The global Used EV Car Market is currently valued at approximately US$ 17,890.5 million, with a projected Compound Annual Growth Rate (CAGR) of 8.4% over the forecast period. By 2033, it is expected that the market will reach a net worth of around US$ 40,078.9 million.
Various factors contribute to the growth of the used EV market, including subsidies available for pre-owned electric vehicle purchases in certain regions. For example, buyers in San Mateo County may be eligible for a $4,000 relaxation provided by the administration, and similar refund programs exist in other areas such as the California Clean Vehicle Rebate Project.
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However, concerns regarding the quality and lifetime of used EVs remain a significant barrier to market growth, especially in emerging economies where awareness and understanding of EVs may be lower compared to conventional vehicles. Nonetheless, as interest in unconventional modes of transportation grows, particularly in the context of environmental sustainability, attitudes toward used EVs are evolving.
Europe is expected to play a leading role in shaping the global trend for sustainable development markets, including the market for used EVs. Initiatives in European countries to reduce carbon emissions have been instrumental in driving the expansion of the EV market across the region. Key nations such as the United Kingdom, Germany, and France actively support the growing trend of sales of used EVs, contributing to the overall market growth.
Key Takeaways from the Used EV Market Study
- By having a huge market for electric vehicles than any other country, the United States is figured to have become the second leading market following Germany. The net worth of all used EVs purchased in the United States in 2022 summed up to US$ 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.
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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.
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)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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