Forecast: Electric Vehicle Registrations in Spain

Electric vehicle (EV) registrations in Spain have demonstrated consistent growth from 1.41 thousand units in 2014 to 110.49 thousand units in 2023. The year-on-year variation has been particularly significant in years like 2017 (103.83%) and 2020 (135.97%). The compound annual growth rate (CAGR) over the last five years stands at 56.38%, reflecting an impressive upward trajectory. Growth in the earlier years was more volatile, but recent years have shown more stable increases, suggesting a mature market. The forecast indicates registrations will reach 221.52 thousand units by 2028, with a forecasted 5-year CAGR of 10.72%, highlighting a more moderate but continuous growth phase.

In 2023, EV registrations stood at 110.49 thousand units. The year-on-year increase from 2022 to 2023 was 26.12%, showing a slight deceleration compared to previous years, yet maintaining robust growth. Trends over the next five years are expected to exhibit steady but less explosive growth, largely driven by regulatory support, improved infrastructure, and broader consumer acceptance of electric vehicles.

Future trends to watch for:
• Advancements in battery technology
• Expansion of charging infrastructure
• Policy shifts influencing EV incentives and regulations
• Competitive dynamics among automotive manufacturers
• Consumer preferences shifting towards green mobility solutions