The global online car buying market size was US$ 261.9 billion in 2021. The global online car buying market is forecast to grow to US$ 721.6 billion by 2030 by growing at a compound annual growth rate (CAGR) of 13.2% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Online car buying platforms offer digital payment methods and discounted prices to consumers. In addition, it enables complete transparency, and users can obtain product-related information and compare the prices by browsing the other options. As a result of these benefits, the global online car buying market is forecast to grow throughout the forecast period.
Other factors, such as an increasing range of third-party online platforms for private sellers and dealers and rising penetration of the internet, will boost the growth of the market during the forecast period.
The growing popularity of e-commerce & online technologies will steadily boost the growth of the market. On the contrary, unorganized car sales may limit the growth of the market during the forecast period.
Growing disposable income and rising employment rate will also benefit the global online car buying market. Further, the demand for car-sharing services is expected to surge in the coming years, which will benefit the overall market. In addition, the rising trend of electric vehicles and favourable plans by government bodies to boost the range of EVs on roads will drive the online car buying market forward during the study period.
COVID-19 Impact Analysis
The wake of the COVID-19 has resulted in a drastic economic downfall, which impacted the purchasing power of the people. Furthermore, bans on travel and lockdowns restriction impeded the travel activities, which ultimately declined the demand for vehicles, such as cars. The pandemic also affected the manufacturing activities in the automotive industry, which ultimately resulted in a loss for most of the manufacturers. Manufacturing activities were primarily halted due to a shortage of laborers and raw materials. Thus, various companies limited their manufacturing activities, which hampered the growth of the market.
Regional Analysis
Globally, the Asia-Pacific online car buying market is expected to dominate the global market, owing to the presence of prominent car manufacturers such as Toyota., Honda, etc. Furthermore, the growing number of internet users and rising inclination toward online shopping is expected to boost the market growth. The growth of this regional market is also attributed to the high population and growing disposable income, which is likely to drive the market forward throughout the study period.
Competitors in the Market
Market Segmentation
The global online car buying market segmentation focuses on Vehicle, Propulsion, Category, and Region.
By Vehicle Type Outlook
By Propulsion Type Outlook
By Category Outlook
By Regional Outlook
