ONLINE CAR BUYING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global online car buying market is estimated to be valued at USD 328.90 Bn in 2024 and is expected to reach USD 751.83 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.
Report Description:
Global online car buying market is transforming the way automobiles are purchased in the modern digital era. With the proliferation of the internet and smartphones, consumers now have the ability to research various makes and models, compare prices, evaluate features, and even complete the transaction entirely online from the comfort of their homes. This transition to online car shopping allows buyers to save time otherwise spent visiting multiple dealerships and avoid high-pressure sales tactics. It also benefits manufacturers and dealers by expanding their customer reach beyond local geographies. There has been significant growth in online car search traffic and purchases over the past few years. As global markets see improvements in internet infrastructure and e-commerce capabilities, the trend of buying cars online is expected to grow and become the preferred method for purchasing new vehicles.
Market Dynamics:
Global online car buying market growth is driven by growing digitization and internet penetration around the world. More than half of prospective car buyers now begin their search online. The convenience and control afforded by online shopping attracts time-strapped consumers. Meanwhile, manufacturers and dealers aim to tap into new digital customer bases. The availability of online financing options and trade-in valuations on e-commerce platforms boosts online purchases. However, lack of touch-and-feel experience and inability to test drive until final purchase can hamper the market growth. Varying degrees of online shopping adoption across rural and older demographic segments can hamper the market growth. Advancing technologies such as virtual reality can offer new opportunities for the market growth in the near future.
Key features of the study:
- This report provides in-depth analysis of the global online car buying market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global online car buying market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include American City Business Journals Inc., Asbury Automotive Group Inc., AutoNation Inc., CarGurus Inc., CarMax Inc., Cars and Bids LLC, Cars.com Inc., Cars24 Services Pvt. Ltd., CarSoup of Minnesota Inc., Carvago, Carvana Co., Cox Enterprises Inc., eBay Inc., Edmunds.com Inc., Hendrick Automotive Group, Lithia Motors Inc., MH Sub I LLC, Miami Lakes Automall, TrueCar Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global online car buying market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global online car buying market
Market Segmentation
Market Segmentation
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