Wilmington, Delaware, United States, Transparency Market Research. Inc., July 09, 2024 (GLOBE NEWSWIRE) -- Owing to moderate development through the forecast period, the online vehicle retail market (온라인 차량 소매 시장) is likely to reach USD 684.2 billion by 2034. The last recorded valuation of the industry was USD 320.4 billion in 2023. This leap in the valuation of the market is attributed to a steady CAGR of 6.6% through the forecast period.
Online sales channels of automobiles are gaining traction, owing to the growing demand for convenience. The use of digital platforms is gaining more attention in the consumer market. Sales of vehicles through such channels are projected to spur in the forecast period.
Customization and modification in vehicles become possible, by leveraging the selection of vehicles based on different parameters, including color, specs, and many more. This rising demand is expected to drive the ecosystem.
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With the elevated convenience through web-based services, manufacturers are inclined toward the use of such portals, aiming to target more consumers. The buying process has been simplified, owing to the increasing prominence of such platforms, driving more consumer attention.
A seamless trust relationship is required to be established in order to generate more awareness regarding such platforms. As fewer consumers are relying on digital platforms, the demand for online sales channels has yet to proliferate.
The connectivity is increasing, owing to the emergence of 5G connections. This infrastructure is expected to enhance the spread of internet connections among consumers, enabling more consumers to transact digitally.
The number of Wi-Fi networks has gained prominence and the reach of the said technology has increased. Due to this enhanced network, the accessibility to the digital platform or the sales channel can be increased, generating consumer attention.
The total number of smartphone users has increased worldwide drastically. As a result, this factor contributes significantly to the development of the sector. The availability of several financial options to assist financial transactions is set to push the growth of the ecosystem.
Key Findings from the Market Report:
- The global online vehicle retail market can be segmented based on key parameters. Based on vehicle types, the passenger car segment is likely to gain momentum due to the growing demand for premium hatchbacks, sedan cars, and luxury SUVs.
- The new vehicle category segment is effectively driving the growth of the ecosystem, as consumers are inclined toward buying new automobiles via online channels.
- Based on the online platform type segment, the website category is likely to generate the highest revenue. This is due to the growing preference of consumers for interacting with the manufacturer through the websites of firms.
- Owing to the availability of finance providers, the financing category of the purchase type segment is expected to gain momentum.
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Regional Profile:
- Owing to the growing retail network in North America, the potential for the said ecosystem to grow is greater in the region. This creates several opportunities for leading organizations in the region.
- The rising consumer influence in Europe is expected to drive the demand for online vehicle retail channels, fueling the progression of the online vehicle retail market in the region.
- The rising adoption of smartphones and the internet in the Asia-Pacific region is set to create prospects for leading organizations in the sector. Such prospects can drive the growth of the market in the region.
Competitive Landscape:
The presence of several large-scale players in the ecosystem is found to create barriers for new entrants. Key players in the online vehicle retail market expand using different strategies like mergers, acquisitions, partnerships, and so on.
- Carvana offers different types of vehicles, including SUVs, wagons, electric and hybrid vehicles, and many more.
- Autotrader, Inc. is another key player that offers both resale cars and brand-new vehicles. The company offers trucks, SUVs, and many other products.
- Cars.com offers a platform for customers to buy and sell automobiles. The firm offers cars like Ford Mustang Mach-E, BMW i3, and many more.
Key Players:
- Carvana
- Vroom
- Autotrader Inc.
- Cars.com
- TrueCar Inc.
- eBay Motors
- CarsDirect
- CarGurus Inc.
- CarMax Enterprise Services LLC
- Edmunds
- Autolist
- Hemmings
- Carsforsale.com
- CarSoup
- CARFAX Inc.
- Bikesdekho.com
- Beepi
- AutoTempest
Key Developments in the Online Vehicle Retail Market:
- In November 2023, Vroom partnered with West Virginia DMV, aiming to curb waiting time for vehicles.
- In June 2024, Carvana introduced same-day delivery services in the United States, generating more consumer attention.
Market Segmentation
Vehicle Type
- Two/Three Wheelers
- Passenger Cars
- Hatchbacks
- Sedans
- SUVs
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
- Off-road Vehicles
Category
- Pre-owned Vehicles
- New Vehicles
Online Platform Type
- Website
- Manufacturers
- Company Authorized Dealers
- Third Party Sellers
- Application
- Manufacturers
- Company Authorized Dealers
- Third Party Sellers
- Others
Purchase Type
- One-time Payment
- Financing
- Leasing
- Others
Propulsion
- IC Engine
- Gasoline
- Diesel
- Electric
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Fuel-cell Electric Vehicles
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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