NEW YORK, Nov. 8, 2022 /PRNewswire/ — The Online Car Buying Market is estimated to grow by USD 214.41 million during 2021-2026. The market will accelerate at a CAGR of 12.4% with YOY growth of 12.0%. The report extensively covers the online car buying market segmentations by Class Type (pre-owned and new vehicle) and Geography (North America, EuropeAPAC, South Americaand Middle East and Africa). Request Free Sample Report.
Online Car Buying Market: Regional Analysis
North America will contribute 46% of market growth. The market for online automobile sales in North America will expand as disposable income and consumer technological literacy rise. The US, Canadaand Mexico are major contributors to the North American online auto sales market. Many North American OEMs are experimenting with online sales to give their customers a better online experience, including enhanced price transparency, the convenience of ordering from home, and a digital payment mechanism.
Along with these factors, the regional online car buying market is anticipated to grow over the course of the forecast period due to the rising demand for personal vehicles, the increase in internet users, and the digitalization of the automotive retail sector. Download Free Sample Report.
Online Car Buying Market: Parent Market Analysis
Technavio categorizes the global online car buying market as a part of the global automotive market under the global automobiles and components industry. The parent market, the global automotive market, covers companies engaged in the production of vehicles such as passenger cars, commercial vehicles, and all-terrain vehicles. It does not include manufacturers of motorcycles, scooters, e-bikes, trikes, and three-wheelers.
Technavio calculates the global automotive market size based on the combined revenue generated by the manufacturers of automobiles such as passenger cars, commercial vehicles, and all-terrain vehicles.
The growth of the global automotive market will be driven by the following factors:
- Idealizing concepts and inclusion of advanced features in vehicles
- An increasing number of mergers and acquisitions (M&A) and joint ventures (JVs)
- Integrating 3D printing to speed up automobile production
- Increasing demand for electric vehicles
- Growing investment in autonomous vehicles
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Online Car Buying Market: Vendor Analysis
The global online car buying market is highly fragmented due to the presence of numerous established global and regional players. Vendors compete based on price, fleet size, car model, and marketing expertise. Vendors are implementing strategies such as online review management, creating a user -friendly web experience, and using social media to increase their customer base. With the increasing adoption of these strategies, the competition in the market will increase.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- American City Business Journals Inc.
- Asbury Automotive Group Inc.
- AutoNation Inc.
- CarGurus Inc.
- CarMax Inc.
- Cars and Bids LLC
- Cars.com Inc.
- Cars24 Services Pvt. Ltd.
- CarSoup of Minnesota Inc.
- Carvago
- Carvana Co.
- Cox Enterprises Inc.
Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read Free Sample Report.
Online Car Buying Market: Driver
The worldwide online automobile buying market’s expansion is largely driven by the rising use of e-commerce and technological developments in online channels. Technological developments like the creation of smartphones and the expansion of the Internet are encouraging the use of e-commerce applications to increase business sales, while the introduction of hybrid and electric vehicles has altered the position of buyers in the global online car-buying market. However, the biggest obstacles to expanding the worldwide online auto purchase business are low customer awareness and acceptability in semi-urban and rural locations.
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Online Car Buying Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.4% |
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Market growth 2022-2026 |
$214.41 million |
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Market structure |
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