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Global Online Car Buying Market to Reach US$ 563.8 Billion by 2028, Impelled by Expanding E-Commerce Industry

Published on Oct 18, 2022

The latest report by IMARC Group, titled " Online Car Buying Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global online car buying market reached a value of US$ 294.2 Billion in 2022. Online car buying is an e-commerce activity through which customers can buy and lease new or pre-owned cars using a web browser or a mobile app. It provides price transparency, convenience, and a secure payment process to customers. In addition, it is affordable, time-efficient, and hassle-free, and offers a diverse product catalog and several customized services. Owing to these properties, several companies utilize search engines on their websites to facilitate online car buying and help customers compare multiple cars in different price ranges.

Global Online Car Buying Market Trends:

The market is primarily driven by the expanding e-commerce industry due to increasing digital literacy, improving internet accessibility, rapid urbanization, and inflating disposable income levels. In addition, the escalating demand for electric vehicles (EVs) owing to the growing concerns among people about the detrimental environmental effects of petrol-based automobiles represent another major growth-inducing factor. Besides this, with the growing popularity of social media networking sites, companies are offering innovative car deals through these platforms. This, coupled with the emerging trend of buying pre-owned cars, especially among the young population, due to their affordability and accessibility, is positively influencing the market growth. Moreover, the implementation of stringent government regulations to promote the usage of fuel-efficient cars and the improving urban road infrastructure are also creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market to reach US$ 563.8 Billion by 2028, exhibiting a CAGR of 11.1% during the forecast period (2023-2028).

Market Summary:

  • Based on the vehicle type, the market has been classified into hatchback, sedan, SUV, and others.
  • On the basis of the propulsion type, the market has been segmented into petrol, diesel, and others.
  • Based on the category, the market has been bifurcated into pre-owned and new vehicles.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Asbury Automotive Group Inc., AutoNation Inc., Cargurus Inc., CarsDirect.com, Cars.com Inc., Cox Automotive Inc, Group 1 Automotive Inc., Hendrick Automotive Group, Lithia Motors Inc. and TrueCar Inc.
     

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