Chasm-Free Used Electric Vehicle Market... 3Q Transaction Volume Up 45% YoY

Enka.com Transaction Share Also Increased from 0.3% to 2.6% Over 5 Years

Unlike the domestic electric vehicle (EV) market, which is experiencing a decline due to the EV chasm (temporary demand stagnation), the used EV market continues to grow.

According to Kaizyu Data Research Institute on the 8th, the volume of used EV transactions in the third quarter of this year reached 24,924 units, a 45.3% increase compared to the same period last year. The number of EV listings on Encar.com, a domestic car trading platform, has also steadily increased. The proportion of EVs among total listings rose from 0.32% in January-September 2020 to 2.64% in the same period this year.

Based on the number of listings, the annual figure nearly doubled from 6,300 units in 2021 to 13,100 units last year. This year, the number has approached 19,000 units as of September, already surpassing last year’s total volume.

Encar.com assessed that the used EV market this year was not significantly affected by the new car market’s chasm and fire controversies. The monthly EV transaction share maintained an average of 2%, showing gradual growth. The sales volume share rose from 2.19% in January to 2.87% in July. Although it dipped slightly to 2.46% in August, it recovered to 2.73% in September. Encar.com also noted a trend where some potential Mercedes-Benz EV buyers shifted to alternative brands such as Hyundai and Tesla.

As EV-related technologies and regulatory standards are being established, the growth trend is expected to continue. A representative from Encar.com said, "Used EVs account for about 2-3% of the total on Encar.com, which is still small but steadily growing every year. With ongoing improvements in industry technology, such as battery diagnostics, and regulatory aspects, the used EV market is likely to become more active in the future."