Spain Electric Powertrain Market Overview, 2029

Spain Electric Powertrain Market Overview, 2029

Due to the shift to electric vehicles and worldwide tendencies towards sustainability, the Spanish market for electric powertrains has grown and changed significantly in recent years. Along with changing the automotive sector, these changes are also having an impact on other industries, such infrastructure development and public transportation. Understanding the historical and evolutionary aspects of Spain's electric powertrain business offers valuable insights into the forces propelling its expansion, the challenges that it faces, and its future possibilities. The early 2000s saw a global shift in public opinion towards electric cars, or EVs, which is when Spain started to embrace electric powertrains. When the industry first started out, it was small, with a few early adopters and enthusiasts driving imported electric vehicles. In order to encourage the use of electric cars, Spain implemented grants and tax cuts for EV purchases in 2010. This signalled a sea change and prompted manufacturers and consumers to invest in electric powertrain technology. Spain wants to become a more dominant player in the global electric powertrain industry by creating a strong manufacturing, infrastructural development, and innovation environment. Along with to being a step towards greener transportation, the change to electric mobility offers a chance for job development and economic expansion in associated businesses.

According to the research report ""Spain Electric Powertrain Market Overview, 2029,"" published by Bonafide Research, the Spain Electric Powertrain market is anticipated to grow at more than 18.7% CAGR from 2024 to 2029. In Spain, regulations have a major influence on how electric powertrains are developed. The use of electric cars (EVs) has increased due to the strict emission regulations enforced by the European Union and Spain's own aggressive carbon footprint reduction goals. Government incentives including tax reductions, subsidies for buying electric vehicles, and expenditures in infrastructure for charging them have increased customer confidence and acceptance. Spain's electric powertrain market is undergoing a revolution due to technological developments. Longer driving ranges and quicker charging times are being achieved by advances in battery technology, such as the creation of high-energy-density lithium-ion batteries and improvements in solid-state batteries. This has lessened customers' main worries about EVs, which were their range and charging infrastructure. Electric powertrains are performing better because to advancements in power electronics and electric motor efficiency, which makes them more alluring replacements for conventional internal combustion engines. The infrastructure for charging stations is one of the main challenges. Though there have been advancements in major cities like Madrid and Barcelona, there is still a deficiency of charging infrastructure in rural areas and smaller towns. Potential EV customers have ""range anxiety"" as a result of this discrepancy since they worry about becoming stuck without a charging station nearby. The price and availability of raw materials, which are necessary for the production of electric cars, provide a further major challenge. Similar to several other nations, Spain is mostly dependent on imported ingredients for the creation of batteries, including rare earth elements, cobalt, and lithium. The pricing and availability of these materials can be greatly impacted by fluctuations in world markets and supply chain interruptions, which can have an influence on the affordability and volume of electric car manufacturing.

Spain has experienced a sharp increase in the consumption of electric vehicles as a result of increased consumer awareness of environmental problems, tighter emissions restrictions, and government incentives. Automakers are increasing the variety of EV models they provide to meet the needs of various market segments. These sectors include compact cars, SUVs, and even commercial vehicles. Along with lowering greenhouse gas emissions, this trend is also promoting battery and charging infrastructure innovation. This trend is further cemented by Spain's vow to phase out internal combustion engine cars by 2040, which forces both automakers and customers to turn to electric mobility alternatives. Significant progress is being made in Spain in integrating renewable energy sources into the electrical system. The nation has led the way in producing renewable energy, especially using solar and wind energy. The energy industry as a whole will need to reduce carbon emissions, and including renewable sources will be essential to meeting this requirement as transportation becomes more electrified. Enhancing the reliability as well as effectiveness of renewable energy sources is crucial for meeting the needs of an expanding fleet of electric vehicles while preserving system stability. This is being achieved in large part via advancements in energy storage and grid management technology.

