IMARC Group's report titled "Online Car Buying Market Report by Vehicle Type (Hatchback, Sedan, SUV, and Others), Propulsion Type (Petrol, Diesel, and Others), Category (Pre-Owned Vehicle, New Vehicle), and Region 2024-2032". The global online car buying market size reached US$ 326.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 754.2 Billion by 2032, exhibiting a growth rate (CAGR) of 9.6% during 2024-2032.
Factors Affecting the Growth of the Online Car Buying Industry:
- Rising Digital Convenience and Accessibility:
The online car buying market is primarily driven by the increasing convenience and accessibility provided by digital platforms. Consumers can now research, compare, and purchase vehicles from their smartphones or computers, eliminating the need for physical visits to dealerships. Comprehensive online catalogs offer detailed information on car models, specifications, pricing, and customer reviews, empowering buyers with the knowledge needed to make informed decisions. This digital convenience saves time and expands the reach of car buying, allowing consumers to explore a wide range of options without geographical constraints, thus fueling the growth of the online car market.
- Heightening Contactless Transactions and Safety Concerns:
The recent outbreak of the coronavirus (COVID-19) pandemic has accelerated the adoption of online car buying as safety concerns have prompted a shift toward contactless transactions and interactions. Online platforms are now offering virtual showrooms, interactive 360-degree views, and video consultations with dealers, enabling customers to explore and purchase vehicles while minimizing physical contact. These safety-driven adaptations have addressed pandemic-related concerns and also resonated with consumers seeking hassle-free and secure ways to buy cars. As safety remains a top priority, online car buying is expected to maintain its appeal beyond the pandemic era.
- Transparency, Options, and Financing Tools:
Transparency in pricing, coupled with a vast array of vehicle options, is a major driver of online car buying market. Buyers can easily compare prices, features, and deals across multiple platforms, ensuring they get the best value for their money. Additionally, online car marketplaces often offer financing tools that allow customers to explore financing options, calculate monthly payments, and secure pre-approvals. These tools simplify the financial aspect of car buying and provide a seamless end-to-end experience. The combination of transparency, choice, and financing assistance enhances the overall online car buying journey, making it an attractive option for consumers.
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Leading Companies Operating in the Global Online Car Buying Market :
- Asbury Automotive Group Inc.
- AutoNation Inc
- Cargurus Inc
- CarsDirect.com
- Cars.com Inc.
- Cox Automotive Inc
- Group 1 Automotive Inc.
- Hendrick Automotive Group
- Lithia Motors Inc.
- TrueCar Inc.
Online Car Buying Market Report Segmentation:
By Vehicle Type:
- Hatchback
- Sedan
- SUV
- Others
SUV represented the leading segment due to their rising popularity among online car buyers, offering versatility, space, and diverse options that cater to a broad range of consumer preferences.
By Propulsion Type:
- Petrol
- Diesel
- Others
Petrol accounted for the largest market share owing to its wide availability and familiarity among consumers, making them a preferred choice in online car purchasing.
By Category:
- Pre-Owned Vehicle
- New Vehicle
Pre-owned represented the largest segment as online buyers seek cost-effective and reliable options, often finding attractive deals and a variety of choices in the pre-owned car market.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the online car buying market is attributed to its mature e-commerce infrastructure, digital-savvy consumers, and the rapid adoption of online platforms.
Global Online Car Buying Market Trends:
At present, the online car buying market is witnessing robust growth propelled by the increasing digitalization of the automotive industry and the enhanced convenience of online platforms that transforms the car buying experience, allowing customers to browse, compare, and purchase vehicles from the comfort of their homes. Apart from this, the coronavirus (COVID-19) pandemic has accelerated the shift toward online car buying as consumers sought contactless and safe shopping options, thus stimulating market growth. Besides this, the availability of extensive information, virtual test drives, and online financing options that enhance transparency and accessibility and make it easier for buyers to make informed decisions is further catalyzing market growth. Furthermore, the rise of e-commerce platforms and online marketplaces dedicated to automotive sales is positively influencing the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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