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

Regional Analysis

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The North America has emerged as the dominant in online car buying market owing 39.4% in 2024. With the largest economy in the world and increasing digital penetration, the U.S. provides automakers a huge potential customer base that can be tapped into online. American consumers have readily embraced the convenience of shopping from home and several automotive brands have established a strong direct-to-consumer online sales presence in the country. The widespread availability of high-speed internet across urban and many rural regions facilitates the online research and purchase process for car buyers. Automakers benefit from centralized inventory and sales data that allows for efficient pricing, promotions and delivery across the vast American landmass. States like California and Texas that have very large vehicle markets are especially attractive for automakers to push online sales.

A region that is exhibiting rapid growth in online car buying market is Western Europe. With countries like the U.K., Germany, France and others having developed digital infrastructure and highly connected populations, the market potential is immense. However, the online purchase rates are still lower than the US. Automakers are ramping up their digital initiatives and investments in this region. For example, some are launching virtual showrooms and augmented reality configurators to provide an engaging online shopping experience for European customers. Cross-border sales within the European Union has also increased as language barriers reduce with online purchases becoming commonplace across national boundaries. Strong brand loyalty for German luxury marques coupled with rising disposable incomes makes several Western European nations an emerging hotspot for online car sales.