The Renting and Leasing of Motor Vehicles sector in Spain exhibited steady growth between 2013 and 2019, peaking at 7.15 billion Euros in 2019. However, the sector faced a significant downturn in 2020 with a 16.71% year-on-year decline, likely due to the impacts of the COVID-19 pandemic. Recovery began in 2021 with a 16.85% increase, followed by continued growth, reaching 8.25 billion Euros in 2023, marking a 7.22% year-on-year rise. The compound annual growth rate (CAGR) from 2018 to 2023 was 4.59%. The forecasted data from 2024 to 2028 suggest a more modest CAGR of 1.26%, indicating slowed growth but a steady upward trajectory.
Future trends to watch for:
- Increasing adoption of electric vehicles (EVs) impacting leasing models.
- Growth in flexible and short-term rental options driven by shifts in consumer preferences.
- Technological advancements and digitalization within the renting and leasing processes.
- Potential impact of regulatory changes and incentives on the automotive leasing market.
