Global Used EV Market Outlook, 2029

The resale and acquisition of pre-owned electric automobiles define the fast developing Global Used Electric Vehicles (EVs) Market within the automotive industry. As the first generation of EV users switch to newer models, this market has gained momentum and there are now more reasonably priced, excellent used EVs available. Used EV sales have historically increased since the market started to see the introduction of cutting-edge electric vehicles like the Tesla Model S and Nissan Leaf in the early 2010s. The distinctive depreciation patterns of EVs, which are fueled by advances in battery technology and range extensions, are one of the market's unique features. Older models, though still mechanically reliable, tend to lose value over time. In addition, compared to conventional internal combustion engine vehicles, owners of used electric vehicles have cheaper operating expenses and a smaller environmental effect. Government laws and policies have a big impact on this industry, and many nations provide incentives like tax breaks, rebates, and subsidies to promote the buying of old electric vehicles. The industry is also supported by laws that encourage the construction of zero-emission car parks and charging infrastructure.

According to the research report, “Global Used EV Market Outlook, 2029” published by Bonafide Research the market is expected to grow with 10.90% CAGR by 2024-29. The market for Used Electric Vehicles (EVs) is expected to develop significantly due to rising environmental consciousness, improvements in EV technology, and government regulations that are favorable to the industry. Growth prospects are strong as an increasing number of early adopters of electric vehicles upgrade to newer models, flooding the market with a large supply of high-quality, reasonably priced, and dependable used EVs. The market dynamics are defined by the increasing inclination of consumers towards sustainable transportation solutions, in conjunction with the financial advantages of reduced maintenance and operational expenses linked to electric vehicles. The depreciation of new electric vehicles (EVs) is accelerating the influx of competitively priced used EVs. This is especially true due to the rapid developments in battery technology and greater driving range. The market accessibility and appeal are increased by government incentives such tax credits, rebates, and subsidies for used EV purchases in addition to increased charging infrastructure. Furthermore, more and more automakers and dealerships are providing certified pre-owned EV programs. These programs guarantee quality and dependability, which increases customer confidence in used EV purchases. The market for used electric vehicles (EVs) is expected to increase quickly due to urbanization and regulatory pressure to reduce emissions. EVs provide an affordable and sustainable mobility option for a growing number of environmentally concerned consumers.

Market Drivers

• Enhanced Affordability and Economic Viability: The rising affordability and economic viability of electric vehicles is one of the main factors propelling the used EV industry. With new EVs becoming much cheaper in the used car market due to their early depreciation, a wider variety of consumers may now profit from electric vehicles. In addition to being more affordable, electric vehicles (EVs) typically have fewer moving parts, require less maintenance, and have cheaper fuel than conventional internal combustion engine vehicles. Used EVs have a very appealing total cost of ownership, especially for buyers on a tight budget who wish to lessen their environmental effect without having to make a sizable upfront investment. This financial benefit increases the market penetration of used EVs by stimulating demand for them.
• Growing Consumer Environmental Awareness and the Impact of Government Incentives: These two factors, which are meant to encourage sustainable transportation, are also important motivators. An increasing number of people are looking for environmentally friendly alternatives to conventional gasoline-powered vehicles as concerns about climate change grow. These customers who care about the environment have an affordable entry point in used EVs. Furthermore, a lot of governments provide incentives—like tax breaks, rebates, and subsidies—with the express goal of encouraging the use of electric cars. Customers' financial obstacles are further decreased by the fact that these incentives frequently apply to Used EVs. When coupled with growing public knowledge of EVs' environmental advantages, these elements greatly increase the demand for used EVs as an eco-friendly mode of transportation.

Market Challenges



• Battery Degradation and Replacement Costs: The problem of battery degradation is one of the main obstacles facing the Used EV industry. EV batteries lose capacity and performance with time, which reduces their range and efficiency. The longevity and condition of a used EV's battery are frequently unknowns to prospective purchasers, and this can have a big impact on the car's performance and worth. The high expense of replacing a battery can be a major financial burden, sometimes matching or surpassing the vehicle's residual value, which serves as a strong disincentive. Strong battery health assessment methods and possibly standardized warranties—which are presently scarce in the market—are required to address this issue and reassure consumers.
• Limited Charging Infrastructure and Range Anxiety: The scarcity of charging infrastructure, especially in areas where EV adoption is still in its infancy, is a major obstacle for the used EV market. Prospective customers who are concerned about the accessibility and practicality of charging stations for longer journeys and everyday commutes continue to express range anxiety as a major concern. The infrastructure gap that exists between the developing charging network and the lack of widespread availability of newer models of EVs may discourage people from buying used vehicles, even though they may have shorter ranges. The difficulty in locating convenient charging stations, particularly in remote or underdeveloped areas, is a major obstacle to the used EV market's adoption and expansion.

