Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Spain

Spain

In 2024, the projected revenue in the Battery Electric Vehicles market in Spain is expected to reach US$3.4bn.
It is anticipated that this revenue will display an annual growth rate (CAGR 2024-2029) of 14.53%, leading to a projected market volume of US$6.6bn by 2029.
Furthermore, the unit sales in the Battery Electric Vehicles market are expected to reach 113.90k vehicles in 2029.
The volume weighted average price of Battery Electric Vehicles market in Spain is projected to be US$58.1k in 2024.
When looking at the international perspective, it is evident that China is expected to generate the highest revenue in this segment, with US$210,800m in 2024.
Spain is experiencing a surge in demand for Battery Electric Vehicles, driven by government incentives and a growing environmental consciousness among consumers.

Key regions: United Kingdom, Japan, Netherlands, France, United States

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Analyst Opinion

The Battery Electric Vehicles market in Spain has witnessed significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Spain have shifted towards more sustainable and environmentally friendly modes of transportation, leading to an increased demand for Battery Electric Vehicles (BEVs).

This trend is in line with the global shift towards electric vehicles, as consumers become more aware of the environmental impact of traditional combustion engine vehicles. Additionally, the availability of government incentives and subsidies for BEV purchases has further fueled the demand in Spain. In terms of market trends, Spain has seen a rapid expansion of charging infrastructure, making it more convenient for BEV owners to charge their vehicles.

This has alleviated concerns about range anxiety and has contributed to the growing adoption of BEVs. Furthermore, technological advancements in battery technology have led to increased driving ranges and improved performance of BEVs, making them a viable option for everyday use. Local special circumstances in Spain have also played a role in the development of the BEV market.

The country has a strong renewable energy sector, with a significant portion of its electricity coming from renewable sources such as wind and solar. This has created a favorable environment for the adoption of BEVs, as they can be charged using clean energy, further reducing carbon emissions. Underlying macroeconomic factors have also contributed to the growth of the BEV market in Spain.

The government has implemented policies and regulations to promote the use of electric vehicles, including tax incentives and subsidies. These measures have made BEVs more affordable and attractive to consumers, leading to increased sales. Additionally, Spain has a strong automotive manufacturing industry, with several local and international manufacturers producing BEVs in the country.

This has boosted the availability and variety of electric vehicle models in the market, further driving the adoption of BEVs. In conclusion, the Battery Electric Vehicles market in Spain has experienced significant growth due to customer preferences for sustainable transportation, market trends such as the expansion of charging infrastructure and advancements in battery technology, local special circumstances including a strong renewable energy sector, and underlying macroeconomic factors such as government incentives and a robust automotive manufacturing industry. These factors have collectively contributed to the increasing adoption of BEVs in Spain.

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).