Source: SEINSA announcement
Madrid — SEINSA Corporation, a leading European manufacturer of brake, transmission, steering and suspension system products, assures that “spare parts is a sector on the rise” and argues three reasons for this growth: economic uncertainty, the aging of the car fleet and the fear of contagion by Covid-19 that has increased the use and awareness of private vehicles to the public.
The car-repair sector is experiencing a positive period, with Spanish companies doing especially well. This is the case of SEINSA Corporation, as results for its various repair products have soared more than 45 percent in the first half of 2021.
The automotive spare parts and repair sector is experiencing a notable upturn in Spain. This industry will close this first half of 2021 with a growth of 24 percent and plans to end the year with an average growth of seven percent with respect to 2020.
Growth Expected by Seinsa in Coming Years
“One of the keys that has driven this great growth is that the purchase of new vehicles has been paralyzed during the pandemic. We have gone from the 12.7 years that vehicles had on average in Spain in 2019 to 13.2 years of average age,” warned José Antonio Espinosa, General Director of the Navarrese firm. ” This figure is one of the highest in Europe, although surpassed by countries such as Poland where the average age of the car fleet is15 to 16 years and this makes it a leading country for professionals dedicated to the manufacture of spare parts”.
SEINSA Corporation closed the year 2020 with a turnover of €30 million and estimates its growth at 20 percent for 2021 and 40 percent in the next three years. It currently exports its products as 85 brands around the world and has a presence in 85 countries.
The fear of contagion in the middle of the pandemic has been another of the determining factors of the good figures. People prefer to travel in private vehicles than on public transport such as bus or train, where exposure to the virus increases.
People-based European model
SEINSA Corporation assures that the automotive industry and, in particular, that of spare parts, has a great challenge and an opportunity. The company, which was recognized by Innobasque as one of the most innovative in Spain in 2020, wants to make available to the industriial sector its growth methodology to face the crisis, based on momentum of collective knowledge, teamwork and innovation. One of the recent initiatives of this company has been to launch an emotional health plan for its 300 workers in the four centers: SEINSA in Eugi, SEINSA in Egüés, Joycar and SEINSA in India.
After almost 50 years dedicated to the automotive sector and leader of brake replacement in Europe since 2006, SEINSA has established itself as one of the pioneering companies in Spain in the development of the European model of business excellence and intends to share it to contribute to boosting the economy.
In 2002, it won the Efqm European award for quality management and in 2005 it opened a factory in Chennai (India), which has allowed it to enter other markets, mainly the U.S.