During the time period between 2018 and 2022, the global used EV market grew at an annual rate of 5.3% and reached a valuation of US$ 16,428.4 by the year 2022. 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$40,078.9 million in 2033.
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Key Takeaways from the Used EV Market Study
- By having a huge market for electric vehicles than any other country, the United States is figured to have become the second leading market following Germany. The net worth of all used EVs purchased in the United States in 2022 summed up to US$ 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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Every region is experiencing a surge in demand for electric vehicles, which is a positive and unprecedented result of the global movement against global warming. Used EVs are now more practical and inexpensive, high-end models are more popular, and there are more incentives and discounts available to purchasers, all of which have strengthened the market.
Finally, FMI is of the opinion that the price of electric vehicles is coming down for everyone, regardless of income level, and that the market for used 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.
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)
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