The latest report by IMARC Group, titled “Online Car Buying Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global online car buying market size reached US$ 294.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 563.8 Billion by 2028, exhibiting a growth rate (CAGR) of 11.1% during 2023-2028.
Online car buying is a digital commercial transaction that allows customers to purchase or lease new or used vehicles using a web browser or mobile application. It offers various benefits to customers, including higher price transparency, improved user convenience, and secure payment processing. It is cost-effective, saves time, and involves less hassle, providing a vast range of products and personalized services. As a result, many companies are integrating intelligent search engines into their websites to help customers in buying cars online, enabling them to compare various brands and models within different price ranges.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/online-car-buying-market/requestsample
Online Car Buying Market Trends and Drivers:
The global online car buying market is primarily driven by the increasing awareness among people about the convenience associated with online shopping. Moreover, the rising use of social media networking sites by companies to offer attractive car deals is positively influencing market growth. Additionally, the escalating demand for electric vehicles (EVs) due to the increasing concerns among individuals regarding the harmful environmental effects of emissions from petrol-based cars has catalyzed market growth. Besides this, the emerging trend of personal vehicles owing to the improving urban road infrastructure and elevating income levels of individuals is another major growth-inducing factor. Furthermore, the increasing popularity of pre-owned cars, especially among the younger generation, due to their affordability and accessibility, is contributing to market growth. Other factors, including the rapid expansion of the e-commerce industry, rising digital literacy, and favorable government policies, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
- Hatchback
- Sedan
- SUV
- Others
Breakup by Propulsion Type:
- Petrol
- Diesel
- Others
Breakup by Category:
- Pre-Owned Vehicle
- New Vehicle
Market 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
Competitive Landscape with Key Player:
- 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.
- TrueCar Inc.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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