IMARC Group, a leading market research company, has recently releases report titled “Online Car Buying Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global online car buying market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the online car buying market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 294.2 Billion |
| Market Forecast in 2028 | US$ 563.8 Billion |
| Growth rate (2023 to 2028) | CAGR of 11.1% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is online car buying?
Online car buying is the method of purchasing cars, including hatchbacks, sedans, and sport utility vehicles (SUVs), through diverse online platforms. This approach provides numerous benefits such as enhanced pricing transparency and the convenience of shopping from the comfort of one’s home, saving time and effort. Additionally, it grants customers easy access to comprehensive information about vehicle availability, pricing, and other relevant details, empowering them to make informed decisions and complete their purchase. Furthermore, it facilitates the comparison of features among different vehicles, alleviating customer stress in the decision-making process.
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What are the growth prospects and trends in the online car buying industry?
The online car buying market is experiencing significant growth, primarily driven by the increasing consumer preference for the convenience offered by online channels. The rising number of internet users and the ongoing digitalization worldwide are further contributing to the positive market outlook. The emergence of third-party marketplaces that connect dealers and private sellers to buyers for new or pre-owned vehicles is also fueling market growth. Moreover, the continuous advancements in the telecommunication industry and the expanding availability of online car financing options are enhancing the demand for online car buying platforms. These factors collectively contribute to the growth and development of the market.
What is included in market 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
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Asbury Automotive Group Inc.
- AutoNation Inc.
- Cargurus Inc.
- com
- com Inc.
- Cox Automotive Inc
- Group 1 Automotive Inc.
- Hendrick Automotive Group
- Lithia Motors Inc
- TrueCar Inc.
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