Spain electric vehicle market is projected to grow at an exponential CAGR of more than 23.0% during the forecast period. The factors that are driving the market growth include the increasing government incentives, presence of major players, and growth in electric vehicle charging infrastructure. In July 2020, SEAT, an automotive company has announced the amount of $5.7 billion to build electric cars in 2020-2025 in Spain. This is announced to increase the production of electric vehicles to meet the demand of the European zero-emission target. In 2019, the Spain government set the target of 100% zero-emission vehicles by 2040.
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Moreover, In June 2020, the Spanish government has announced a $3.7 billion package for the auto industry. Out of which, $303 million announced for traded in old diesel and petrol cars in order to shift towards purchase of new low emission and electric vehicles. In February 2019, the Spanish government has announced a program MOVES, the Spanish Alternative Mobility program with a budget of $50 million. For purely electric vehicles, an incentive of $6,000 is offered by the government. Apart from it, electric motorcycle incentives of $760 and commercial vehicle incentives of $16,400 are available. This government support is significantly driving the Spain electric vehicle industry.
Market Coverage
- Market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Battery Type, By Propulsion Technology
- Region Covered-Spain
- Competitive Landscape- 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.
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 Vehicle Market Report Segment
By Vehicle Type
- Commercial Vehicle
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
By Battery Type
- NiMH
- Li-ion
- Others
A full report of Spain Electric Vehicle Market is available at: https://www.omrglobal.com/industry-reports/spain-electric-vehicle-market
Company Profiles
- AB Volvo
- BMW AG
- BYD Co. Ltd.
- Daimler AG
- Hyundai Motor Co.
- Irizar Corp.
- Jaguar Land Rover Ltd.
- Kia Motors Corp.
- Mitsubishi Motors Corp.
- Nissan Motor Co.
- Renault Group
- Tesla, Inc.
- Volkswagen AG
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