Online Car Buying Market Size is projected to reach USD 722

New York, United States, March 14, 2023 (GLOBE NEWSWIRE) -- Online car buying has recently become popular as cars are brought through end-to-end from online retail stores. Online car buying platforms provide customers many opportunities, like enhanced price lucidity, the effortlessness of shopping from residence, and a digital payment procedure. Customers buy vehicles from these platforms without difficulty and can opt for them according to their convenience and preference. Consumers also can instantaneously access an extensive arrangement of accessible vehicles along with practice suggestions and recommendations with effortless benchmarking and cost comparisons with less or zero paperwork. The online car markets also offer home deliveries of vehicles.

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OEMs Focus on End-to-End Online Sales and Third-Party Online Marketplaces to Drive the Global Online Car Buying Market

Many original equipment manufacturers (OEMs) have been experimenting with online sales to provide their customers with a better online experience, including greater price transparency, ease of purchasing from home, and a digital payment mechanism. Volkswagen, for instance, is launching a new line of electric vehicles concurrently with its new IT infrastructure, which is projected to substantially enhance the likelihood of online vehicle sales. Additionally, Britta Seeger, a Daimler's board of directors responsible for marketing and sales, disclosed in 2019 that the OEM anticipated selling 25% of its vehicles online by 2025.

Several European automakers, including Dacia, Volvo, Hyundai, Jaguar, Alpine, Mitsubishi, BMW, Land Rover, and Mini, concentrate their internet sales efforts on a select number of markets. The customer experience provided by these online retailers and platforms must be improved, as their adoption is currently restricted. Hyundai and Audi, for instance, make a negligible quantity of online-only models. Many others only permit the purchase of new vehicles or do not give a trade-in alternative. In addition, the percentage of online sales for most original equipment manufacturers (OEMs) is still low but is expected to rise soon.

Moreover, third-party online marketplaces provide professional dealers and private sellers a venue to display their new and used automobiles to a substantial online audience. Customers can quickly peruse available alternatives, obtain simple access to product data and prices, and gain rapid access to various in-stock vehicles. In addition, they can receive tailored advice and recommendations, benchmarking and price comparisons requiring minimal or no documentation, in-home trade-ins, and vehicle delivery. Additionally, sellers have the option to charge for product promotion. The number of third-party marketplaces, platforms, and internet users will likely expand dramatically during the predicted time.

The Adoption of E-Commerce and Online Technologies to Create Global Online Car Buying Market Opportunities

The buyer's position in the market has changed due to technological developments such as the emergence of the internet, e-commerce websites and applications to raise demand for goods, and the introduction of hybrid and electric automobiles. With online technology, consumers are learning more about the car, the on-road price of new autos, residual value, and third-party profit margin, among other factors, for pre-owned vehicles. In addition, advancements in the telecommunications industry, Internet connectivity, and growing urbanization have made it easier for people to obtain information more efficiently.

These aspects are widely utilized by online auto dealers to promote and convey information about their autos. On this online platform, the sales process has been shortened, making it feasible for more parties to sell and purchase automobiles. In this industry, the supply side outweighs the demand side. Transparency via knowledge has transformed the dynamics and enabled businesses to leverage customer intelligence to their advantage, which is anticipated to increase online auto sales in the following years.

Report Scope

Report Metric	Details
Market Size	USD 722 billion by 2030
CAGR	12.21% (2022-2030)
Historical Data	2019-2020
Base Year	2021
Forecast Period	2022-2030
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Vehicle Type, Propulsion Type, Category
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Asbury Automotive Group Inc., Autonation Inc., Cargurus Inc., Carsdirect.com, Cars.com Inc., Cox Automotive Inc., Group1 Automotive Inc., Hendrick Automotive Group, Lithia Motors Inc., Truecar Inc.
Key Market Opportunities	The Adoption of E-Commerce and Online Technologies
Key Market Drivers	OEMs Focus on End-to-End Online Sales and Third-Party Online Marketplaces

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Regional Insight

North America will command the market while growing at a CAGR of 10.51%. In North America, the market for online automotive purchasing is anticipated to experience tremendous growth in the following years due to the surge in online auto shopping. To reach more customers, firms in this region are also expanding their online dealership network. Due to increased internet usage, the availability of online portals for used and new car information, warranties offered for used cars, and a range of purchasing options, it is anticipated that the North American online auto buying business will grow at a rapid rate throughout the forecast period. Numerous strategies are being utilized by significant market participants to expand their market presence.

