Dublin, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The "Global Online Auction Market: Analysis By Product Type (Fine Art, Jewels and Watches, Cars, Decorative Arts and Furniture, and Others), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global online auction market in 2021 stood at US$5.90 billion, and is likely to reach US$11.47 billion by 2027. In recent years, younger audiences have recently shown a keen interest in auctions and willingness to use digital platforms to get what they're searching for.
The High-Net-Worth Millennials have completely embraced the digital transformation seen with auctions, and in 2020 they were the top spenders. This is mostly due to the millennials' transition from being the youthful, hardworking, and underpaid generation, at their 20s, to the group's oldest members approaching their 40s, and they now have great purchasing power that they did not have a few years ago.
An online auction refers to an auction in which auctioneers or bidders sell or bid for products or services over the Internet. As the auctions are conducting over the internet, it is no longer a geographically pre-determined market place. The major benefits provided by online auction include large reach, open 24/7, convenience, broad exposure, acceptance of universal products, quick and reliable transactions, less onsite activities, etc. The global online auction market is projected to grow at a CAGR of 11.45 % during the forecast period of 2022-2027.
Market Segmentation Analysis:
- By Product Type: The market report has segmented the global online auction market into five segments on the basis of type: fine art, jewels and watches, cars, decorative arts and furniture, and others. The fine art segment held more than 55% of the share in online auction market in 2021, owing to the growing number of end consumers adopting online as their preferred channel.
- By Region: According to this report, the global market can be divided into five major regions: North America (the US, Mexico, and Canada), Asia Pacific (China, India, Japan, and the Rest of Asia Pacific), Europe (the UK, France, Germany, and rest of Europe), Middle East & Africa, and Latin America. The fastest growing regional market is Asia Pacific, driven by the three key drivers have been identified: sustainability, affordability, and collectability, which continue to propel the demand for online auction in the region. China continues to be the largest online auction market within Asia Pacific, occupied more than 50% share in Asia Pacific, owing to the country's transformation into a consumer economy based mostly on digital technology during the previous two decades. Further, young, wealthy bidders and debt transactions are pushing China's booming online auction market ahead.
Market Dynamics
Growth Drivers
- Rise in the Use of Internet for Auction
- Rapid Urbanization
- Surging Millennial Population
- Growing Recognition of NFT
Challenges
- Security Concerns
- Auction Fraud
Market Trends
- Growing Popularity of Mobile Bidding
- Integration of Artificial Intelligence (AI)
- Growing Influence of Digital Marketing
- Cloud-based Live Streaming Online Auction
- Growth of GenZ Population
- Advancement in Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) Technology
Key Players
- eBay Inc.
- Auction Technology Group PLC (LiveAuctioneers.com)
- Ritchie Bros. Auctioneers Incorporated
- Mortgage Specialists International, LLC (Auction Network)
- Invaluable, LLC (AuctionZip.com)
- Epiris LLP (bonham.com)
- Ebid.com
- OnlineAuction.com, Inc.
- WebStore.com
- The Auction Company (TAC)
- Catawiki
- A One Salasar Pvt. Ltd.
- Biddingo.com
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
Companies Mentioned
- eBay Inc.
- Auction Technology Group PLC (LiveAuctioneers.com)
- Ritchie Bros. Auctioneers Incorporated
- Mortgage Specialists International, LLC (Auction Network)
- Invaluable, LLC (AuctionZip.com)
- Epiris LLP (bonham.com)
- Ebid.com
- OnlineAuction.com, Inc.
- WebStore.com
- The Auction Company (TAC)
- Catawiki
- A One Salasar Pvt. Ltd.
- Biddingo.com
For more information about this report visit https://www.researchandmarkets.com/r/dtxm6u
