Export performance amid challenges

Spanish suppliers export €25 billion-worth of auto parts in 2024

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Exports of automotive parts made in Spain account for 60% of sector turnover.

Spain’s auto parts sector saw exports of €25 billion in 2024, with growth in non-EU markets offsetting declines in Europe.

Autoparts from Spain reports that the country’s automotive component suppliers exported parts worth more than €25 billion ($28.9 billion) in 2024, a slight -0.5% decrease compared to the record set in the previous year.

The EU remained a major destination of Spanish parts in 2024.

Autoparts from Spain is a collaboration of suppliers that provides intelligence on the automotive equipment and components industry. It said that exports accounted for 60% of the sector’s total turnover of €41.2 billion. That overall turnover is a -0.7% decrease after two years of growth and the association said that the sector is becoming subject to inflation, low production volumes, tight margins, and global uncertainty. Investment in production capabilities fell to €1.46 billion in 2024, a 12.3% decrease from the previous year. 

However, the level of exports reaffirms foreign trade as a growth driver for automotive suppliers based in Spain, said the association, making Spain the third-largest exporter of automotive components in Europe. 

The European Union remains the primary destination for Spanish auto parts, with exports totalling €16.6 billion (66.3% of the total), despite a -4.6% drop compared to 2023. The top export destinations in the EU in 2024 were Germany, France and Portugal. Other growth markets in the EU for Spanish parts exports included Slovakia, Poland, Czech Republic and Romania. 

However, there has been notable growth further afield to offset the slowdown in demand in Europe, with Morocco, the US, Turkey, Mexico, Brazil, and South Korea growing in significance as export destinations. The UK remains the leading non-EU destination, accounting for €1.3 billion in exports. 

“These figures confirm the high degree of internationalisation and adaptability of Spain’s automotive suppliers,” said Maria Begoña Llamazares, marketing manager at SernAuto and spokesperson for Autoparts from Spain. “In a time of technological transformation and mobility challenges, our industry remains a trusted partner for manufacturers and distributors worldwide.” 

Autoparts from Spain forecast similar turnover levels for 2025, remaining above €40 billion, though without significant growth expected. The outlook will continue to be shaped by factors such as vehicle production volumes, the geopolitical context and regulatory pressures, said the association.

Impact of US tariffs

In 2024, the US was the eighth largest trading partner for automotive suppliers based in Spain (with the EU considered as a bloc), with a turnover of €1.021 billion. In the global context, this represents 4% of total exports, which while not high is still a strategic market according to Autoparts from Spain. 

The US is now imposing a 15% tax on automotive exports from the EU. Begoña said this represents a substantial increase from previous historical rates and translates into a direct increase in export costs, as well as an environment of growing regulatory uncertainty. 

“All of this hinders industrial planning, investment decisions, and international competitiveness, in a context where the sector is already facing significant challenges linked to the technological and industrial transformation in which we are immersed,” she said. “In a sector such as the automotive industry, characterized by its level of globalisation, with interrelated supply chains, any type of restriction on trade has a clear impact.” 

Numerous components manufactured in Spain are incorporated into vehicles assembled in countries such as Germany, France, and Mexico, which are then destined for the US market. Begoña explained that this multiplier effect means that any tariff on the final vehicle can have an indirect, but significant, impact on the Spanish supply chain, amplifying its effects on the domestic industry. 

“In addition, key sectors and materials for automotive suppliers, such as electronic components, semiconductors, plastics, and technical textiles, are also affected by this 15% tariff,” she said. Added to this is the 50% tariff that remains in place for aluminium, steel and copper. Increased cost at different points in the supply chain has an impact on the operational efficiency of many companies and, therefore, on their competitive position globally. 

“We call for the maintenance of a stable, predictable and transparent trade framework,” said Begoña. “Only in this way will it be possible to guarantee the stability and growth of an industry that is strategic for Spain, Europe and our international partners.” 

 

Major markets outside of EU

UK€1.34 billion (+1.2%)
Morocco€ 1.28 billion (+9.9%)
US€1.02 billion (+8.24%)
Turkey€722.5m (+20%)
Mexico€599.5m (+10%)
China€504.2m (+9.07%)

Source: Autoparts from Spain