Electric Vehicles - Spain

Spain

In 2024, it is projected that the revenue in the Electric Vehicles market in Spain will reach US$5.4bn.
The market is expected to experience a steady annual growth rate (CAGR 2024-2028) of 10.67%, leading to a projected market volume of US$8.1bn by 2028.
By that year, unit sales of Electric Vehicles market are predicted to reach 139.50k vehicles.
The volume weighted average price of Electric Vehicles market in Spain is estimated to be US$59.4k in 2024.
When considering the global perspective, it is evident that in China will generate the highest revenue in the Electric Vehicles market, with an expected revenue of US$319,000m in 2024.
Spain is experiencing a surge in electric vehicle adoption, with the government offering generous incentives to promote sustainable transportation.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

The Electric Vehicles market in Spain has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Spain, there is a growing concern for the environment and a desire to reduce carbon emissions. As a result, many customers are increasingly interested in electric vehicles as a more sustainable and eco-friendly alternative to traditional gasoline-powered cars. Additionally, the rising cost of fuel and the desire for lower operating costs are also driving customer preferences towards electric vehicles.

Trends in the market: One of the key trends in the Electric Vehicles market in Spain is the increasing availability and variety of electric vehicle models. Major automotive manufacturers are expanding their electric vehicle offerings, providing customers with more options to choose from. This trend is driven by both consumer demand and government regulations that incentivize the production and sale of electric vehicles. Another trend in the market is the development of charging infrastructure. As the demand for electric vehicles grows, there is a need for a reliable and accessible charging network. In response to this, the Spanish government and private companies are investing in the installation of charging stations across the country. This infrastructure development is crucial in alleviating range anxiety and encouraging more consumers to adopt electric vehicles.

Local special circumstances: Spain has a favorable climate for electric vehicles due to its abundant sunshine. This allows for the potential use of solar energy to power electric vehicles, reducing reliance on the grid and further promoting sustainability. Additionally, Spain has a well-developed renewable energy sector, which can support the increased demand for electricity that comes with the growing adoption of electric vehicles.

Underlying macroeconomic factors: The Spanish government has implemented policies and incentives to support the growth of the Electric Vehicles market. These include tax incentives, subsidies for purchasing electric vehicles, and grants for the installation of charging infrastructure. These measures aim to encourage consumers to switch to electric vehicles and stimulate the market. Furthermore, the European Union's commitment to reducing carbon emissions and promoting sustainable transportation has also influenced the Electric Vehicles market in Spain. The EU has set stringent emission targets for member states, which has led to increased investment in electric vehicle technology and infrastructure. In conclusion, the Electric Vehicles market in Spain is experiencing growth due to customer preferences for sustainable transportation, market trends such as the availability of electric vehicle models and charging infrastructure, local special circumstances such as the favorable climate and renewable energy sector, and underlying macroeconomic factors including government policies and EU regulations. This growth is expected to continue as more customers embrace electric vehicles as a viable and environmentally friendly transportation option.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).