year growth for 2023 was 4.96%, pointing towards a recovery. The last five years averaged a CAGR of 1.62%, indicating moderate growth. Future projections maintain a positive outlook, expecting a CAGR of 1.38% and a total growth rate of 7.07% from 2024 to 2028.

Future trends to watch for:

• Adoption of electric vehicles (EVs) and advancements in autonomous driving technology.

• Policy changes and incentives aimed at reducing carbon emissions which might affect production models.

• Supply chain disruptions owing to geopolitical or environmental factors.

• Consumer demand shifts towards sustainable and technologically advanced vehicles.