The repair of motor vehicles and motorcycles sector in Spain showed a robust growth trajectory from 2013 to 2019, peaking at €210.34 billion in 2019 with a consistent year-on-year increase ranging from 0.79% to 6.64%. However, the sector faced a downturn in 2020 with a 4.2% decline, likely influenced by the COVID-19 pandemic. Since then, the sector has experienced slight negative variations year-on-year, stabilizing at around €199.26 billion in 2023, which is slightly below its 2019 peak. The sector's compounded annual growth rate (CAGR) over the past five years (2019-2023) shows a minor decline, highlighting a stagnation trend.
Looking ahead from 2024 to 2028, the forecast indicates a continuous but gradual decline, with a 5-year CAGR of -0.3%. By 2028, the sector is expected to shrink to €195.57 billion, signifying a forecasted cumulative 1.48% decrease in production over this period.
Future trends to watch for:
- Efforts to boost the automotive sector through technological advancements and digitalization.
- Impact of electric vehicles on traditional repair services.
- Policy changes promoting green technology and sustainability in the automotive industry.
- Influence of consumer behavior shifts post-pandemic on vehicle ownership and maintenance.
