Spain electric car market is anticipated to grow with a significant CAGR of 21.0% during the forecast period (2019-2025). Growing environmental concerns, rising government initiatives, and the rising demand for zero-emission vehicles are expected to drive the market. A growth of around 48% was reported on the Spain electric car market in 2019 and reached around 17,500 compared to 11,800 in 2018, as per the International Energy Agency (IEA). The Government of Spain is providing significant incentives to motivate the electric car market in the country.
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Moreover, a rise in the number of electric vehicle startups is expected to propel the market in near future. For instance, in October 2020, a Spanish startup Lupa has revealed plans to introduce its first electric model by 2023. The company based in Barcelona is planning a number of pretty low-cost versions to attract low to middle-income consumers. The company has expected to launch the vehicle at around the $20,000 price range with the battery sold separately.
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Further, government and private players are ramping up charging stations across Spain to increase the adoption of electric vehicles. For instance, Iberdrola, a Spanish energy company plans to set up charging stations for electric vehicles in the main motorways and road corridors of Spain, as well as in the public access areas of the main cities.
In September 2020, in September 2020, it signed a green loan with the Official Credit Institute (ICO) to install 2,500 charging points on public roads in Spain and Portugal. The plan, which involves the setup of at least one rapid recharge station every 50 km, is expected to increase the adoption of the electric vehicle, which in turn, is anticipated to propel the growth of Spain electric car industry.
Market Coverage
- The market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- Vehicle Type, Propulsion Technology, and Battery Type
- Region Covered- Spain
- Competitive Landscape- Honda Motor Co., Ltd., BMW AG, AB Volvo, Audi AG, Hyundai Motor Co.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Spain Electric Car Market Report Segment
By Vehicle Type
- Hatchback
- Sedan
- SUV
By Propulsion Technology
- Battery Electric Car
- Plug-in Hybrid Electric Car
By Battery Type
- NiMH
- Li-Ion
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
