Spain electric vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. Supportive government initiatives, the presence of major market players, and significant growth in the electric vehicle charging infrastructure are some of the major factors driving the growth of the electric vehicle market in the country. In 2019, the government set target of 100% Zero Emission Vehicle (ZEVs) by 2040. In February 2019, the Spanish government announced the Spanish Alternative Mobility program as MOVES and had a budget of $50 million. It offers a subsidy of $6,000 on a purely electric vehicle when a fossil-based car of at least ten years old is neutralized. A subsidy of $760 is also offered on electric motorcycles and commercial vehicles are eligible for a subsidy up to $16,400. These factors are expected to drive the electric vehicle market in the near future.

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The market is analyzed on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and others. Passenger cars will have the major market share during the forecast period in the country. As per the European Automobile Manufacturers Association, around 17,500 electric vehicles were sold in the country in 2019 at a lucrative growth of 48% YoY. Based on propulsion technology, the market is sub-segmented into battery electric vehicles and plug-in hybrid electric vehicles. The battery-electric vehicle segment is expected to show significant growth during the forecast period. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type, the Li-ion batteries are anticipated to witness considerable growth. Some of the major players contributing to the growth of the market include AB Volvo, BMW AG, BYD Co. Ltd., Daimler AG, Hyundai Motor Co., Jaguar Land Rover Ltd., Kia Motors Corp., Mitsubishi Motors Corp., Nissan Motor Co., Renault Group, Tesla, Inc., Volkswagen AG and so on.

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Spain Electric Vehicle Market Segmentation

By Vehicle Type

Commercial Vehicles

Passenger Cars

Others (Two-Wheelers)

By Propulsion Technology

Battery Electric Vehicles

Plug-in Hybrid Electric Vehicle

By Battery Type

NiMH

Li-Ion

Others

Company Profiles

AB Volvo

BMW AG

BYD Co. Ltd.

Daimler AG

Hyundai Motor Co.

Irizar Corp.

Jaguar Land Rover Ltd.

Kia Motors Corp.

Mitsubishi Motors Corp.

Nissan Motor Co.

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