According to the latest report by IMARC Group, titled “Online Car Buying Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027,” the market to reach US$ 515.6 Billion by 2027, exhibiting at a CAGR of 11.60% during 2022-2027.
Online car buying is an online end-to-end buying process that enables consumers to extract information regarding available offers, models, and prices to maintain transparency during a car purchase. It provides various digital payment options, streamlined buying procedures, better deals, paperwork, an array of choices, and is less time-consuming.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Online Car Buying Market Trends:
The rapid expansion in the e-commerce and online shopping industry represents one of the key factors primarily driving the market growth. Apart from this, the introduction of innovative car deals offered by companies on various social media platforms and social media networking sites is providing a positive outlook to the market growth. Other factors, such as the easy availability of electric vehicles (EVs) on online platforms and the affordability offered by such portals, are also driving the market toward growth. In line with this, rising consumer expenditure capacities and the increasing inclination toward buying pre-owned cars, are acting as other major growth-inducing factors.
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Global Online Car Buying Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Asbury Automotive Group Inc., AutoNation Inc., Cargurus Inc., CarsDirect.com, Cars.com Inc., Cox Automotive Inc, Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors Inc. and TrueCar Inc.
The report has segmented the market on the basis on region, vehicle type, propulsion type, category.
Breakup by Vehicle Type:
- Hatchback
- Sedan
- SUV
- Others
Breakup by Propulsion Type:
- Petrol
- Diesel
- Others
Breakup by Category:
- Pre-Owned Vehicle
- New Vehicle
Breakup by Region:
- North America:(United States, Canada
- Asia-Pacific:(China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America;(Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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