Online Auction Market Size to Grow by USD 1.90 Bn at a CAGR of 9.7%, Collectibles segment is expected to witness lucrative growth – Technavio – QNT Press Release


NEW YORK, Aug. 3, 2022 /PRNewswire/ — The Online Auction Market size is expected to grow by USD 1.90 billion with YOY growth of 8.07% during the forecast period. The report offers an up-to-date analysis of the current market scenario and information from several leading watch manufacturers.

This market research report extensively covers Online Auction Market segmentations in the following:
  • Product – collectibles, electronics, artistic goods, jewelry, and others
    • The collectibles segment’s market share rise in online auctions will be substantial. Due to the scarcity of collectibles and the substantial investments, buyers are making to acquire rare items for their collections, the growth velocity is growing. The Clark sickle-leaf carpet, the Liane floor lamp, and an Egyptian cat are a few of the well-known collectibles. Jeff Koons’ Balloon Dogs are another.
  • Geography – North America, EuropeAPAC, South America, Middle Eastand Africa
    • North America will account for 41% of market growth. In North Americathe US is the primary market for online auctions. The market in this region will grow more quickly than the markets in Europethe Middle Eastand Africaas well as South America.
    • Over the projection period, the growth of the online auction industry in North America would be facilitated by consumers’ increasing interest in rare and antique goods. Get a Free Sample Report!
Online Auction Market Dynamics
Market Driver

The simplicity of bidding is one of the main elements fueling growth in the online auction sector. Online auctions give bidders the benefit of time and location flexibility. The site is simple to access, and participating in the auction can help users save money. Online auctions last a predetermined amount of time and typically require 21 days for advertising and open house viewings. Before engaging in the bidding procedure, users can do research on the costs and the caliber of the goods. Additionally, it aids in negotiating when placing a bid with suppliers or producers.

Market Trend

The introduction of AI-based online auctions will have a favorable effect on the industry. Online auctions powered by artificial intelligence (AI) are becoming more and more common. By automating several activities, including internal operations, customer-based support inquiries, the packing of industrial equipment, and its delivery , the use of AI during online auctions helps save administrative expenses. Online auctions may now manage the bidding process more effectively thanks to AI integration.

Market Challenge

The online auction business will face significant challenges due to worries about fraudulent activity. Online auction fraud is one of the most frequently occurring online crimes as a result of the quick growth in the number of participants in these auctions. One of the most common types of fraud in online auctions is bid manipulation. Because the rigged price will be greater than what may have been the outcome of a competitive bidding procedure, this kind of fraud stifles market competition. Download Free Sample Report.

Online Auction Market Vendor

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

  • Atomic Mall
  • A One Salasar Pvt. Ltd.
  • Auction Network
  • Auction Technology Group Plc
  • AuctionZip LLC
  • Biddingo.com
  • Bonanza
  • eBay Inc.
  • eBid Ltd.
  • eCRATER

Find out the top market vendors, their competition, and how they excel in the Online Auction Market in our latest Sample Report. Click here to BUY now!

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Online Auction Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 9.7%

Market growth 2022-2026

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