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Specialty Equipment Market
The automotive specialty equipment market experienced an eighth straight year of post-recession growth, reaching $43 billion in 2017, as reported in the 2018 SEMA Market Report. This number represents a 4% growth over the previous year and is projected to increase through the end of 2018. A strong economy paired with rising consumer confidence means that more people are willing to spend money on discretionary items, such as specialty automotive parts. Recently announced tariffs on imported steel, aluminum, etc. and other policy changes could affect the economy and the industry in 2018, but to this point, demand has been strong. With a positive outlook on the current state of the worldwide specialty equipment market, there are equal opportunities for growth in Spain.
Used and Remanufactured Market
Spain is a manufacturing location for numerous multi-national auto-parts companies. In terms of turnover, the Spanish auto-parts industry ranks 6th globally and 3rd in Europe. 70% of auto-parts in Spain are sourced locally, and 52% of auto-parts exports go to destinations such as Germany, France, Portugal, and the United Kingdom. The latest figures available reveal that in auto-parts made up €16 billion ($18.26 billion) in exports. Moreover, popular suppliers of the automotive industry, such as Bridgestone, Bosch, Michelin, Behr, Gestamp, etc., are established in Spain. In 2017, between January and March, the total auto parts imports from the United States to Spain comprised of $87,499,915 and in 2016 totaled $428,000,000. Multi-national Spanish manufacturers CIE Automotive, Gestamp, and Grupo Antolin are the industry leaders in the design and development of automotive components.
For Information about exporting to Spain contact:
Carlos Perezminguez
U.S. Embassy Madrid, Spain
Sr. International Trade Specialist - Auto & Smart Mobility Team
3491-3081598
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