Spain electric vehicle market is estimated to grow at a significant CAGR of 23.0% during the forecast period (2024-2031). The market growth is driven by the significant growth in the electric vehicle charging infrastructure, and the increasing government initiatives to promote the adoption of electric vehicles. Spain electric vehicle market is segmented by vehicle type (commercial vehicles, passenger cars, and others), by propulsion technology (battery electric vehicle and plug-in hybrid electric vehicle), and by battery type (NiMH, Li-ion, and others).
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According to the European Commission, 17,264 units of EVs were sold in December 2024, projecting 21.1% year-on-year growth. Of these 8,925 units were BEVs, up 48.2% YoY. The private sector purchases of EVs, grew by 106% YoY, during the period, making up 66% of total electric passenger car sales.
The major companies serving the Spain electric vehicle market include AB Volvo, BMW AG, BYD Co. Ltd., Daimler AG, Hyundai Motor Co., Jaguar Land Rover Ltd., Kia Motors Corp., Mitsubishi Motors Corp., Nissan Motor Co., Renault Group, Tesla, Inc., and Volkswagen AG, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions contributing significantly to market growth.
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Recent Developments
- In December 2024, Pod Point launched an EV charging system in Spain- a Solo 3S home charger. The product will be launched in partnership with solar equipment specialist SeisSolar. It is based on the UK version of the charger, with modifications to suit the Spanish market and its warmer climate. It will enable the customers to charge their EVs for free if they have solar panels.
- In December 2024, Stellantis and CATL entered into a partnership to invest up to €4.1 billion to form a joint venture, to build a manufacturing plant of lithium iron phosphate (LFP) battery in Zaragoza, Spain. The facility is designed to be completely carbon neutral and would be implemented in several phases and investment plans. It targets to reach up to 50 GWh production capacity by the end of 2026.
- In July 2024, Acciona launched its NanoCar Silence S04. It is an electric car designed for urban driving. The car features a subscription-based battery exchange service.
- In June 2023, BYD and Castrosua launched the jointly-manufactured electric bus at a presentation ceremony in Santiago de Compostela, Spain. These are personalized 12-metre electric buses. BYD’s chassis features a 6-in-1 controller that integrates the vehicle’s ecosystem.
- In March 2023, BYD debuted its pure-electric passenger vehicle range in Spain. The launched products included the BYD ATTO 3 C-Segment SUV, the BYD TANG SUV, and the BYD HAN executive sedan. The products were launched through the automotive distribution groups including Astara, Quadis, and Caetano Retail Spain. BYD Pioneer Stores opened in Barcelona (Avenida Aragó 29) and Madrid, on 20 Concha Espina Street.
- In June 2022, Ford announced its plant in Valencia, Spain, to be chosen for the assembly of electric vehicle architecture.
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