The Used Electric Vehicles Market worldwide is valued to be around USD 17,890.5 million this year and is anticipated to register a CAGR of 8.4% over the forecast years. As per the global used EV market analysis report, the net worth of the market would be reaching USD 40,078.9 million by 2033.
The market for alternative fuel cars has become more accessible due to the negative climatic effects of conventional gasoline automobiles and the rise in petrol prices. Customers are more likely to choose hybrid or battery-powered cars, which would be expected to drive the industry including used EVs.
The increasing viability and affordability of pre-owned electric vehicles have rendered the market visible and striking for the market analysts in recent years. Moreover, the release and popularity of high-end models of HEVs and PHEVs are anticipated to retain the value better than the BEVs. Also, the extra subsidies and discounts that purchasers may take advantage of to reach a win-win deal has pushed the market further.
The performance and depreciation of EV components, such as battery, motor, etc. also have contribution in the success of the global used EV market. One typical electric vehicle battery pack's lifespan is estimated by user reviews to be roughly around 320,000 kilometers. Some market players claim that a well maintained EV battery would survive for well over 160,000 kilometers before its capacity dries down. With this kind of durability, a used EV can end up being much more valuable than new ones if bought at a reasonable price.
| Attributes | Details |
|---|---|
| Used EV Market Share (2022) | USD 16,428.4 million |
| Used EV Market Size Value (2023) | USD 17,890.5 million |
| Used EV Market Size Value (2033) | USD 40,078.9 million |
| Used EV Market Growth Rate (2023 to 2033) | 8.4% |
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In comparison to the global electric vehicles market, the used EVs market is at a very initial stage of establishment and development. As per the used EV market survey report of 2018, the total valuation of the market then was a mere USD 13,362.3 million.
In the following years, the sales of all types of EVs skyrocketed and the sales of used EVs witnessed a growth rate of 5.3% until 2022. In spite of witnessing a major setback during the pandemic years, the global used EV market reached USD 16,428.4 million by the year 2022.
In fact, the outbreak of Covid-19 has motivated many to adopt personal vehicles that are reflected in the increased sales of EVs and used EVs. Other than that, the rising fuel prices have also resulted in higher demand for battery-operated vehicles indirectly supporting the used EV market.
There are also huge subsidies available for pre-owned electric vehicle purchases depending on the place of origin and resale. For instance, the used EV buyers in San Mateo County may be eligible for a USD 4,000 relaxation provided by the administration. Likewise, the California Clean Vehicle Rebate Project lists other refunds that may be available based on your area of residence.
Concerns over the quality and lifetime of a used EV might remain a major hindrance to the growth and expansion of the market. In emerging economies individuals tend to have a less common understanding of EVs than conventional vehicles. However, this scenario is changing as more people are getting interested in unconventional modes of transportation.
Due to rising sales and demand for electric passenger cars around the world, the passenger car category held a market share of nearly 60% in 2022 and the preceding years.
Based on all regional market survey reports obtained by FMI, the battery operated electric vehicles now dominate the overall market. The net worth of all the pre-owned BEVs resold globally in the year 2022 was about USD 7984.2 million. With a market share of nearly 48.6% in terms of sales of used electric vehicles, the BEV sector led the overall market.
However, the popularity of hybrid electric cars is growing rapidly in both new and used electric vehicle markets in all countries. HEV offers both the choice of fuel-based and electric driving, especially in areas with a lack of readily available charging infrastructure. So, over the coming years, this segment is expected to grow at a faster rate and overtake the BEV segment soon. Additionally, the PHEV market segment is expanding steadily, due to plug-in vehicles' falling pricing and the introduction of attractive models in the market.
Due to ongoing advancements in EV batteries, the load capacity of electric commercial vehicles has increased significantly making it affordable for fleet owners. So the demand for used EVs in the United States is expected to witness positive growth in the coming days.
