"Future Ride Revisited: A Comprehensive Look at Future Demand in the Used EV Market"

 The global used electric vehicles industry is estimated to be worth approximately US$ 17,890.5 million in the current year, with a projected compound annual growth rate (CAGR) of 8.4% over the forecast period. According to the latest analysis of the global used EV market, it is expected that the market's total value will reach US$ 40,078.9 million by the year 2033.

The load capacity of electric commercial vehicles has improved dramatically as a result of continuous improvements in EV batteries, making them more economical for fleet owners. Therefore, it is anticipated that the US market for used EVs would increase positively in the near future.

Experts say that when it comes to establishing the global standard for all markets linked to sustainable development, Europe is in the lead. The push by European nations to reduce their carbon footprints has been a major factor in the growth of the EV market throughout the continent. Germany, France, and the United Kingdom are a few of the major countries that encourage the expanding trend of used EV sales.

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To sum up, FMI predicts that electric cars are getting more and more affordable, irrespective of economic level, and the demand for used electric vehicles is anticipated to rise as time goes on!

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.

For more info: https://www.futuremarketinsights.com/reports/used-ev-market

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.

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