PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490299
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490299
Online Car Buying Market size was valued at USD 324,389.43 Million in 2023, expanding at a CAGR of 12.32% from 2024 to 2032.
The rise of online automobile shopping has completely changed the way the automotive business operates, bringing about a digital revolution. User-friendly interfaces, responsive customer support, and personalized recommendations are attracting consumers for online buying.
Online Car Buying Market- Market Dynamics
High convenience and competitive pricing are expected to propel market demand
The ease of use provided by online car-buying platforms is one of the main motivators. Instead of having to visit several dealerships, customers can peruse a large range of cars from the convenience of their homes, compare features and costs, and even finish the purchasing process online. Websites frequently offer a wealth of information about cars, including reviews, specs, and prices. Customers gain confidence from this transparency, which also gives them the ability to make wise judgments.
The need for online auto buying choices grows as more people feel at ease making large purchases on the internet. Particularly millennials and Gen Z are digital natives who value simplified digital interfaces. It is now simpler for customers to browse and buy cars while on the go thanks to the widespread use of smartphones and mobile applications. Apps and platforms that are optimized for mobile devices meet the needs of time-pressed customers who would rather purchase on their tablets or smartphones. Online auto shopping sites encourage competition and price transparency, which can result in better offers for customers. The convenience of comparing costs across many platforms encourages dealerships to provide competitive pricing.
Online Car Buying Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.32% over the forecast period (2024-2032)
Based on Type segmentation, the pre-owned vehicles segment was predicted to show maximum market share in the year 2023, owing to high demand for cars, SUVs, hatchbacks, etc.
Based on Fuel Type segmentation, the petrol segment was the leading Fuel Type in 2023, mainly due to widespread demand for gasoline-powered vehicles.
Based on Vehicle Type segmentation, SUV segment was the leading Vehicle Type in 2023, mainly due to high demand from the family-oriented approach in car buying.
On the basis of region, Asia Pacific was the leading revenue generator in 2023, owing to the high production of cars in the automotive sector.
The Global Online Car Buying Market is segmented on the basis of Type, Fuel Type, Vehicle Type, and Region.
The market is divided into two categories based on Type: pre-owned vehicles and new vehicles. The pre-owned vehicle segment dominates the market. The increasing demand for small cars and SUVs is expected to spur the segment growth.
The market is divided into two categories based on Fuel Type: petrol and diesel. The petrol segment dominates the market and will likely maintain its dominance during the forecast period. The high convenience and lower prices are anticipated to contribute to market growth.
The market is divided into four categories based on Vehicle Type: hatchback, sedan, SUVs, and others. The SUV segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising demand for five-seater and medium family sized or oriented is boosting the growth of the market.
Online Car Buying Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is estimated to dominate the global online car buying market owing to increased demand for passenger cars, and SUVs which, is estimated to boost the regional market growth. Europe has the largest number of automobile companies which are looking to invest in developing Asian countries like India, China, etc. These regions are further split as per the nations bringing business for the companies.
Online Car Buying Market is formed by small & large market players. To compete effectively, market players are investing in technology such as AR/VR for virtual test drives and AI-driven tools and developing ADAS systems for a better experience. In addition, automakers are investing in creative solutions to support the growing consumer demand for electric and hybrid crossover cars on online platforms.
In November 2023, Hyundai Motors announced a joint venture with the e-commerce giant Amazon, enabling the online retailer.
In November 2022, AutoNation Inc, acquired TrueCar an online digital marketplace in the U.S. to increase their market share.