The forecast for hours worked in parts and accessories for motor vehicles in Spain shows a fluctuating trend over the past decade. In 2023, the sector stood at 126.07 million hours. The sector experienced significant growth from 2013 to 2018, peaking in 2018. This was followed by a decline in 2019 and a sharp drop in 2020, likely due to the pandemic, before a recovery phase began afterward. Year-on-year variations highlight sharp drops in certain years, such as 2020, contrasted with steady recovery milestones in 2021 and 2022.
Moving forward, the forecast indicates a relatively stable trend with marginal declines. The five-year forecasted CAGR from 2024-2028 is -0.06%, reflecting a modest but steady decrease. The overall sector seems to be stabilizing rather than showing significant long-term growth or decline.
Future trends to watch for:
- Potential impact of technological advancements in manufacturing and automation on sector labor
- The influence of electric vehicle adoption on parts and accessories demand
- The role of regulatory and environmental policies on the automotive industry
