The number of electric passenger cars in Spain has shown significant growth from 2014 to 2023, increasing from 2.83 thousand to 124.78 thousand. The actual data indicates an impressive year-on-year growth rate and a Compound Annual Growth Rate (CAGR) of 51.06% over the last five years. Notably, the year-on-year growth for 2023 stood at 30.5%. The forecast data suggests continued growth, with the number anticipated to reach 266.45 thousand by 2028, translating to a forecasted 5-year CAGR of 11.63% and a total growth rate of 73.37% over this period.
Future trends to watch for include advancements in battery technology, government incentives, and increased consumer awareness and acceptance. The development of charging infrastructure and potential regulatory changes will also play crucial roles in shaping the market for electric passenger cars in Spain.
