The global online car buying market was valued at $237.93 billion in 2020, and is projected to reach $722.79 billion by 2030, registering a CAGR of 12.2% from 2021 to 2030.
Online car buying market refers to the end-to-end buying of car through online platforms. Online car buying allows customer to have better price transparency, the ease of shopping from home, and a digital payment process. Customers can easily go through the available offerings and have quick access to product related information, prices and can instantly access to a wide array of available vehicles along with custom suggestion and recommendations with easy benchmarking and price comparisons with less or even no paperwork that too with home deliveries of vehicles. The online car buying market can be categorized as pre-owned vehicle also called used vehicle and new vehicles.
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Companies covered in this report study:
• Asbury Automotive Group, Inc.
• AutoNation, Inc.
• Cargurus, Inc.
• Cars.com, Inc.
• Cox Automotive Inc
• Group1 Automotive Inc.
• Hendrick automotive group
• Lithia motors, Inc.
• TrueCar, Inc.
Then the COVID-19 outbreak resulted in closing showrooms, sending sales teams home and driving consumers to purchase vehicles online. The COVID-19 pandemic has accelerated the trend toward online purchases, increasing online penetration and changing consumer behavior. The outbreak has forced the consumer to purchase the vehicle online. The shift to digital retail appeared to be fruitful for many automotive dealers across the globe. Furthermore, most of the consumers also prefer the online channels to buy new and pre-owned cars, which in turn is expected to fuel the growth of the online sector in the online car buying market. There are some automotive companies that are struggling due to the pandemic, while the online car buying market for pre-owned cars is projected to bolster the sales in some regions owing to decrease in income, shortage of money, and rise in preference for private cars to maintain social distancing, which is anticipated to positively impact the industry amid the COVID-19 pandemic.
Key Market Segments
By Vehicle Type
By Propulsion Type
• Pre-Owned Vehicle
• New Vehicle
The global online car buying market is segmented on the basis of vehicle type, propulsion type and category. By vehicle type, the market has been categorized into hatchback, sedan, SUV and other. On the basis of propulsion type, it is categorized into petrol, diesel and others. On the basis of category, it is categorized into pre-owned vehicle and new vehicle. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA. Rise in number of active internet users, increase in vehicle demand, digitization of the automotive retail sector in countries, such as the U.S., Canada, the UK, Germany and China, and surge in third party online marketplaces are anticipated to propel the growth of online car buying market between 2021 and 2030.
Several OEMs have started experimenting with online sales to deliver a better online experience for their clients, including better price transparency, the ease of shopping from home, and a digital payment process. For instance, Volkswagen is uniting the launch of its new IT infrastructure with a new range of electric vehicles that is expected to enable online vehicle sales at a considerably large extent. In February 2019, PSA Group CEO Carlos Tavares stated aims to push online sales by more than 1,500% from 6,000 units in 2018 to 100,000 by the end of 2021. In addition, in June 2019, the responsible members of the board for marketing and sales at Daimler, Britta Seeger, announced that the OEM is expected to sell 25% of its vehicles online by 2025. In Europe, automakers such as Dacia, Volvo, Hyundai, Jaguar, Alpine, Mitsubishi, BMW, Land Rover, and Mini are directing online sales in selected markets. However, still the adoption of these online platforms and stores remains low and the customer experience they offer need to be improved. for example, Hyundai and Audi only make a small series of models, which are available online. Many others either do not provide a trade-in option or limit purchase options to new cars. Furthermore, for most OEMs, the online sales share still remains low, which is expected to witness growth in the near future.
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