The Bank of Spain and other national and international organizations have positioned private consumption and investment as the main focus of current and future economic growth. In the case of households specifically, the pandemic has caused a shift in their previous pattern, giving greater weight to services and durable goods in household spending. The last It will advance 3.3% this year, another two-tenths Compared to last year, cars became the main driving force.
This calculation was published on Tuesday by BBVA Research in its “Consumption State” report. The document indicates that in the period from January to October, 951,516 passenger cars were registered in Spain, an increase of 14.9% over the same period of the previous year. Despite this progress, the number is still 10.2% below 2019 levels, before the outbreak of the Covid pandemic.
The entity notes that Spain was positioned as one of the European countries with the highest increase in car sales, along with Lithuania and Latvia, in contrast to the more moderate development of the entire societal bloc, where the year-on-year variation until September amounted to barely 0.9%. The forecast is favorable. The expected development indicates that car sales will reach about 1,150,000 this year and could exceed 1,200,000 in 2026.
Individuals explain 60% of the increase in registrations in 2025. between January and October 440,000 passenger cars sold, up 20.2% Compared to the first ten months of 2024, but 9.3% lower than in 2019. This departure from pre-pandemic records occurs in the context of a significant increase in potential demand for cars. In this regard, data from the Family Budget Survey indicate that the number of families who bought a new car decreased by 310,000 families between 2019 and 2024, while the total number of families increased by 650,000 families.
The above indicates that sales to individuals did not recover to their level in 2019 due to the decline in the probability of purchasing a car, especially among families who are more inclined to buy. Overall, the profile of the purchasing population has barely changed. “They still are Wealthy families, with home ownership and family responsibilities“His main breadwinner is a young man of foreign nationality, has a secondary education, is married, works, and resides in a municipality with a population of less than 20 thousand people and a medium or low population density.”
Electricity is better, but not as much as in Europe
BBVA research highlights the Spanish market for electrified passenger cars It is experiencing strong growth, although its market share is still lower than the average European partners. Thus, between January and October, sales of pure electric vehicles (BEV) increased by 89.7%, and sales of hybrid vehicles (PHEV) by 109.6%. Its total weight reaches 19%, while in the European Union it rises to 25.1%. Portugal, for example, already exceeds 35%, with 21.4% in electric cars and 14.5% in hybrid electric cars.
If the current pace is maintained, the market share of pure electric vehicles in Spain will reach 37% this year, three points more than expected a year ago. However, this figure is still far from European commitments to decarbonise transport (‘Target 55’). According to the entity’s research service, to achieve this goal, Spain must triple the speed of electric vehicle adoption expected over the next ten years.
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