The ‘Global Online Car Buying Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global online car buying market, assessing the market on the basis of its segments like vehicle type, propulsion type, category, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 298.57 billion
- Forecast CAGR (2023-2028): 90%
- Forecast Market Size (2028): USD 584.6 billion
The global online car buying market growth is being driven by the rising penetration of the internet and smart devices worldwide and increasing demand for cars. With improvements in standards of living and road infrastructure, there is a surge in demand for automotives for day-to-day travel and commute. Rising disposable income and increasing affordability of cars is also leading to greater purchase of cars. Online car buying offers enhanced convenience for buyers and they can access a wider range of cars with ease. Sellers of online cars often have tie-ups with financial aid providers, helping customers easily buy cars online, thereby aiding the online car buying market development.
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As internet access becomes more common place, a vast range of customers can browse car purchasing online and compare different models. Built-in comparison features on online car buying websites further simplify the process of selecting cars by comparing the specific features of different car models. Through the internet, customers can compare cars offered by various online car sellers, and check the authenticity of sellers. Purchasing online saves time for buyers, minimises the hassles of negotiation, and reduces the need for customers to physically visit car sellers. The rising popularity of online car buying is resulting in more sellers, which is supporting the online car buying market expansion.
Online Car Buying Industry Definition and Major Segments
Online car buying is a process in which a car or vehicle is purchased through an online channel, with either the entire process being conducted online or partially. In online car buying, through an app or website, customers can browse cars online, compare different cars, purchase the car, and pick up the car or have it delivered.
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Based on vehicle type, the market is divided into:
On the basis of propulsion type, the market is classified into:
Based on category, the market is bifurcated into:
- Pre-Owned Vehicle
- New Vehicle
By region, the market is categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Online Car Buying Market Trends
Among the key trends impacting the online car buying market is the increasing popularity of purchasing pre-owned vehicle. As cars become more durable and there is an increase in frequency of buying new vehicles, there is a growing availability of good quality and reliable pre-owned vehicles. Online car sellers frequently partner with authentication and certification authorities, verifying the condition and performance capabilities of a pre-owned vehicle. This process aids in identifying any possible performance issues and also increases the confidence of buyers. Many online car sellers offer limited warranties for pre-owned vehicles that pass certification, which also encourages their purchase by customers.
Regionally, the Asia Pacific is projected to witness rapid growth in the online car buying market in the coming years, supported by increasing populations and rising disposable income. As cars become more common in countries like India and China, and road infrastructure improves, more customers are purchasing cars. With busy lifestyles, online car buying is a convenient means of purchasing a car, whether new or pre-owned, offering hassle-free financing and streamlined delivery. Growing penetration of the internet, smartphones, and laptops, and increasing launch of online car buying websites and apps, are further aiding the growth of the regional market for online car buying.
Key Market Players
The major players in the global online car buying market report are Asbury Automotive Group, Inc., AutoNation, Inc., CarGurus, Inc., MH Sub I, LLC (CarsDirect), Cars.com Inc., Cars24 Services Private Limited, Group 1 Automotive, Inc., Hendrick Automotive Group, Lithia Motors, Inc., and TrueCar, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.