The turnover for renting and leasing of motor vehicles in Spain has shown a growth trajectory from 2013 to 2023 before projections set in for future years. In 2023, the turnover stood at 8.25 billion euros. Analyzing the year-on-year (YoY) variations, substantial increases occurred in 2016, 2018, and 2021 post a dip in 2020 mainly due to the pandemic. The average compound annual growth rate (CAGR) over the last 5 years completed in 2023 is 4.59%, indicating a robust growth pattern despite market fluctuations.
From 2024 onwards, forecasts predict a moderate yet sustained increase in turnover. By 2028, the anticipated CAGR is 1.26%, demonstrating a market approaching maturity. Future trends worth monitoring include the impact of sustainable mobility solutions, digital transformation in rental services, and evolving customer preferences towards electric and hybrid vehicles. These factors may significantly influence market dynamics and growth trajectories in the renting and leasing segment.
