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During the time period between 2018 and 2022, the global used EV market size grew at an annual rate of 5.3% and reached a valuation of US$ 16,428.4 million by 2022. According to the FMI research report, worldwide sales of used EVs are projected to grow at 8.4% from 2023 to 2033. the overall market value is projected to increase from US$ 17,890.5 million in 2023 to US$ 40,078.9 million by the year 2033.

The international movement against global warming has had a positive and unprecedented impact with demand for electric vehicles experiencing a growing shock in every area. The increasing viability and affordability of pre-owned EVs, the popularity of high-end models, and extra subsidies and discounts that purchasers may take advantage of have strengthened the market.

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!

For more information: https://www.futuremarketinsigh....ts.com/reports/used-
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.
Request a Sample of this Report: https://www.futuremarketinsigh....ts.com/reports/sampl

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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The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023. The market is expected to reach a valuation of US$ 38,550.2 million by 2033, and is expected to grow at a CAGR of 15.4% during the period 2023 to 2033.

Key Takeaways:

The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023.
The market is expected to reach a valuation of US$ 38,550.2 million by 2033.
The market is anticipated to grow at a CAGR of 15.4% during the forecast period.
Based on the regional analysis, North America is the largest market.
Based on the country analysis, USA is the largest market, having a share of 26.8%.
The Germany market has a share of 13.7%.
The Japan market has a share of 1.4%.
The Australia market has a share of 0.6%
The China electric utility vehicles market is expected to grow at a CAGR of 18.5% during the forecast period.
The India market is expected to grow at a CAGR of 14.5% during the forecast period.
The UK market is expected to grow at a CAGR of 10.5% during the forecast period.
On the basis of battery type, the lithium-ion battery has the highest market share of 73.4%.
On the basis of application, the commercial segment has the largest market share.
On the basis of propulsion, the pure electric segment has the highest share in the electric utility vehicles market.
For more insights: https://www.futuremarketinsigh....ts.com/reports/elect
There has been an increasing awareness regarding the impact of harmful emissions on the environment. Owing to this, the governments have been taking proactive steps to tackle pollution. This has led to governments incentivizing people who make use of electric utility vehicles.

Initially, the cost of the battery used in electric utility vehicles was more than US$ 1000. But with the advancements in technology, the cost has come down to US$ 100. This might increase the demand for electric utility vehicles during the forecast period.

Furthermore, the electric utility vehicles market has witnessed a number of buyers in the agricultural sector. This is because of the fact that there were a number of cases of crops getting spoiled due to vehicular emissions. This might well increase the sales of electric utility vehicles during the forecast period.

Moreover, the users are of the view that the application of electric utility vehicles offers high convenience as these are easy to charge. This might as well surge the market growth during the forecast period.

Moreover, the cost associated with charging electric vehicles is much less as compared to the usage of fuels.

However, the growth of E-commerce market represents massive opportunity for the market of electric utility vehicles. This is owing to the fact that the electric utility vehicles seamlessly carry out the task of logistics.

Thus, based on the insights provided by FMI researchers, it can be inferred that “initiatives by the governments across the world to reduce greenhouse gas emissions, coupled with reduction of battery cost is expected to surge the electric utility vehicles market growth.”

Competitive Landscape

The key players operating in the market are mainly investing large amounts on technological upgradation. Apart from that, the companies are also focusing on mergers in order to expand their market.

Some of the recent developments in the electric utility vehicles market are:

In September 2022, Bollinger Motors and Wabash announced joint development to produce last-mile refrigerated delivery electric truck.
In September 2022, Tesla announced Joe Gebbia as new independent director.