The Spanish market grows by 16.7% in 2023 compared to 2022
- The Spanish automobile market (passenger cars) experienced a revival in 2023, of around 16.7% compared to 2022, with a volume of 949,359 new cars registered compared to 813,396 in 2022, 859,477 in 2021 and 851,211 in 2020. However, this catch-up after three mediocre years, as in most European countries, is only very partial since we didn’t reached the levels of the years 2015 to 2019, which were well above 1 million units per year. We are even far from the volumes reached between 2004 and 2007, which were higher than 1.5 million units per year.
- It seems obvious, with the higher price of vehicles and the “wait-and-see” attitude of customers regarding electric cars, that we will not reach again these figures above 1.5 million units per year at middle term.
- By carmaker, the ranking is a little tighter than in other major European markets where one or two leaders outpace all competitors. In Spain, carmakers follow each other closely: the Volkswagen group is in first position in this market, with 23% market share, ahead of the Stellantis group (18%), Hyundai-Kia (13%), Renault (11%) and Toyota (9%).
- While the Spanish market is one of those where sales of Chinese cars are the highest (3.9% of the market compared to 2.7% of the European market), it is also one of those where sales of electric cars are the lowest (6% of the market compared to 16% of the European market). This is one of the most interesting characteristics of this market.