They are also collaborating and forming partnerships with domestic players to acquire a competitive advantage and long-term commercial viability. The United States dominates the online car-buying business in North America, as it sells more of every vehicle type than any other country. In addition, it revealed that there were 2.4 times more pre-owned vehicle sales in the United States than new ones. In addition, the pandemic outbreak raised the demand for pre-owned vehicle transactions conducted online. For instance, Vroom, an online retailer of pre-owned automobiles, increased demand.

The Asia-Pacific will likely hold USD 139 billion, growing at a CAGR of 14.12%. The region's fast-expanding internet user base and the automobile industry's technological advancement significantly impact the growth of the online market for purchasing automobiles. Due to its largest population and developing countries such as China and India, the Asia-Pacific area has experienced continual growth. It offers the most growth opportunities in any region. India, China, and ASEAN countries are viewed as developing markets worldwide for online vehicle purchases because of the increasing number of internet users in the area, fueling regional expansion.

In addition, factors such as increasing populations, affordability, convenience, and disposable incomes are supporting the expansion of the online car-buying industry. Auto retailers are focusing on various digital platforms for end-to-end online transactions to take advantage of the growing number of Internet users. Nissan, for example, unveiled Nissan@Home in December 2020, a digital platform that allowed customers to complete all of their purchases, including test drives and financing arrangements, online.

Key Highlights

The global online car buying market size is expected to reach USD 722 billion by 2030, growing at a CAGR of 12.21% during the forecast period (2022-2030).
Based on the vehicle type, the SUV section is predicted to have the highest shareholding, growing at a CAGR of 12.11%.
Based on the propulsion type, the petrol section is predicted to expand at a CAGR of 10.91% and hold the largest market share.
Based on the category, the pre-owned vehicle section will likely hold the largest share, growing at a CAGR of 10.91%.
Based on regional analysis, North America will command the market while growing at a CAGR of 10.51%

Competitors in Online Car Buying Market

Asbury Automotive Group Inc.
Autonation Inc.
Cargurus Inc.
Carsdirect.com
Cars.com Inc.
Cox Automotive Inc.
Group1 Automotive Inc.
Hendrick Automotive Group
Lithia Motors Inc.
Truecar Inc.

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Global Online Car Buying Market Segmentation

