The number of vehicles in use in Spain has shown a generally stable trend from 2013 to 2023, with minor fluctuations. Notably, there was a significant dip in 2020 due to the impacts of the COVID-19 pandemic, followed by a recovery in subsequent years. The vehicle count in 2023 stands at 27.99 million units, reflecting an overall positive trend after the pandemic-induced decline. The year-on-year variations indicate modest growth in most years, except for the substantial drop in 2020. The compound annual growth rate (CAGR) over the last five years is 0.26%, indicating a slow but steady increase in the number of vehicles.
Looking ahead, the forecast up to 2028 suggests continued growth in the vehicle count, albeit at a modest CAGR of 0.21%. Key trends to watch for include advancements in electric vehicle adoption, stringent emission regulations, and economic factors influencing consumer spending on vehicles. These elements could shape the vehicle market landscape in Spain in the coming years.
