Spain Electric Car Market 2020: By Key Players, Market Share, Forecast to 2026

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.

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

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