Gear boxes market in Spain

Earlier Report Observations

The market for gear boxes and parts in Spain began the period at 2.3 billion USD in 2018. It saw a slight dip in 2019 and a more pronounced contraction to 2.0 billion USD in 2020. In the earlier years, the market was underpinned by an aging vehicle fleet, which steadily increased demand for replacement parts, while improvements in industrial supply chains supported production and export activities.

A recovery commenced in 2021, with the market growing to 2.1 billion USD, followed by a significant surge to 2.4 billion USD in 2022. This expansion was primarily fueled by Spain's rising output of electric and hybrid vehicles, which boosted demand for specialized transmission components. Concurrently, the post-pandemic stabilization of supply chains and evolving European markets provided a favorable environment for the automotive industry.

Growth continued in 2023, with the market reaching 2.7 billion USD, driven by the expanding segment of remanufactured auto parts and the increasing role of e-commerce in spare parts distribution. In 2024, the market corrected to 2.2 billion USD, a development that occurred alongside broader sectoral trends such as technological advances in modular gearbox systems and continued growth in Spain's overall vehicle spare parts turnover, supported by the aging car park.

Production gear boxes in Spain

In value, 2017-2020, M $ US

Gearbox production in Spain declined for the second consecutive year. In 2020, output was valued at 625.6 million US dollars, marking a significant drop of 19.2% compared to the previous year. Between 2017 and 2020, production decreased by 26.8%, which translates to an annualized rate of 9.9%. The highest value was recorded in 2018 at 873.9 million US dollars, with the largest increase that year at 2.3%.

Annual dynamics of production in Spain in value, 2017-2020, M $ US

Exports gear boxes from Spain

Exports in kind, K t

Gearbox exports from Spain declined for the third consecutive year. In 2020, exports totaled 39.0 thousand tonnes, representing a substantial drop of 18.7% compared to 2019. Over the period from 2017 to 2020, exports decreased by 49.7%, with a compound annual growth rate of 20.5%.

Annual dynamics of product's exports from Spain in kind, 2017-2020, K t

From 2017 to 2020, gearbox exports from Spain in kind were not heavily concentrated. Germany accounted for 21.4% of exports, Morocco for 16.0%, and France for 11.2%, with these three countries together capturing 48.6% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Spain in kind, 2017-2020

Exports in value, M $ US

Foreign gearbox supplies from Spain declined for the third consecutive year. In 2020, Spain exported 477 million US dollars worth of gearboxes, equivalent to a robust reduction of 19.6% compared to the previous year. Between 2017 and 2020, exports decreased by 36.4%, equating to an annualized rate of 14.0%.

Annual dynamics of product's exports from Spain in value, 2017-2020, M $ US

Throughout 2017 to 2020, Germany, Morocco, and France played leading roles in the value terms of gearbox exports from Spain. Germany accounted for 25.0% of exports, Morocco for 18.8%, and France for 12.5%, jointly taking 56.2% of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Spain in value, 2017-2020

Imports gear boxes to Spain

Imports in kind, K t

Spain imported a total of 39.0 thousand tonnes of gearboxes in 2020, down by 9.4% from the previous year. Over the period from 2017 to 2020, imports decreased by 14.1%, with a compound annual growth rate of 4.9%. The largest decline was recorded in 2018 at 9.6%, while the largest increase occurred in 2019 at 4.9%.

Annual dynamics of product's imports to Spain in kind, 2017-2020, K t

From 2017 to 2020, Germany, France, and Japan were the principal suppliers of gearboxes to Spain in kind. Germany accounted for 37.0% of imports, France for 12.6%, and Japan for 10.7%, jointly accounting for 60.4% of total imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Spain in kind, 2017-2020

Imports in value, M $ US

Foreign gearbox supplies to Spain declined for the second consecutive year. In 2020, import volume stood at 1,887 million US dollars, down by 8.8% from the previous year. Between 2017 and 2020, imports decreased by 8.6%, equating to an annualized rate of 3.0%. The maximum value was recorded in 2018 at 2,142 million US dollars, with the largest increase that year at 3.7%.

Annual dynamics of product's imports to Spain in value, 2017-2020, M $ US

Over 2017 to 2020, Germany, the United States, and Japan were the primary suppliers of gearboxes to Spain in value terms. Germany accounted for 42.1% of imports, the United States for 9.9%, and Japan for 9.5%, jointly accounting for 61.6% of total imports.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Spain in value, 2017-2020