Presently, the United States captures 8.7% of the global used EV market share and generated a revenue of USD 1,429.3 million in 2022. The DOE's ongoing efforts to construct fast-charging facilities to accommodate the increasing number of EVs in the country can be blamed for this increase.
As per the experts, Europe is believed to take center stage in setting the global trend for all types of markets related to sustainable development. The European countries' initiatives to cut carbon emissions have been a key driver of the EV market's expansion across the whole of Europe. The United Kingdom, Germany, and France are some of the key nations that support the growing trend of sales of used EVs.
Based on the global used EV market survey figures, Germany is the leading market in Europe for sales of used EVs. The net value of all-electric vehicles resold only in Germany was USD 2,217.8 million back in the year 2022. And this sum is nearly 13.5% of the revenue generated by the global market which makes it the leading market of all.
Meanwhile, the United Kingdom region has shown some exceptional growth rate in demand for used EVs in the last few years. Currently, it is experiencing a growth rate of 12.6% that is projected to propel the market for the next ten years also.
In terms of sales of used EVs and other vehicles, China makes up the greatest percentage in comparison to any other country in the Asia Pacific. Furthermore, China used EV market is anticipated to develop at a faster rate than the United States and compete with it.
As per the market survey report released by FMI, the demand for used EVs in China is projected to grow by 9.8% through 2033. Given the presence of many OEMs and electric auto companies in China, used EVs are getting adopted there at a rapid pace. Owing to the rising demand for electric passenger vehicles in Asia it is anticipated to have substantial development in the used EV market as well.
Japan is a major contender of China for demand and sales of used electric vehicles in the Asia Pacific region. As per the figures obtained from the market survey report, the total sales of used EVs in Japan was USD 575 million in 2022.
The predicted used EV market growth rate in India is less than expected due to a shortage of funding and charging points. Furthermore, it has been noted that the less developed nations are definitely far behind in terms of EVs which has limited the used EV market.
However, the country is observed to be registering a sturdy growth rate over these years and may register a CAGR of 9.8% through 2033. As states seek to set up a network of charging points the demand for pre-owned BEVs is poised to witness a positive trend.
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The overall used EV market is at an initial stage in many countries so is concentrated in some of the developed economies. It is also predicted that the used commercial EV market segment would give rise to many new market players in the upcoming years.
By July 2021, used or pre-owned electric vehicles (EVs) outsold both ICE and hybrid electric cars, as per the survey by the auto industry website Jalopnik. Among the three bestselling models were the Tesla Model 3, Chevy Bolt, and Tesla Model S. These models often sell in less than 2 weeks compared to the typical time of more than 3 weeks for other automobiles.
Recently released Tesla models could still be beyond many people's price range, yet there are still plenty of options on the market right now for around USD 15,000. The famous Nissan Leaf, Kia Soul EV, Ford Focus Electric, and Volkswagen E-Golf are just a few on MyEV.com's extensive list of the finest budget-friendly options.
Keeping a comprehensive report on an EV's battery health by the service or maintenance department is expected to remain a crucial factor in EV dealerships. So providing enough facilities by market players to fully charge the EV before buying can go a long way toward their success.
The net worth of the global used EV market could reach USD 40,078.9 million by 2033 end.
Presently, the United States has acquired only 8.7% of the global used EV market share.
Asia is emerging as an electric vehicle hub with China to follow a CAGR of 9.8% through 2033.
The sales of battery operated EVs generated a revenue of almost USD 7,984.2 million in 2022.
Lack of sufficient fast charging infrastructure is a pertaining challenge.
| Estimated Market Size (2024E) | USD 714.8 million |
|---|---|
| Projected Market Value (2034F) | USD 979.5 million |
| Value-based CAGR (2024 to 2034) | 3.2% |
| Estimated Value (2024E) | USD 26,874.4 million |
|---|---|
| Projected Size (2034F) | USD 143,000.0 million |
| Value-based CAGR (2024 to 2034) | 18.2% |
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