By Vehicle Type

Hatchback
Sedan
SUV
Others

By Propulsion Type

Petrol
Diesel
Others

By Category

Pre-owned
New Vehicle

By Region

North America
Europe
Asia-Pacific
LAMEA

Table of Content

Executive Summary
Research Scope & Segmentation
1. Research Objectives
2. Market Definition
3. Limitations & Assumptions
4. Market Scope & Segmentation
5. Currency & Pricing Considered
Market Opportunity Assessment
1. Emerging Regions / Countries
2. Emerging Companies
3. Emerging Applications / End Use
4. Investment Landscape
5. New Business Models / Revenue Streams
6. TAM
Market Trends
1. Drivers
2. Market Warning Factors
3. Latest Macro Economic Indicators
4. Geopolitical Impact
5. Human Factors
6. Technology Factors
Market Assessment
1. Porters Five Forces Analysis
2. Value Chain Analysis
3. Sales And Distribution Channel Analysis
4. Case Study Analysis
5. Patent Analysis
6. M & A Agreements & Collabration Analysis
ESG Trends
Global Online Car Buying Market Size Analysis
1. Global Online Car Buying Market Introduction
2. By Vehicle Type
  1. Introduction
    1. Vehicle Type By Value
  2. Hatchback
    1. By Value
  3. Sedan
    1. By Value
  4. SUV
    1. By Value
  5. Others
    1. By Value
3. By Propulsion Type
  1. Introduction
    1. Propulsion Type By Value
  2. Petrol
    1. By Value
  3. Diesel
    1. By Value
  4. Others
    1. By Value
4. By Category
  1. Introduction
    1. Category By Value
  2. Pre-Owned
    1. By Value
  3. New Vehicle
    1. By Value
North America Market Analysis
1. Introduction
2. By Vehicle Type
  1. Introduction
    1. Vehicle Type By Value
  2. Hatchback
    1. By Value
  3. Sedan
    1. By Value
  4. SUV
    1. By Value
  5. Others
    1. By Value
3. By Propulsion Type
  1. Introduction
    1. Propulsion Type By Value
  2. Petrol
    1. By Value
  3. Diesel
    1. By Value
  4. Others
    1. By Value
4. By Category
  1. Introduction
    1. Category By Value
  2. Pre-Owned
    1. By Value
  3. New Vehicle
    1. By Value
5. U.S.
  1. By Vehicle Type
    1. Introduction
      1. Vehicle Type By Value
    2. Hatchback
      1. By Value
    3. Sedan
      1. By Value
    4. SUV
      1. By Value
    5. Others
      1. By Value
  2. By Propulsion Type
    1. Introduction
      1. Propulsion Type By Value
    2. Petrol
      1. By Value
    3. Diesel
      1. By Value
    4. Others
      1. By Value
  3. By Category
    1. Introduction
      1. Category By Value
    2. Pre-Owned
      1. By Value
    3. New Vehicle
      1. By Value
6. Canada
Europe Market Analysis
1. Introduction
2. By Vehicle Type
  1. Introduction
    1. Vehicle Type By Value
  2. Hatchback
    1. By Value
  3. Sedan
    1. By Value
  4. SUV
    1. By Value
  5. Others
    1. By Value
3. By Propulsion Type
  1. Introduction
    1. Propulsion Type By Value
  2. Petrol
    1. By Value
  3. Diesel
    1. By Value
  4. Others
    1. By Value
4. By Category
  1. Introduction
    1. Category By Value
  2. Pre-Owned
    1. By Value
  3. New Vehicle
    1. By Value
5. U.K.
  1. By Vehicle Type
    1. Introduction
      1. Vehicle Type By Value
    2. Hatchback
      1. By Value
    3. Sedan
      1. By Value
    4. SUV
      1. By Value
    5. Others
      1. By Value
  2. By Propulsion Type
    1. Introduction
      1. Propulsion Type By Value
    2. Petrol
      1. By Value
    3. Diesel
      1. By Value
    4. Others
      1. By Value
  3. By Category
    1. Introduction
      1. Category By Value
    2. Pre-Owned
      1. By Value
    3. New Vehicle
      1. By Value
6. Germany
7. France
8. Spain
9. Italy
10. Russia
11. Nordic
12. Benelux
13. Rest Of Europe
APAC Market Analysis
1. Introduction
2. By Vehicle Type
  1. Introduction
    1. Vehicle Type By Value
  2. Hatchback
    1. By Value
  3. Sedan
    1. By Value
  4. SUV
    1. By Value
  5. Others
    1. By Value
3. By Propulsion Type
  1. Introduction
    1. Propulsion Type By Value
  2. Petrol
    1. By Value
  3. Diesel
    1. By Value
  4. Others
    1. By Value
4. By Category
  1. Introduction
    1. Category By Value
  2. Pre-Owned
    1. By Value
  3. New Vehicle
    1. By Value
5. China
  1. By Vehicle Type
    1. Introduction
      1. Vehicle Type By Value
    2. Hatchback
      1. By Value
    3. Sedan
      1. By Value
    4. SUV
      1. By Value
    5. Others
      1. By Value
  2. By Propulsion Type
    1. Introduction
      1. Propulsion Type By Value
    2. Petrol
      1. By Value
    3. Diesel
      1. By Value
    4. Others
      1. By Value
  3. By Category
    1. Introduction
      1. Category By Value
    2. Pre-Owned
      1. By Value
    3. New Vehicle
      1. By Value
6. Korea
7. Japan
8. India
9. Australia
10. Taiwan
11. South East Asia
12. Rest Of Asia-Pacific
Middle East And Africa Market Analysis
