Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Spain

Spain

In Spain, the projected revenue in the Plug-in Hybrid Electric Vehicles market is expected to reach €4.6bn in 2024.
It is anticipated that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 15.46%, resulting in a projected market volume of €9.5bn by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in the segment are projected to reach 134.30k vehicles in 2029.
In 2024, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in the segment is expected to be €69.9k.
From an international perspective, it is evident that China will generate the highest revenue in the Plug-in Hybrid Electric Vehicles market, amounting to €153,600m in 2024.
Spain is experiencing a surge in the adoption of Plug-in Hybrid Electric Vehicles, driven by government incentives and a growing environmental consciousness among consumers.

Key regions: China, Norway, United Kingdom, Netherlands, France

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in Spain has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Plug-in Hybrid Electric Vehicles market in Spain is the increasing demand for environmentally friendly vehicles. Customers are becoming more conscious about the impact of traditional gasoline-powered vehicles on the environment and are actively seeking alternative options. Plug-in Hybrid Electric Vehicles offer a greener alternative, as they have lower carbon emissions compared to conventional vehicles. Additionally, customers are attracted to the cost savings associated with Plug-in Hybrid Electric Vehicles, as they have lower fuel consumption and can take advantage of government incentives and subsidies.

Trends in the market: The Plug-in Hybrid Electric Vehicles market in Spain has seen a surge in sales in recent years. This can be attributed to several factors. Firstly, there has been a significant improvement in the technology and performance of Plug-in Hybrid Electric Vehicles, making them a more viable option for customers. The range of Plug-in Hybrid Electric Vehicles has increased, allowing customers to travel longer distances without relying solely on gasoline. Additionally, the charging infrastructure in Spain has been expanding, making it more convenient for customers to charge their vehicles. This has alleviated range anxiety and increased the appeal of Plug-in Hybrid Electric Vehicles.

Local special circumstances: Spain has a favorable climate for Plug-in Hybrid Electric Vehicles. The country has a mild climate throughout the year, which means that customers can rely more on electric power and less on gasoline for heating or cooling their vehicles. This makes Plug-in Hybrid Electric Vehicles more efficient and cost-effective for customers in Spain. Additionally, the Spanish government has been actively promoting the adoption of electric vehicles through various incentives and subsidies. This has created a favorable environment for customers to purchase Plug-in Hybrid Electric Vehicles.

Underlying macroeconomic factors: The growth in the Plug-in Hybrid Electric Vehicles market in Spain can also be attributed to underlying macroeconomic factors. Spain has experienced steady economic growth in recent years, which has led to an increase in disposable income for many customers. This has made Plug-in Hybrid Electric Vehicles more affordable and accessible for a larger segment of the population. Additionally, the Spanish government has implemented policies to reduce carbon emissions and promote sustainable transportation. This has created a supportive regulatory environment for the growth of the Plug-in Hybrid Electric Vehicles market. Overall, the Plug-in Hybrid Electric Vehicles market in Spain is experiencing significant growth due to customer preferences for environmentally friendly vehicles, improvements in technology and charging infrastructure, favorable local circumstances, and supportive macroeconomic factors. As the market continues to develop, it is expected that the demand for Plug-in Hybrid Electric Vehicles will continue to increase in Spain.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).