Market Trends of spain light commercial vehicles Industry
Increasing demand for electric vehicles in Spain is driven by government subsidies and initiatives
- The Spanish automobile industry has been growing continuously over the past few years, and the demand for electric vehicles has grown significantly in recent years, especially after 2020. Various government practices in terms of rebates, such as in March 2021, the government of Spain expanded the budget for the Moves II subsidy program from EUR 100 million to EUR 120 million. Under the program, the light commercial vehicle will be subsidized by EUR 3,630, and heavy commercial vehicle buyers are eligible for a subsidy of EUR 6,000. As a result, electric commercial vehicles witnessed an annual growth of 51.06% in 2021 compared to 2020 across Spain.
- The electric car industry in Spain has also grown tremendously in recent years. In 2020, the government of Spain announced a target of having at least 5 million electric vehicles by 2030. The impact of government norms and subsidies offered has contributed to the growth in the sales of electric cars. Such factors have encouraged consumers to opt for EVs. As a result, the country witnessed a growth in the sale of electric cars by 17.90% in 2022 over 2021.
- The government and various companies are making efforts through various projects that are going to accelerate electric mobility in Spain. In March 2023, the government introduced the Moves 3 plan in Europe, including Spain. The government offered subsidies of EUR 4,500 (without scrapping) and EUR 7,000 (with scrapping) for electric vehicles; the plan was offered until December 31, 2023. Such offerings are expected to accelerate the demand for electric cars in Spain between 2024 and 2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Spain's population growth trend indicates a promising future trajectory requiring proactive infrastructure and healthcare planning for sustained development
- Spain's CVP is projected to increase in 2024, indicating a gradual recovery in the automotive market and consumer confidence, possibly driven by government incentives and sustainability trends
- Spain's auto interest rates have been steadily declining, mirroring the broader monetary policies of the European Central Bank and reflecting a trend toward economic stability and growth in the country
- The demand for EVs is on the rise because of falling battery prices and rising domestic production in Spain
- Spain's strategic location and maritime strength have cemented its role in European logistics. Achieving an LPI score of 3.9 in 2023, Spain's emphasis on timeliness and ongoing infrastructure investments highlight its commitment to logistics excellence and future sustainability in the industry
- In 2022, Mercedes-Benz led Spain's light commercial vehicle market, with Fiat making a notable entry. The future may favor eco-friendly vehicles, with emerging brands challenging established leaders
- Spain's GDP per capita experienced fluctuations but is expected to rebound, reaching USD 37,651.90 by 2030
- Spain's inflation, tied to global economic shifts, is expected to stabilize for economic confidence
- Spain's EV charging network surges to 12,200 stations, fueled by government initiatives and green mobility push
- The growing electrification in Spain drives the launch of new electric vehicle models and partnerships for electric bus production
- Owing to high fuel prices, a discount of USD 0.2 per liter was applied to the retail price as a subsidy by the Spanish government in 2022
