Market Trends of spain road freight transport Industry
Transport and logistics sector dominates 4.6 % of Spain's GDP, fueled by USD 25.83 billion in infrastructure investments
- In 2021, the transport and storage sector witnessed one of the best-recorded growth rates within the economy, only surpassed by wholesale trade and intermediaries (19.2%) and the hotel industry (34.8%). All service activities have raised their indicators, which has allowed the turnover of the sector to increase, as a whole, by 15.5%. As per the Spanish Institute for Foreign Trade (ICEX), in 2022, the transport and logistics industry accounted for 7.9% of Spain's GDP, expected to rise to 10% if the logistics operations of industrial, commercial, and service firms were included. Almost one million jobs are created by this industry, which has a current turnover of EUR 111 billion (USD 118.491 billion) and a high business concentration of about 197,000 companies.
- Spain boosts a robust transportation and storage infrastructure, facilitating the efficient movement of goods and people domestically and internationally. From January to June 2023, Spain's exports recorded an expansion of 4.7% compared to the same period in 2022, amounting to EUR 199.95 billion (USD 213.45 billion). Conversely, imports experienced a decline of 2.9% YoY, totaling EUR 216.38 billion (USD 230.98 billion).
- The government develops, maintains, and renews railway infrastructure and establishes the financial framework and priorities for action on the railway network to meet future mobility needs, system sustainability, and achieve a single European railway area. The Spanish government also has plans to mobilize EUR 24.2 billion (USD 25.83 billion) in investments between 2021 and 2026 to draw the first step of railway planning to constitute a coherent and effective system that incorporates social, environmental, and economic efficiency.
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Owing to high fuel prices, a discount of USD 0.2 per liter was applied to the retail price as a subsidy by the Spanish government in 2022
- In Spain, gasoline and diesel costs are still significantly higher than before the Russian invasion of Ukraine. Due to the Russian invasion of Ukraine, the price of gasoline increased by 6.36% and diesel by 22.37% in 2022. From April 2022 to December 2022, the Spanish government subsidized fuel prices. A discount of 20 cents (USD 0.2) per liter was applied to the retail price. In August 2022, petrol and diesel prices were still below the EUR 2 (USD 2.13) per liter threshold. During May-August 2023, gasoline prices in Spain remained unchanged at USD 1.87 per liter. The broader fuel and energy market suffered price shocks and rising costs have been passed down to consumers.
- Gasoline and diesel prices skyrocketed throughout Europe due to the increased demand for oil in 2021. The price of a barrel of Brent, a reference in the European Union, increased by 53% in 2021, leading fuels to record highs in European countries. Among European countries, fuel prices in Spain grew substantially, and gasoline and diesel prices increased by 26.2% and 27.6% in 2021, respectively, above the EU average in neighboring countries, such as France, Holland, Italy, and Portugal.
- The EU Oil Bulletin certified that a liter of gasoline in Spain was sold at an average price of USD 1.71 and diesel at USD 1.56 in the second week of November 2021. The increase of 26.2% for gasoline and 27.6% for diesel in 2021 was higher than those registered in France, Italy, and Portugal. Since February 2022, Spain has experienced the highest oil prices among the major Eurozone economies. In the case of gasoline, only five of the nine countries (Slovenia, Malta, Cyprus, Lithuania, and Austria) have lower rates than Spain.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Digital Spain 2026 strategy is expected to boost retail sector in Spain, driving economic growth
- Spain is the 16th largest e-commerce market in the world and is expected to register a CAGR of 10% during 2023-2027
- Spain's LPI rank witnessed a rise by four places due to upgrades in its infrastructure network and new high-capacity roads
- With a turnover of USD 67 billion in 2022, the chemical industry leads the export sector in Spain
- Rising fuel costs and driver wages, with nearly 50% share, are influencing trucking operational costs
- Light commercial vehicles are the best-selling commercial vehicle type in Spain with approximately 119,500 new registrations in 2022
- Growing fuel pricing along with truck driver challenges influencing a rise in road freight prices despite infrastructure development
- Record high PPI witnessed due to rise in producer prices of energy, with electricity prices impacting CPI
- The oil and gas, mining, and quarrying and retail and wholesale trade sectors witnessed a good CAGR in GDP during 2017-2022 in Spain
- The total foreign investment in the Spanish manufacturing sector exceeded USD 10 billion in 2022
- Spain accelerates road infrastructure investment and aims for a safer and more sustainable transport system by 2030
- Spain leads agri-food imports from Ukraine, registering a growth of 84% in 2022
- The country witnesses a decline in lightweight and rise in heavyweight commercial vehicle registrations
- Products from automotive sector, capital goods, and the food, beverages, and tobacco industry are of significant importance for road haulage in Spain
- Rail infrastructure in Spain is expected to grow dramatically as a result of a major investment of more than USD 25.83 billion in 2021
