The data from the Spanish automotive suppliers' sector for the year 2021 shows how uncertainty and the complex situation in which the industry finds itself continue to have a significant impact on companies. However, their strong export-oriented nature is driving a greater recovery for Spanish companies.
Currently, exports by Spanish suppliers to countries like France, Germany, Portugal, and Italy, among others, account for 61.3% of the sector's turnover. Specifically in 2021, exports reached a total of €19,669 million, a 10% increase compared to 2020.
In addition to the export-oriented nature of Spanish suppliers, their increased investment in R&D and innovation to confidently address the industrial and technological transformation of the sector, along with an increase in their production capacities, allowed them to generate a revenue of €32,085 million last year, a 6.3% increase from 2020. However, it has not yet reached the pre-pandemic figures of €37,000 million.
"Despite the challenging circumstances faced by the sector, Spanish suppliers increased their investment in R&D and innovation by 8.5%, reaching a total of €1,164 million, which accounts for 3.6% of the revenue for that year and is three times the industry average. The 4% investment average has been maintained over the past five years," added Begoña Llamazares, Coordinator of the Autoparts from Spain Platform.
"Similarly, the sector invested €1,361 million in increasing and improving their production capacities to remain a competitive, innovative industry that meets the needs of their customers. These figures clearly demonstrate the effort being made by suppliers, both large and small, to confidently face industrial transformation and stay at the forefront of technology," concludes the spokesperson for the initiative.
In the words of the President of the Spanish Association of Automotive Suppliers (SERNAUTO), Francisco Riberas, "These have been very challenging months, with multiple external factors significantly affecting us, and yet our companies continue to invest in R&D and innovation, talent, and international expansion. We have no other choice if we want our country to remain a reference in the global context."
In the automotive industry, every component plays a crucial role in a vehicle's performance and efficiency. Among them, the timing belt is one of the most critical elements, ensuring perfect synchronization between the crankshaft and camshaft, allowing the engine to function optimally.
