Forecast: Motor Vehicles Turnover in Spain

The Spanish motor vehicle turnover reached 55.01 billion euros in 2023, showing a comprehensive upward trend with a notable increase in the latter years. Motor vehicle turnover has grown consistently over the past decade, overcoming an economic downturn in 2020 where the industry faced a considerable decline of -13.78%. Following a recovery phase, the industry continues to show resilience with a year-on-year increase of 5.95% in 2023 and a 5-year CAGR of 1.68%. Projections indicate steady growth, with a forecasted year-on-year increase in turnover leading to an anticipated 2.11% CAGR by 2028.

Future trends to watch for:

• The impact of technological advancements and the shift towards electric vehicles on market turnover.
• Policy changes and government incentives to promote sustainable transportation.
• The role of global supply chain dynamics and raw material costs on production efficiency.
• Consumer behavior changes influenced by economic recovery post-COVID-19.