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Automotive components industry in Spain reports record turnover in 2017

According to SERNAUTO, the industry grew by almost 7%, showing a clear upward trend. Turnover is expected to grow by 3% over the course of 2018.

The Spanish Association of Automotive Suppliers (SERNAUTO) has presented the official sector data for 2017, according to which turnover has grown by 6.7%. This means that the 34.8 billion euro target set in the “Components 2020 Strategic Agenda” has already been surpassed.

According to SERNAUTO, this increase in turnover was made possible thanks to increased competitiveness among the companies in the sector, the economic recovery and the increased value of components that incorporate greater technology.

In fact, investment in R&D&I also went up by 13.3% last year, “more than triple the increase seen in the rest of Spanish industry”, according to the managing director of SERNAUTO, José Portilla. This figure makes Spanish automotive components suppliers one of the most innovative industries in the country.

Job creation in the sector has also been very positive. The automotive components sector has created 12,700 new jobs in 2017, which represents growth of 6% in respect of 2016.

SERNAUTO has highlighted the investment by automotive components suppliers of more than 2.2 billion euros (11.4% more than in 2016) in improving their productive capacities in order to adapt to and meet their customers’ needs.

In light of the 2017 data, SERNAUTO forecasts an increase of 3% in turnover and 2% in employment in 2018.

See the press release with 2017 sector data by SERNAUTO.