Online Car Buying Market worth USD 474.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Online Car Buying Market by Vehicle Type (Hatchback, Sedan, SUV, and Others), by Propulsion Type (Petrol, Diesel, and Others), by Category (Pre-Owned Vehicle and New Vehicle), by Region – Global Share and Forecast to 2027". The global online car buying market is expected to grow from 237.9 billion in 2020 to USD 474.6 billion by 2027, at a CAGR of 12.2% during the forecast period. The rise in competition in the market and the threat of new entries are the factors that boost the growth of the online car dealership business. The reliable & add-on service/quality has changed the perspective of consumers toward the pre-owned as well as new vehicle business. Furthermore, franchised dealers that benefit from OEM engagement in certification and marketing programs, online inventory pooling, and access to high-quality contracts are well-positioned to gain from the rise of the online auto buying industry.

Additionally, there has been an increase in demand for car subscription services in recent years, which allow users to utilize a vehicle monthly by paying a monthly price that includes maintenance, insurance, and roadside assistance. Furthermore, rapid change in technology or introducing new models of vehicles at short intervals allow customers to sell or exchange their old vehicles with a new ones. Such value for money benefit has led to the rise in growth of the online car buying car industry in the coming years.

Global Online Car Buying Market Segmentation

The overall online car buying market has been segmented into the vehicle, propulsion, category, and region.

• By Vehicle Type (Hatchback, Sedan, SUV, and Others)
• By Propulsion Type (Petrol, Diesel, and Others)
• By Category (Pre-Owned Vehicle and New Vehicle)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Pre-Owned Vehicle, by tool type, is estimated to hold the largest market share during the forecast period

By category, the market is classified into pre-owned vehicles and new vehicles sold online. The Pre-Owned Vehicle segment generated the highest revenue of 87.0% of the total global online car buying market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. A pre-owned vehicle is a vehicle that has been used previously or owned by one or more owners. It is also known as the used vehicle or secondhand car. An increase in the number of online users and digital shift by various auto dealers are foreseen to boost the market growth.

Pre-owned vehicle retailers offer vehicles in various categories to their customers. These include affordable cars, certified pre-owned cars, and extended service plans. In addition, pre-owned car retailers also provide an option for online buying and customers and can also use retailer portals to get the information of pre-owned cars. Over the past few years, the prices of new vehicles witnessed a significant rise owing to affordability concerns.

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North America accounts for the largest market share in the online car buying market 2020

Based on the regions, the global online car buying market has segmented into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was the highest revenue contributor, with a market share of 47.6%. The North America online car buying market is anticipated to experience significant growth due to the surge in online auto retail. In addition, companies in this region are expanding their online dealership network to reach more customers.

The North America online car buying market is expected to grow at a considerable rate during the forecast period, owing to the rise in internet penetration and online portals to buy or get the information of use as well as new cars, warranty offered for pre-owned cars, and availability of multiple buying options. Key market players are adopting various strategies to strengthen their market presence. They are also collaborating and entering into partnerships with the domestic players to attain competitive advantage and long-term business opportunities.

This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategies of the leading companies operating in the online car buying market. It also consists of the profiles of leading companies such as CarsDirect, Cars.com, Inc., Asbury Automotive Group, Inc., AutoNation, Inc., Cargurus, Inc., Cox Automotive Inc, Lithia Motors, Inc., Hendrick Automotive Group, Group1 Automotive Inc., and TrueCar, Inc. These market players have focused on acquisitions and expansion to gain a larger market share in the online car buying market.

Browse complete report: https://www.marketstatsville.com/online-car-buying-market

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