Rising Demand for Sustainable Travel Fuels Growth in Pre-Owned EV Market

bhavesh31
Email: bhavesh@futuremarketinsights.com

1 second ago

24
views

The global Used Electric Vehicles Industry is currently valued at approximately USD 17,890.5 million and is projected to grow at a compound annual growth rate (CAGR) of 8.4% during the forecast period. According to the market analysis report, the total value of the used EV market is expected to reach USD 40,078.9 million by 2033.

The Used Electric Vehicle (EV) market is witnessing remarkable growth as consumers increasingly seek affordable and sustainable transportation options. With rising fuel prices, growing environmental awareness, and advancements in electric vehicle technology, the demand for used EVs is on the rise, making them an attractive choice for budget-conscious buyers.

As the global push for electric mobility continues, the used EV market offers a practical solution for individuals and families looking to reduce their carbon footprint without sacrificing quality or performance. Furthermore, with various incentives and financing options available, more consumers are becoming interested in entering the electric vehicle market through the used segment.

Get Ahead with Our Report: Request Your Sample Now!

Key Takeaways:

Market Growth: The Used EV market is projected to expand significantly as consumer interest in electric vehicles rises, with many buyers opting for pre-owned models to reduce initial costs.
Affordability: Used EVs offer a cost-effective entry point for consumers looking to transition to electric mobility, often available at a fraction of the price of new models.
Environmental Benefits: Purchasing a used EV contributes to sustainability efforts by extending the lifecycle of electric vehicles and reducing the overall environmental impact of transportation.
Increased Inventory: As new EV sales grow, the supply of used electric vehicles is increasing, providing consumers with more options and better availability across various models.
Consumer Education: Growing awareness and education about electric vehicle benefits, battery life, and charging options are empowering consumers to make informed decisions in the used EV market.
Government Support: Incentives and subsidies aimed at promoting electric vehicle adoption are encouraging more consumers to consider used EVs as a viable alternative to traditional vehicles.

Category-wise Insights

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.

Battery Operated Electric Vehicles Dominate both the New and Used EV Market Sector

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.

Explore Now: How Automotive Technologies Are Shaping Tomorrow’s

Key Players Profiled in the Used EV Industry Report