The manufacture of motor vehicles sector in Austria has demonstrated significant volatility over the last decade. Starting in 2013 with a production value of €8.21 billion, the sector experienced fluctuations with highs and lows. Notably, there was commendable growth of 21.48% from 2017 to 2018 and an 8.62% increase in 2019. However, production dipped by 18.42% in 2020, likely due to the global COVID-19 pandemic. Recovery ensued with production values reaching €13.23 billion in 2023.
In the last two years, production increased by 6.51% year-on-year in 2023 and had a compound annual growth rate (CAGR) of 2.94% over the last five years. Looking ahead, forecasts predict a steady growth rate, with a 2028 forecast CAGR of 1.8% and a total growth rate of 9.32%.
Future Trends to Watch:
- Electrification and innovation in vehicle technologies
- Impact of the European Union's regulatory changes on emissions
- Supply chain resilience and adaptation post-COVID-19
- Increasing collaboration and investments in smart manufacturing
