Online car buying market size to grow by USD 214.41 million from 2021 to 2026, Increasing adoption of e-commerce to drive growth

NEW YORK, March 8, 2023 /PRNewswire/ — According to Technavio, the global online car buying market size is estimated to grow by USD 214.41 million from 2021 to 2026. The market is estimated to grow at a CAGR of 12.4% during the forecast period. Moreover, the growth momentum will accelerate. The growth of the market will be driven by factors such as the increasing adoption of e-commerce, the rise in disposable income in developing economies, and the increasing demand for personal vehicles. For more insights on the market – Request a sample report

The increasing adoption of e-commerce is a key factor driving the growth of the global online car buying market. Technological advances such as smartphones and the rising Internet penetration have increased the use of e-commerce applications. Consumers can learn more about vehicles online, including aspects such as on-road prices, residual value, third-party profit margins, and other factors. Hence, many online car dealers advertise their vehicles online and provide relevant information. Thus, the growing e-commerce industry will fuel the growth of the global online car-buying market during the forecast period.

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Online car buying market – Segmentation assessment

Segment overview

Technavio has segmented the market based on class type (pre-owned and new vehicle).

• The pre-owned segment will account for a significant share of the market’s growth during the forecast period. Most consumers prefer online channels to purchase pre-owned cars. The growth of the segment is attributed to factors such as the increasing demand for second-hand cars in developing economies such as India.

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Geography overview
Based on geography, the global online car buying market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global online car buying market.

• North America will account for 46% of the market’s growth during the forecast period. The US and Canada are the key contributors to the online car buying market in the region. However, market growth in this region will be slower than the growth of the market in other regions. The increasing adoption of e-commerce and technological advances in online channels will drive the online car buying market growth in North America during the forecast period.

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Online car buying market – Market dynamics

Leading trends influencing the market 

• Easy online financing is a key trend in the market.

• Many websites offer financing options for buyers, including preapproval for loans before purchase.

• Easy loan applications and favorable interest rates encourage more customers to opt for online financing options.

• For instance, AutoNation Inc. provides hassle-free auto financing options for customers according to their requirements.

• Thus, the availability of hassle-free and paperless online financing options will fuel the growth of the global online car buying market during the forecast period.

Major challenges hindering the market growth

• Limited customer awareness and acceptance in semi-urban and rural areas are challenging the market growth.

• The acceptance of buying a car online is an urban concept.

• In emerging economies, such as India, China, and Indonesia, customers prefer to buy cars through physical stores.

• This is because buying a car is considered a major investment for the middle-class population.

• Thus, limited consumer awareness and low acceptance in semi-urban areas will impede the growth of the global online car buying market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this online car buying market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the online car buying market between 2022 and 2026

• Precise estimation of the size of the online car buying market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the online car buying market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of online car buying market vendors

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Class Type

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Us

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SOURCE Technavio