The global used EV market demand expanded at an average annual rate of 5.3% between 2018 and 2022, reaching a value of US$ 16,428.4 million in that year. The FMI research report projects that used EV sales would increase by 8.4% globally between 2023 and 2033. According to projections, the total market value will rise from US$17,890.5 million in 2023 to US$40,078.9 million in 2033.
Get Access to Sample Now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-16553
Key Takeaways from the Used EV Market Study
- By having a huge market for electric vehicles than any other country, the United States is figured to have become the second leading market following Germany. The net worth of all used EVs purchased in the United States in 2022 summed up to US$ 1,429.3 million and acquired 8.7% of the global revenue.
- Germany, on the other hand, generated a revenue of US$ 2,217.8 million in 2022 from the resale of electric vehicles in the country. By the virtue of the presence of some of the leading used EV market players, it acquires 13.5% of the global market.
- Contrarily, the United Kingdom is one of the notable regions experiencing an above-average growth rate in the adoption of used EVs. In the present years, it is experiencing an annual growth rate of 12.6% which is expected to continue for the next ten years.
- Among the Asia Pacific countries, Japan is the leading region in the sale and resale of different types of electric vehicles. As per the survey report, the value of total used electric vehicles sold in the country was approximately US$ 575 million in 2022.
- Presently China is a remarkably growing region in the adoption of used EVs in the Asia Pacific region. According to the market analysis report, China used EV market is projected to register a CAGR of 9.8% over the forecast years.
- India is poised to set the record for demand and adoption of used EVs against any other country in the Asia Pacific. As per the experts at FMI, the annual growth rate of this emerging economy is anticipated to be around 9.8% from 2023 to 2033.
- Australia is another notable country studied for the market analysis for the recent rise in demand for used EVs in the country. Based on the used EV resale statistics figures, the net valuation of this used commodity in the country is expected to be around US$ 561 million by 2033.
The market for electric vehicles is expanding globally and is being positively impacted by the extraordinary worldwide movement against global warming. The market has expanded as high-end models have gained popularity, used EVs have become more affordable and useful, and more incentives and discounts are now available to consumers.
Finally, FMI thinks that the cost of electric vehicles is going down for everyone, regardless of income level, and that the market for secondhand electric vehicles will grow over time.
Competitive Landscape for the Used EV Market
Some of the renowned automotive companies that have also become used EV dealers are Audi AG, BMW AG, Hyundai Motor India, Jaguar Land Rover Limited, Mahindra and Mahindra Ltd., Mercedes-benz AG, MG Motor India PVT. Ltd., Olectra Greentech Limited, Tata Motors, and Toyata Motor Corporation among others.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-16553
Key Segments of Global Used EV Market:
By Propulsion Type:
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PEV)
- Fuel Cell Electric Vehicles (FCEV)
By Vehicle Type:
- Two-wheelers
- Passenger Cars
- Commercial Vehicles
- Others
By Vehicle Drive Type:
- Front Wheel Drive Electric Vehicles
- Rear Wheel Drive Electric Vehicles
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
Speak to our Research Expert:
https://www.futuremarketinsights.com/ask-question/rep-gb-16553
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn | Twitter | Blogs
