ONLINE CAR BUYING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Online Car Buying Market, By Vehicle Type (Hatchback, Sedan, SUV, Others), By Propulsion Type (Petrol, Diesel, Others), By Category (Pre-Owned Vehicle and New Vehicle), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : May 2024
Code : CMI6983
Pages :173
Formats :
Excel and PDF
Industry : Automotive and Transportation

Market Challenge: Inability to physically inspect vehicle before purchase

One of the major challenges faced by online car buying market is the lack of personal interaction. Many customers still prefer to physically inspect vehicles and negotiate prices in person before purchasing the vehicle. It can be difficult to build trust and convince customers of value through an impersonal online process. The companies need to address customers' concerns about the ownership transition, such as registering the vehicle and arranging trade-ins or financing, without live support.

Market Opportunity: Growth of used car selling online

As younger generations accustomed to e-commerce gain purchasing power, digital solutions will become more accepted. With technology that provides high-quality virtual tours, online negotiation tools, and streamlined paperwork, companies can remove friction from many steps of the process. By offering competitive prices upfront and a simple buying experience from anywhere, online retailers have a chance to attract customers valuing convenience over interaction.