The latest report by IMARC Group, titled “Online Car Buying Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the global online car buying market growth. The global 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 digital revolution has had a profound impact on the automotive industry. Consumers now have easy access to a wealth of information about vehicles, prices, and reviews online. This transparency has empowered buyers and made online car buying an attractive option. Additionally, online platforms offer unparalleled convenience. Prospective buyers can browse, compare, and purchase vehicles from the comfort of their homes. This convenience factor has been especially appealing during the COVID-19 pandemic when in-person visits to dealerships were restricted. Other than this, online car buying platforms typically offer a vast inventory of new and used vehicles. This broad selection allows buyers to find precisely the make, model, and specification they desire, often without geographic limitations. Besides this, online car buying encourages price transparency and competition among dealerships. This drives down prices, benefiting consumers. In line with this, online auctions and marketplaces facilitate competitive bidding, ensuring that buyers get the best deal. Furthermore, the availability of online financing options simplifies the purchasing process. Buyers can secure loans, compare interest rates, and calculate monthly payments with ease, often within the same digital platform. Moreover, numerous online car buying platforms offer end-to-end services, including vehicle inspection, financing, and delivery. This one-stop-shop approach streamlines the buying process and enhances the overall customer experience.
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.
Note: 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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