Rising gasoline prices driven by geopolitical tensions in the Middle East are fueling a boom in the European used electric vehicle (EV) market, early data suggests, as consumers increasingly shift away from traditional combustion engines.
Online marketplaces report that demand for used EVs is climbing sharply. Terje Dahlgren, an analyst at the Norwegian used car platform Finn.no, said, “The used electric car market is currently booming.” On the site, electric vehicles have recently overtaken diesel models to become the top-selling category by fuel type.
The surge in fuel costs follows the outbreak of conflict in Iran on February 28, which disrupted the crucial shipping route through the Strait of Hormuz, responsible for nearly 20% of the world’s oil supply.
European Commission data show that average gasoline prices across the European Union rose 12% to €1.84 ($2.12) per liter between February 23 and March 16.
French online used car retailer Aramis Auto reported a near doubling of its electric car sales share, increasing from 6.5% during the week beginning February 16 to 12.7% the week starting March 9. Analysts attribute this rapid shift to growing consumer sensitivity to fuel costs, with many buyers seeing used EVs as a cost-effective alternative in the face of record-high gasoline prices.
