Online Car Buying Market Next Big Thing | Prominent Companies: AutoTempest, Autobytel, Autolist, Autotrader, Bring a Trailer, Car Gurus, Car Sense, CarSoup, Cars Direct, and Cars.com
Online car buying is a platform for a used car, a pre-owned vehicle, or a second-hand car, which is a vehicle that has previously had one or more retail owners. Used cars are sold through a variety of outlets, including franchise and independent car dealers, rental car companies, buy here pay here dealerships, leasing offices, auctions, and private party sales. Some car retailers offer no-haggle prices, certified used cars, and extended service plans or warranties. Digital media is playing an increasingly important role in determining the purchase decisions of car buyers. Consumers today are increasingly researching online before purchasing a vehicle, even in smaller cities and towns.
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COVID-19 scenario analysis:
• As the global economy is highly dependent on the automotive industry but it is also dependent on many other industries as well such as steel, chemicals, and textile, but as they are shut down due to pandemic it has tremendously affected the automobile industry.
• The automobile sector was struggling in many countries before the pandemic and due to the lockdown, supply and demand have vanished from the market.
• The impact of the coronavirus will affect the sales of automobiles in every country, which will impact the automotive online car buying markets well.
• The deadly virus has destroyed the supply chain of many markets and it will take some time to revive back as the online market completely depends on the supply chain. Hence it will tremendously affect the automotive online car buying market.
• The safety and security feature has to be improved after the lockdown, which may benefit the automotive online car buying market due to this pandemic.
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Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the market growth include increase in demand for automobiles and increasing awareness for safety and comfort. However, there are hidden fees when you buy online which includes shipping charges, taxes, and other fees associated with the cost of the car can substantially increase the amount anticipated to hamper the growth of the market. Furthermore, other unprecedented pandemic-linked trends also tilted the scale in favor of used cars last year, such as the shift away from public transportation and a flight to the suburbs is expected to offer lucrative opportunities for the online car buying market during the forecast period.
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The online car buying market trends are as follows:
Increase in demand for automobiles
Increase in urbanization in many developing countries has created a huge demand for an automobile as the buying power has significantly increased over the past decade. In addition, this increase in the demand for the customers in the market has forced manufacturers to advance their technologies and bring in many options for the customers to meet the demand. Hence, the increase in use of automobiles in developed and developing economies is expected to boost the growth of the online car buying market during the forecast period.
Increase in awareness for safety and comfort
The buying power of customers is increasing rapidly in many developing countries due to urbanization, which is creating a huge demand for safety in automobiles. The certified resellers provide assurance for the safety and security of the vehicle some are intended to give their assistance in case of any casualties. These services given by resellers attain the trust of customers and now a greater number of people are seeming to be shifting towards the online car buying market. Moreover, to gain competitive edge companies are offering some of these features in their economic vehicles also which is spreading more awareness among the customers and forcing them to buy expensive vehicles. Hence, these factors are likely to add to the growth of the online car buying marketing the coming years.
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Key benefits of the report:
• This study presents the analytical depiction of the online car buying market industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the online car buying market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the online car buying market scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed online car buying market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the online car buying market research report:
• What are the leading market players active in the online car buying market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?
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