Spain electric vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. Supportive government initiatives, the presence of major market players, and significant growth in the electric vehicle charging infrastructure are some of the major factors driving the growth of the electric vehicle market in the country. In 2019, the government set target of 100% Zero Emission Vehicle (ZEVs) by 2040. In February 2019, the Spanish government announced the Spanish Alternative Mobility program as MOVES and had a budget of $50 million. It offers a subsidy of $6,000 on a purely electric vehicle when a fossil-based car of at least ten years old is neutralized. A subsidy of $760 is also offered on electric motorcycles and commercial vehicles are eligible for a subsidy up to $16,400. These factors are expected to drive the electric vehicle market in the near future. 

The market is analyzed on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and others. Passenger cars will have the major market share during the forecast period in the country. As per the European Automobile Manufacturers Association, around 17,500 electric vehicles were sold in the country in 2019 at a lucrative growth of 48% YoY. Based on propulsion technology, the market is sub-segmented into battery electric vehicles and plug-in hybrid electric vehicles. The battery-electric vehicle segment is expected to show significant growth during the forecast period. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type, the Li-ion batteries are anticipated to witness considerable growth. Some of the major players contributing to the growth of the 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., Volkswagen AG and so on.

Research Methodology

The market study of the Spain electric vehicle market is incorporated by extensive primary and secondary research conducted by the research team.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for auto ancillaries, auto-manufacturers, vendors, and venture capitalists among others for the overall market and competitive analysis. The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Spain Electric Vehicle Market Research and Analysis by Vehicle Type 

2. Spain Electric Vehicle Market Research and Analysis by Propulsion Technology

3. Spain Electric Vehicle Market Research and Analysis by Battery Type

The Report Covers

• Comprehensive research methodology of the Spain Electric Vehicle Market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Spain Electric Vehicle Market.
• Insights about market determinants which are stimulating the Spain Electric Vehicle Market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.