Passenger Cars - Spain

Spain

Revenue in the Passenger Cars market is projected to reach US$30.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.69%, resulting in a projected market volume of US$31.9bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$15.0bn in 2024.
Passenger Cars market unit sales are expected to reach 1,169.00k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$27.21k in 2024.
With a vehicle unit sales share of 35.8% in 2024, Other is expected to have one of the highest market share in the selected region.
The value market share of the make Other in the selected region is expected to stand at 37.4% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$605bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Spain is experiencing significant growth and development.

Customer preferences: In recent years, there has been a shift in customer preferences towards more fuel-efficient and eco-friendly vehicles. This trend is driven by increasing awareness of environmental issues and the desire to reduce carbon emissions. Customers are also looking for cars with advanced safety features and technology, as well as comfortable and spacious interiors.

Trends in the market: One of the major trends in the Passenger Cars market in Spain is the growing popularity of electric vehicles (EVs). The government has implemented various incentives and subsidies to promote the adoption of EVs, including tax reductions and grants for purchasing electric cars. As a result, the sales of EVs have been steadily increasing in Spain. Another trend in the market is the rise of SUVs and crossovers, which are becoming increasingly popular among Spanish consumers. These vehicles offer a combination of space, comfort, and versatility, making them suitable for both urban and rural environments.

Local special circumstances: Spain has a well-developed infrastructure for electric vehicles, with a growing number of charging stations across the country. This infrastructure development has contributed to the increasing adoption of EVs in Spain. Additionally, the Spanish government has set ambitious targets for reducing carbon emissions, which has further incentivized the purchase of electric cars.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Spain can also be attributed to favorable macroeconomic factors. The country has experienced a period of economic recovery, with increasing disposable incomes and consumer confidence. This has led to higher consumer spending on big-ticket items such as cars. Additionally, low interest rates and easy access to credit have made it more affordable for consumers to purchase new vehicles. In conclusion, the Passenger Cars market in Spain is developing in response to changing customer preferences, with a growing demand for fuel-efficient and eco-friendly vehicles. The market is also witnessing the rise of electric vehicles and SUVs/crossovers. The local special circumstances, such as the well-developed infrastructure for electric vehicles and government incentives, have further fueled the growth of the market. Favorable macroeconomic factors, including economic recovery and easy access to credit, have also contributed to the development of the market. Overall, the Passenger Cars market in Spain is expected to continue growing in the coming years.

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).