According to the latest report by IMARC Group, titled “Online Car Buying Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the online car buying market report.

Online car buying represents an e-commerce activity where customers can directly buy or lease new as well as pre-owned cars by using a web browser or a mobile app. It offers price transparency, convenience, a secure payment process, etc., to users. In line with this, online car buying is affordable, time-efficient, hassle-free, etc., and provides a diverse product catalog and various customized services. Presently, companies extensively use intelligent search engines on their websites to help consumers in comparing several cars in different price ranges or negotiate for a fair deal with car owners across the globe.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Trends:

The expanding e-commerce industry, owing to the growing consumer awareness towards the associated convenience, the rising digital literacy, and improving internet accessibility, is primarily driving the online car buying market. Additionally, the inflating disposable income levels of individuals and the escalating demand for electric vehicles (EVs) are further catalyzing the market growth. Besides this, companies are offering innovative car deals through these platforms, on account of the increasing popularity of social media networking sites, which is acting as another significant growth-inducing factor. Moreover, the launch of numerous favorable policies by government bodies to promote the usage of fuel-efficient cars, the emerging trend of personal vehicles, and continuous enhancements in urban road infrastructures are positively influencing the global market. Apart from this, the widespread adoption of pre-owned cars, especially by the millennial population, as they offer affordability and accessibility, is also propelling the market growth. Furthermore, extensive investments in R&D activities are expected to fuel the online car buying market over the forecasted period.

Breakup by Vehicle Type:

• Hatchback

• Sedan

• SUV

• Others

Breakup by Propulsion Type:

• Petrol

• Diesel

• Others

Breakup by Category:

• Pre-Owned Vehicle

• New Vehicle

Breakup by Region:

• 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

Competitive Landscape with Key Player:

• 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.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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