The production value of electrical and electronic equipment for motor vehicles in Spain stood at €2.58 billion in 2023. From 2013 to 2023, the sector experienced fluctuations with notable peaks, such as a 52.3% increase in 2019, but also downturns, like the 16.69% drop in 2020. The period saw a general rise, marked by differing year-on-year percentage changes, with the last five years averaging a 4.28% CAGR. Future projections indicate steady growth with a 1.72% forecasted CAGR from 2024 to 2028, reaching €2.87 billion by 2028.
Future trends to watch for:
- The impact of technological advancements and the integration of more sophisticated electronic systems in vehicles
- The influence of governmental policies and regulations targeting emissions and electronic vehicle incentives
- Supply chain stability and the development of local manufacturing capabilities
- Shifts in consumer demand towards electric vehicles and the subsequent effect on electronic components production
- Potential disruptions or accelerations due to global economic conditions and trade policies
