Online Car Buying Market Size (US$ 563.8 Billion) | Global Industry Report 2023-2028
According to 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 refers to the process of purchasing cars, such as hatchbacks, sedans, and sport utility vehicles (SUVs), through various online platforms. It offers greater transparency in pricing and the convenience of shopping from home, which saves time and effort. It also provides easy access to detailed information about the availability of vehicles, their prices, and other relevant details while allowing customers in better decisions making and purchasing. Besides this, it aids in comparing the features of various vehicles and reducing the stress of the customer.
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Online Car Buying Market Trends and Drivers:
At present, the increasing consumer preference towards the purchase of cars through online channels as it is highly convenient represents one of the key factors strengthening the market growth. In addition, the rising number of active internet users, along with the rapid digitalization around the world, is providing a positive market outlook. Apart from this, the increasing third-party marketplaces that provide a platform for dealers and private sellers to sell a new or pre-owned vehicles is propelling the growth of the market. Additionally, the rising number of active internet users, along with various developments in the telecommunication industry, is catalyzing the demand for online car buying platforms. Furthermore, the wide availability of online car financing options as it streamlines the sales process is supporting the growth of the market.
Online Car Buying Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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.
The report has segmented the market on the basis on region, vehicle type, propulsion type, category.
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
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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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