1. Introduction
2. By Vehicle Type
  1. Introduction
    1. Vehicle Type By Value
  2. Hatchback
    1. By Value
  3. Sedan
    1. By Value
  4. SUV
    1. By Value
  5. Others
    1. By Value
3. By Propulsion Type
  1. Introduction
    1. Propulsion Type By Value
  2. Petrol
    1. By Value
  3. Diesel
    1. By Value
  4. Others
    1. By Value
4. By Category
  1. Introduction
    1. Category By Value
  2. Pre-Owned
    1. By Value
  3. New Vehicle
    1. By Value
5. UAE
  1. By Vehicle Type
    1. Introduction
      1. Vehicle Type By Value
    2. Hatchback
      1. By Value
    3. Sedan
      1. By Value
    4. SUV
      1. By Value
    5. Others
      1. By Value
  2. By Propulsion Type
    1. Introduction
      1. Propulsion Type By Value
    2. Petrol
      1. By Value
    3. Diesel
      1. By Value
    4. Others
      1. By Value
  3. By Category
    1. Introduction
      1. Category By Value
    2. Pre-Owned
      1. By Value
    3. New Vehicle
      1. By Value
6. Turkey
7. Saudi Arabia
8. South Africa
9. Egypt
10. Nigeria
11. Rest Of MEA
LATAM Market Analysis
1. Introduction
2. By Vehicle Type
  1. Introduction
    1. Vehicle Type By Value
  2. Hatchback
    1. By Value
  3. Sedan
    1. By Value
  4. SUV
    1. By Value
  5. Others
    1. By Value
3. By Propulsion Type
  1. Introduction
    1. Propulsion Type By Value
  2. Petrol
    1. By Value
  3. Diesel
    1. By Value
  4. Others
    1. By Value
4. By Category
  1. Introduction
    1. Category By Value
  2. Pre-Owned
    1. By Value
  3. New Vehicle
    1. By Value
5. Brazil
  1. By Vehicle Type
    1. Introduction
      1. Vehicle Type By Value
    2. Hatchback
      1. By Value
    3. Sedan
      1. By Value
    4. SUV
      1. By Value
    5. Others
      1. By Value
  2. By Propulsion Type
    1. Introduction
      1. Propulsion Type By Value
    2. Petrol
      1. By Value
    3. Diesel
      1. By Value
    4. Others
      1. By Value
  3. By Category
    1. Introduction
      1. Category By Value
    2. Pre-Owned
      1. By Value
    3. New Vehicle
      1. By Value
6. Mexico
7. Argentina
8. Chile
9. Colombia
10. Rest Of LATAM
Competitive Assessment
1. Adoption Matrix
2. Online Car Buying Market Share By Manufacturers
3. Online Car Buying Market Ranking By Revenue For Manufacturers
4. Average Price By Manufacturers
5. Vendor Footprint Analysis
Market Players Assessment
1. Asbury Automotive Group Inc.
  1. Overview
  2. Business Information
  3. Revenue
  4. ASP
  5. Gross Margin
  6. Swot Analysis
  7. Recent Developmments
2. Autonation Inc.
3. Cargurus Inc.
4. Com
5. Com Inc.
6. Cox Automotive Inc.
7. Group1 Automotive Inc.
8. Hendrick Automotive Group
9. Lithia Motors Inc.
10. Truecar Inc.
Research Methodology
1. Research Data
  1. Secondary Data
    1. Major Secondary Sources
    2. Key Data From Secondary Sources
  2. Primary Data
    1. Key Data From Primary Sources
    2. Breakdown Of Primaries
  3. Secondary And Primary Research
    1. Key Industry Insights
2. Market Size Estimation
  1. Bottom-Up Approach
  2. Top-Down Approach
  3. Market Projection
3. Research Assumptions
  1. Assumptions
4. Limitations
5. Risk Assessment
APPENDIX
1. Discussion Guide
2. Customization Options
3. Related Reports
DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/online-car-buying-market/toc

Recent Development

In May 2022, a new Digital Deal Solution was launched by Carguru. It enables dealers to sell more cars.
In May 2022, Group 1 Automotive Inc amended and extended USD 2 Billion revolving credit facility.
In March 2022, Cox Automotives announced Upside. This system delivers a vibrant wholesale marketplace with advantages for buyers and sellers.
In June 2022, Tesla was added by Cars.com to the exclusive list of multi-year chart-toppers.

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Online Car Buying Market Size is projected to reach USD 722 billion by 2030, growing at a CAGR of 12.21%: Straits Research

The global online car buying market had a revenue holding of USD 256 billion in 2021. It is expected to reach USD 722 billion by 2030, growing at a CAGR of 12.21% during the forecast period (2022-2030), North America will command the market while growing at a CAGR of 10.51%.

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Online Car Buying Market Size is projected to reach USD 722 billion by 2030, growing at a CAGR of 12.21%: Straits Research

The global online car buying market had a revenue holding of USD 256 billion in 2021. It is expected to reach USD 722 billion by 2030, growing at a CAGR of 12.21% during the forecast period (2022-2030), North America will command the market while growing at a CAGR of 10.51%.

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