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Online Car Buying market Growth
WILMINGTON, NEW CASTLE, DE, UNITED STATES, January 13, 2025 /EINPresswire / -- According to the report published by Allied Market Research, the global
online car buying market generated $237.93 billion in 2020, and is expected to garner $722.79 billion by 2030, witnessing a CAGR of 12.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, value chain, key segments, regional scenario, top
investment pockets, and competitive landscape.
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Several OEMs have started experimenting with online sales to deliver a better online experience for their clients, including better price transparency, the ease of shopping from home, and a digital payment process. For instance, in February 2019, PSA Group CEO Carlos Tavares stated aims to push online sales by more than 1,500% from 6,000 units in 2018 to 100,000 by the end of 2021. Also, Volkswagen is uniting the launch of its new range of electric vehicles with the release of a new IT infrastructure that will enable online vehicle sales on a considerably large extent.
In addition, in June 2019, the responsible members of the board for marketing and sales at Daimler, Britta Seeger, announced that the OEM would sell 25% of its vehicles online by 2025. In Europe, automakers such as Dacia, Volvo, Hyundai, Jaguar, Alpine, Mitsubishi, BMW, Land Rover, and Mini, are directing online sales in selected markets. However, still the adoption of these online platforms and stores remains a bit low and the customer experience they offer needs to be improved. For example, Hyundai and Audi only make a small series of models, which are available online. Many others either do not provide a trade-in option or limit purchase options to new cars. Furthermore, for most OEMs, the online sales share still remains low and foreseen to grow in near future.
Third-party online marketplaces offer a platform for professional dealers and private sellers to market their new as well as used vehicles to a large online customer. Customers can easily go through the available offerings and have quick and convenient access to product information and prices and can instantly access to a wide array of available vehicles and custom suggestion and recommendations, easy benchmarking and price comparisons with less or even no paperwork along with at-home trade-ins and deliveries of vehicles. In addition, sellers can pay the marketplace to advertise their product. For each transaction that takes place via the online platform, they pay a fee to the marketplace. Online brokers such as Carwow work in a similar manner. They connect car buyers and sellers via their online platform. However, unlike online marketplaces, customers do not browse from a list of available offers. Growing internet users, third-party market places and platforms across the globe is expected to strengthen the online car buying market during the forecast period.
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The report offers detailed segmentation of the global online car buying market based on vehicle type, propulsion type, category, and region.
Based on vehicle type, the SUV segment contributed to the highest market share in 2020, accounting for more than one-third of the total share, and is estimated to maintain its leadership status during the forecast period. However, the sedan segment is projected to witness the highest CAGR of 13.7% from 2021 to 2030.
Based on category, the pre-owned vehicle segment held the largest share in 2020, contributing to around 88% of the global online car buying market, and is expected to continue its dominant share during the forecast period. However, the new vehicle segment is projected to portray the largest CAGR of 19.1% from 2021 to 2030.
Based on region, North America accounted for the highest share in 2020, contributing to nearly half of the total market share, and is expected to maintain its leadership status by 2030. However, LAMEA is estimated to manifest the fastest CAGR of 15.4% during the forecast period.
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Key Players:
Asbury Automotive Group, Inc.,
Cargurus, Inc.,
AutoNation, Inc.,
Cars, Inc.,
CarsDirect,
Group1 Automotive Inc.,
Cox Automotive Inc,
Lithia Motors, Inc.,
Hendrick Automotive Group,
TrueCar, Inc.
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About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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