Spain: Truck Market 2024

Truck Market Size in Spain

In 2022, the Spanish truck market increased by 29% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, continues to indicate a slight downturn. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Truck Production in Spain

In value terms, truck production reached $X in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable setback. The pace of growth appeared the most rapid in 2019 when the production volume increased by 26% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Truck Exports

Exports from Spain

In 2022, the amount of trucks exported from Spain reduced to X units, waning by -14% against 2021 figures. In general, exports, however, continue to indicate modest growth. The growth pace was the most rapid in 2016 when exports increased by 32%. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, truck exports declined sharply to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 34% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Germany (X units), the UK (X units) and France (X units) were the main destinations of truck exports from Spain, together comprising 44% of total exports. Belgium, Italy, the United States, Sweden, Norway, Chile, Turkey, the Netherlands and Australia lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +121.8%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the UK ($X) and France ($X) constituted the largest markets for truck exported from Spain worldwide, together accounting for 46% of total exports. These countries were followed by Italy, Belgium, the United States, Norway, Sweden, Turkey, the Netherlands, Chile and Australia, which together accounted for a further 39%.

In terms of the main countries of destination, the United States, with a CAGR of +88.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average truck export price stood at $X per unit in 2022, shrinking by -5.2% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 6% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per unit), while the average price for exports to Chile ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (+1.3%), while the prices for the other major destinations experienced mixed trend patterns.

Truck Imports

Imports into Spain

In 2022, after two years of decline, there was significant growth in purchases abroad of trucks, when their volume increased by 20% to X units. In general, imports posted a buoyant expansion. The growth pace was the most rapid in 2013 when imports increased by 49% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, truck imports reached $X in 2022. Over the period under review, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 49%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

France (X units), Portugal (X units) and South Africa (X units) were the main suppliers of truck imports to Spain, together comprising 45% of total imports. Italy, Sweden, Turkey, Morocco, Germany, the UK and Poland lagged somewhat behind, together accounting for a further 51%.

From 2012 to 2022, the biggest increases were recorded for Morocco (with a CAGR of +132.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and South Africa ($X) were the largest truck suppliers to Spain, with a combined 45% share of total imports. Portugal, Italy, Sweden, Turkey, Morocco, the UK and Poland lagged somewhat behind, together comprising a further 51%.

Morocco, with a CAGR of +127.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average truck import price stood at $X per unit in 2022, which is down by -6.1% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 11%. As a result, import price attained the peak level of $X per unit, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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