Used EV Market is expected to grow at a CAGR of 31.01%

used EV market

The used EV market is expected to register a compound annual growth rate (CAGR) of 31.01% during the forecast period (2024-2029).

The used vehicle market refers to the privately or publicly owned marketplace, which deals with the purchase and sale of used vehicles. The used EV market is similar to the used vehicle market, but it only deals with the exchange of electric vehicles, which includes two-wheelers, commercial cars, passenger cars, trucks, and other types of electric vehicles. The global used vehicle market is an old concept, but the integration of EVs in this market is among the newer forms of the used car market. The demand for the used electric vehicle market is forecasted to witness significant growth, majorly with the increasing popularity of electric vehicles across the globe, and the higher cost of the newer electric vehicles.

  • Growth Drivers in the Used EV Market

With the growth of global demand for electric vehicles, the availability of used EVs increases across the world. Various companies and governmental organizations have introduced new strategies and programs to increase the sales of used EVs across the globe. For instance, the British Vehicle Rental & Leasing Association, or BVRLA, in September 2024 launched an initiative to increase the sales of used EVs in the nation. Through these initiatives, the associations aim to launch an information campaign to counter the negative myths related to used EVs and also support the standardized battery health certificates, which can reassure the buyers of the used EVs. The association also urges the government to launch a used EV plug-in grant and reduce VAT on used EVs by 50% for four years.

  • Segmentation of the Used EV Market

The type segment of the used EV market is categorized into two-wheeler, passenger vehicle, light commercial vehicle, and commercial vehicle. Under the types segment of the global used EV market, the passenger vehicle category is forecasted to propel at a greater growth rate. The passenger vehicle segment is the fastest-growing category in the global EV market, with governments across the globe introducing major policies and schemes to boost the sales of passenger vehicles in their nations. Similarly, in the global used vehicle market, the sale of passenger vehicles also occupies a greater share, as these vehicles offer optimum condition, and require lower maintenance.

The used EV market, under the fuel category segment, is categorized into BEV (battery electric vehicles), FCEV (fuel cell electric vehicle), HEV (hybrid electric vehicles), and PHEV (plug-in hybrid electric vehicles). The BEV or battery electric vehicle category, under the fuel category segment of the used EV market, is estimated to attain a greater share during the forecasted timeline. The global sales of battery electric vehicles or BEVs witnessed a significant increase across the globe. In the used EVs market globally, the demand for battery electric vehicles is expected to increase, majorly with the presence of various governmental incentives to boost the sales of BEVs in the global market.

Based on geography, the Asia Pacific region is forecasted to witness the maximum share of the global used EV market. The Asia Pacific region is among the fastest-growing and biggest electric vehicle markets across the globe, with the sales and production of electric vehicles increasing constantly. Countries like India, China, Japan, and South Korea are among the biggest producers and consumers of electric vehicles across the globe, consuming about half of the total global production of electric vehicles. Similarly, the governments of these nations also introduced multiple policies and subsidy schemes, which are aimed at propelling the demand for electric vehicles in the region, increasing the size of the used electric vehicle market across the region. Furthermore, the Asian Pacific region also offers the fastest developing used car market, which is also expected to propel the sales of used EVs in the region.

  • Key Players in the Used EV Market

As a part of the report, the major players operating in the used EV market that have been covered are EV.com Inc., OLX, CarMax Enterprise Services, LLC, HERTZ CORPORATION., TrueCar, Inc., Recharged, VinFast, AutosEU, Cardino GmbH, Ali Baba, Cars24, and Find My Electric.

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The used EV market is analyzed into the following segments:

  • By Type
    • Two wheeler
    • Passenger Vehicle
    • Light Commercial Vehicle
    • Commercial Vehicle
  • By Fuel Category
    • BEV (Battery Electric Vehicles)
    • FCEV (Fuel cell electric vehicle)
    • HEV (Hybrid Electric Vehicles)
    • PHEV (Plug-in Hybrid Electric Vehicles)
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Rest of the Middle East and Africa
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Taiwan
      • Thailand
      • Indonesia
      • Rest of Asia-Pacific
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