The growth and development of the electric powertrain industry in Spain is mostly attributed to a few major manufacturers. Siemens Gamesa Renewable Energy is one well-known business that is well-known for its proficiency in renewable energy solutions, such as electric powertrain systems for cars and wind turbines. Construcciones y Auxiliar de Ferrocarriles, or CAF, is another significant player in the electrification of Spain's rail industry. It is a company that specializes in producing electric locomotives and trains. With its electric propulsion breakthroughs and high-speed trains, Talgo is well-known for contributing significantly to the advancement of environmentally friendly transportation options. Together, these businesses and up-and-coming firms like Irizar, a company that specializes in electric buses and coaches, propel Spain's shift to electrified mobility solutions and promote sustainability and innovation in the transportation industry.

The market for electric powertrains is fast changing in Spain for a range of vehicle types, with commercial vehicles and passenger automobiles spearheading the electrification trend. The growing consumer interest for sustainable mobility options has resulted in a notable rise in the electric powertrain industry for passenger automobiles in Spain. Government measures that encourage the use of electric cars (EVs), such as subsidies and incentives, have aided in their acceptance. Another factor contributing to this trend is the expansion of the network of charging stations in metropolitan areas. Due to their cheaper operating costs and advantages over conventional combustion engine vehicles, consumers are becoming more and more drawn to electric passenger cars. Within Spain's electric powertrain sector, the commercial vehicle category offers particular prospects as well as challenges. Compared to passenger cars, the adoption rate of electric powertrains in commercial vehicles is constantly rising, but there are more intricate operational and logistical issues to be resolved. Fleet managers are weighing possible long-term savings and environmental benefits against variables like range, charging infrastructure, and upfront investment expenses. Accelerating adoption rates of commercial vehicle electrification requires government measures like tax incentives and pollution controls.

The components of Spain's electric powertrain sector are important for the advancement of electric vehicle (EV) technology. Particularly important as the cornerstone, the battery section propels advancements in lifespan and energy density. To make EVs more affordable for customers, Spanish manufacturers are concentrating on improving battery efficiency and lowering expenses through increased expenditures in research and development. Power electronic controllers provide effective operation across a range of driving circumstances by optimizing energy transfer between the battery and the motor/generator. Technological advancements in semiconductors are supporting these controllers, making them more dependable and compact, and increasing the overall efficiency of Spain's electric powertrains. Electric motor design and material developments are driving a rapid evolution in the motor/generator industry. Spanish businesses are creating high-performance motors with greater power and economy by utilizing their knowledge in automotive engineering. Significant advancements are also being made to the converter component, which is essential for controlling the current flow between the battery and the motor. Transmission systems are being modified to satisfy the unique needs of electric powertrains in order to improve driving dynamics and optimise power delivery. Spain is positioned to further solidify its position in the global electric powertrain market by ongoing innovation and technical improvements in these essential components, particularly as the country places an increasing focus on sustainable transportation solutions.

Battery Electric Vehicles (BEVs) are seeing rapid development in the Spanish market because to government incentives and rising environmental consciousness. BEVs are becoming more and more popular among those looking for zero-emission mobility options, particularly in cities with strict air quality rules. BEV adoption has increased because to the Spanish government's infrastructural improvements and subsidies, which have also encouraged manufacturers to increase the number of BEVs they put on the market. In an outcome, a competitive market has emerged, offering a wide range of models at various price ranges to suit the varying tastes of customers. The Spanish market for electric powertrains is dominated by Plug-in Hybrid Electric Vehicles (PHEVs) and Hybrid Electric Vehicles (HEVs). These cars attract to buyers who want flexibility without the range restrictions of fully electric vehicles, and who want a mix of electric and conventional driving modes. Particularly HEVs have become more and more well-liked because of their established technology and advantages over other fuel-efficient vehicles. This makes them a sensible option for long-distance driving situations where charging infrastructure may not yet be established. PHEVs serve a variety of commuter demands since they can run entirely on electricity for small routes and transition to hybrid mode for longer ones.
Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Electric Powertrain market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Vehicle Type
• Passenger Car
• Commercial Vehicle

By Component
• Battery
• Power Electronic Controller
• Motor/Generator
• Converter
• Transmission
• On-Board Charger

By Application
• BEV
• HEV/PHEV

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Electric Powertrain industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.