The ownership of passenger cars in Spain measured in units per thousand persons has exhibited varied trends from 2013 to 2023. It peaked notably in 2019 at 521.03 units per thousand persons but saw a significant dip in 2020, falling to 435.15 units due to economic and social disruptions. A recoverability phase followed, with ownership rates climbing to 533.52 units in 2022 and slightly increasing to 538.01 units in 2023. The year-on-year variations underscore this volatile period with substantial shifts, most notably a -16.48% drop in 2020 and a subsequent rebound of 15.48% in 2021.
For the forecast period from 2024 to 2028, a steady increase is expected, maintaining a moderate growth trajectory. The Compound Annual Growth Rate (CAGR) for the past five years aligns closely with the expected future CAGR, indicating sustained growth in car ownership. The growth rate is anticipated at approximately 0.69% CAGR going forward.
Future Trends to Watch:
- Transition towards electric vehicles driven by environmental concerns and regulatory pushes.
- Impact of economic conditions on consumer spending capacity and car ownership rates.
- Technological advancements in car-sharing and ride-hailing services influencing ownership patterns.
