Forecast: New Vehicles Registrations in Spain

In 2023, new vehicle registrations in Spain stood at 1.5918 million. Based on forecasts, the market will witness a steady upward trend in registrations over the next five years. The projected growth for 2024 is 2.5%, followed by annual increases to 2028: 2.6% in 2025, 2.5% in 2026, 2.4% in 2027, and 2.3% in 2028. The compound annual growth rate (CAGR) for new vehicle registrations from 2023 to 2028 is approximately 2.5%.

Key future trends to watch for include:

• Potential impacts of evolving environmental regulations on vehicle preferences and fleet renewals.
• Adoption rates of electric and hybrid vehicles as a response to sustainability trends.
• Economic factors influencing consumer purchasing power and market demand.