Market Trends

• Increasing Availability and Affordability of Used EVs: The quick turnover of first-generation electric vehicles is the main factor driving the used EV market's notable increase in availability and affordability. A increasing supply of used electric vehicles (EVs) hits the market as early adopters move to newer models with longer ranges and better amenities. A wider range of people may now afford EVs because to the more competitive pricing that results from this increasing supply. The cost of secondhand electric vehicles is further reduced by the fact that depreciation rates are generally higher for electric vehicles—especially for early models—than for conventional vehicles with internal combustion engines. This development facilitates the switch to electric vehicles for buyers on a tight budget, which supports the general expansion of the used EV industry.
• Enhanced Government Support and Incentives: As part of their larger environmental and sustainability goals, governments all over the world are progressively putting in place support and incentive programs to encourage the adoption of used electric vehicles. These programs frequently involve tax breaks, rebates, and subsidies designed especially for used electric cars, which assist in lowering the cost to prospective customers. Furthermore, some areas give free parking and carpool lanes access to EV owners, as well as grants for the installation of home charging stations. In addition to encouraging the purchase of used EVs, these policies help increase public knowledge of the advantages of electric mobility. The market for used electric vehicles is expanding quickly thanks to increased government backing, which is also making electric vehicles a more appealing and practical choice for a greater number of people.

Based on the report, the Vehicle Type segment is segmented into Passenger Cars, Commercial Vehicles. Passenger Cars segment is expected to lead in the Used EV Market due to their higher availability and greater demand for affordable, eco-friendly transportation options.

The Passenger Cars sub-segment dominates the Used EV Market for a number of important reasons. The majority of vehicles sold are passenger cars, and the fact that EVs are widely used by this market group is evidence of how well-liked and useful they are for daily use. Consumer preferences for environmentally friendly options, less operating costs, and improvements in battery technology that have expanded these cars' range and performance have all contributed to the passenger automobile market's transition towards electric vehicles (EVs). Furthermore, a steady supply of used EV passenger cars is being made available to match consumer demand due to the quick turnover of lease cars and trade-ins. Used EVs in this category are now even more appealing due to government incentives and subsidies for EV purchases as well as rising environmental consciousness. Because they combine cost, convenience, and cutting-edge technology, passenger vehicles end up dominating the Used EV Market and are the first choice of many consumers who want to switch to electric transportation.

Based on the report, the Propulsion Type segment is segmented into Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs). The Plug-in Hybrid Electric Vehicles (PHEVs) segment is estimated to grow at a higher growth rate in the Used EV Market due to their dual fuel flexibility and extended driving range, appealing to a broader range of consumers.

Because of its flexibility and efficiency, the Plug-in Hybrid Electric Vehicles (PHEVs) sub-segment of the Used EV market is growing at a rapid pace. With a longer range that reduces range anxiety sometimes associated with completely electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs) give customers the advantages of both traditional gasoline propulsion and electric propulsion. Because of their adaptability, PHEVs are especially desirable to consumers who want to drive electrically for everyday commuting yet still be able to go farther between stops without always stopping to refuel. Moreover, PHEVs are now more efficient and practicable due to improvements in battery technology and the expanding availability of charging infrastructure. The popularity of PHEVs is also fueled by government incentives and subsidies that are intended to lower emissions and promote cleaner transportation options. Because it provides an appealing mix of affordability, practicality, and sustainability, the PHEV sub-segment in the used EV market stands out and is therefore favored by a wide range of customers switching from traditional internal combustion engine vehicles to more ecologically friendly choices.


North America Region is dominating the Used EV Market due to its mature infrastructure and high adoption rates, while APAC is the fastest-growing region due to rapid urbanization and increasing government incentives.

Due to a number of important factors, including its early adoption of EV technology, well-established infrastructure, and high consumer demand for environmentally friendly transportation options, North America leads the world in the Used Electric Vehicle (EV) Market. The area has a mature market with substantial inventory because of the region's well-established network of charging stations and government incentives that promote the buying and trading of used EVs. Furthermore, the wealthy customer base and healthy secondary vehicle market in North America offer a solid basis for the supremacy of used EVs. On the other hand, the used EV market in the Asia-Pacific (APAC) region is expanding at the quickest rate due to factors like rising urbanization, rising environmental consciousness, and government programs targeted at lowering carbon emissions. The need for reasonably priced, green transportation options is rising in APAC nations like China and India, which is fueling the used EV market's expansion. The rapid rise of the used EV market in this region can be attributed to a growing middle class, rising disposable incomes, and government regulations and subsidies that support electric transportation. APAC's growth trajectory in the used EV market is accelerated by the combination of favorable legislative frameworks and a growing desire for sustainable transportation.


Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Used EV Market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Vehicle Type
• Passenger Cars
• Commercial Vehicles

By Propulsion Type
• Battery Electric Vehicles (BEVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)

By Battery Type
• Lithium-ion Batteries
• Nickel-Metal Hydride Batteries
• Solid-State Batteries

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Used EV industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.