Gears, gear boxes and speed changers market in Spain

Earlier Report Observations

The Spanish market for gears, gear boxes and speed changers was valued at $226.2 million in 2018, remaining stable at $224.2 million in 2019 before contracting to $148.4 million in 2020.

Market size recovered to $241.8 million by 2023, driven by rising demand from industrial automation and robotics, as well as growth in the renewable energy sector which increased needs for gearboxes in wind turbines and solar tracking systems. Leading companies also expanded their product ranges, offering more custom and precision gearboxes for manufacturing and machine tools.

The market expanded further to $313.5 million in 2024, supported by increased adoption of modular gearbox systems and sustained demand from key sectors like automotive, industrial machinery, and energy, where emphasis on energy efficiency and automation continued to propel growth.

Production gears, gear boxes and speed changers in Spain

In value, 2017-2020, M $ US

Spain's production of gears, gear boxes, and speed changers declined for the second consecutive year. In 2020, output was valued at 340.5 million US dollars, which is 9.0% lower than in 2019. Between 2017 and 2020, production increased by 3.9%, equating to an annualized growth rate of 1.3%. The highest value was recorded in 2018 at 395.2 million US dollars, with the largest increase of 20.6% also occurring that year.

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

In kind, 2017-2020, t

In 2020, Spain produced 33,262 tonnes of gears, gear boxes, and speed changers, showing a moderate increase of 7.7% compared to 2019. Over the period from 2017 to 2020, production decreased by 4.4%, with a compound annual growth rate of -1.5%. The lowest output was in 2019 at 30,896 tonnes, while the highest was in 2018 at 40,857 tonnes. The largest decline occurred in 2019 with a drop of 24.4%, and the largest increase was in 2018 with a rise of 17.5%.

Annual dynamics of production in Spain in kind, 2017-2020, t

Exports gears, gear boxes and speed changers from Spain

Exports in kind, t

Spain's exports of gears, gear boxes, and speed changers declined for the second consecutive year. In 2020, exports totaled 37,070 tonnes, representing a moderate decrease of 9.2% compared to the previous year. Between 2017 and 2020, exports fell by 21.9%, equating to an annualized decline of 7.9%. The peak was in 2018 at 52,516 tonnes. The largest drop occurred in 2019 with a 22.3% decrease, while the largest increase was in 2018 with a 10.7% rise.

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

From 2017 to 2020, the United States, Brazil, and Portugal consistently led Spain's export structure in terms of volume. The United States accounted for 37.9% of exports, Brazil for 9.9%, and Portugal for 7.7%. Together, these three countries represented 55.4% of total export 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

Spain's exports of gears, gear boxes, and speed changers declined for the second consecutive year. In 2020, exports amounted to 445.4 million US dollars, marking a solid decrease of 12.5% compared to the previous year. Over the period from 2017 to 2020, exports decreased by 17%, with a compound annual growth rate of -6.0%. The highest value was recorded in 2018 at 636.7 million US dollars. The largest decline occurred in 2019 with a 20.1% drop, while the largest increase was in 2018 with an 18.6% rise.

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

Between 2017 and 2020, the United States, Brazil, and Portugal remained the top destinations for Spain's exports in value terms. The United States accounted for 38.5% of exports, Brazil for 9.5%, and Portugal for 9.3%. Collectively, these three countries made up 57.3% of total export 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 gears, gear boxes and speed changers to Spain

Imports in kind, t

In 2020, Spain imported 32,566 tonnes of gears, gear boxes, and speed changers, equivalent to a sharp decrease of 28.2% compared to the previous year. Between 2017 and 2020, imports fell by 10%, equating to an annualized decline of 3.4%. The lowest import volume was in 2018 at 32,407 tonnes, while the highest was in 2019 at 45,366 tonnes. The largest increase occurred in 2019 with a 40.0% rise.

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

Throughout 2017 to 2020, Italy, China, and Finland were the main sources for Spain's imports of gears, gear boxes, and speed changers in terms of volume. Italy accounted for 19.7% of imports, China for 18.4%, and Finland for 15.9%. Together, these three countries represented 53.9% of total import flows.

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

Spain's imports of gears, gear boxes, and speed changers declined for the third consecutive year. In 2020, imports reached 253.3 million US dollars, marking a decrease of 29.5% compared to the previous year. Between 2017 and 2020, imports fell by 49.2%, equating to an annualized decline of 20.2%.

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

From 2017 to 2020, Germany, Italy, and Finland consistently held leading positions in Spain's import structure in value terms. Germany accounted for 28.6% of imports, Italy for 17.0%, and Finland for 14.2%. Collectively, these three countries made up 59.9% of total import flows.

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

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