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 represents an e-commerce activity where customers can directly buy or lease new as well as pre-owned cars by using a web browser or a mobile app. It offers price transparency, convenience, a secure payment process, etc., to users. In line with this, online car buying is affordable, time-efficient, hassle-free, etc., and provides a diverse product catalog and various customized services. Presently, companies extensively use intelligent search engines on their websites to help consumers in comparing several cars in different price ranges or negotiate for a fair deal with car owners across the globe.
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Online Car Buying Market Trends and Drivers:
The expanding e-commerce industry, owing to the growing consumer awareness towards the associated convenience, the rising digital literacy, and improving internet accessibility, is primarily driving the online car buying market. Additionally, the inflating disposable income levels of individuals and the escalating demand for electric vehicles (EVs) are further catalyzing the market growth. Besides this, companies are offering innovative car deals through these platforms, on account of the increasing popularity of social media networking sites, which is acting as another significant growth-inducing factor. Moreover, the launch of numerous favorable policies by government bodies to promote the usage of fuel-efficient cars, the emerging trend of personal vehicles, and continuous enhancements in urban road infrastructures are positively influencing the global market. Apart from this, the widespread adoption of pre-owned cars, especially by the millennial population, as they offer affordability and accessibility, is also propelling the market growth. Furthermore, extensive investments in R&D activities are expected to fuel the online car buying market over the forecasted period.
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 Inc.
- Cox Automotive Inc
- Group 1 Automotive Inc.
- Hendrick Automotive Group
- Lithia Motors Inc
- TrueCar Inc.
Online Car Buying Market 2023-2028 Analysis and Segmentation:
The report has segmented the market on the basis on region, vehicle type, propulsion type, category.
Breakup by Vehicle Type:
Breakup by Propulsion Type:
Breakup by Category:
- Pre-Owned Vehicle
- New Vehicle
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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