Online Car Buying Market Size to Reach US$ 563.8 Billion by 2028 | Industry CAGR of 11.1%

IMARC Group, a leading market research company, has recently releases report titled "Online Car Buying Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The study provides a detailed analysis of the industry, including the global Online car buying market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the online car buying market?

The global online car buying market size reached US$ 294.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 563.8 Billion by 2028, exhibiting a growth rate (CAGR) of 11.1% during 2023-2028.

What is online car buying?

Online car buying is a digital commercial transaction that allows customers to purchase or lease new or used vehicles using a web browser or mobile application. It offers various benefits to customers, including higher price transparency, improved user convenience, and secure payment processing. It is cost-effective, saves time, and involves less hassle, providing a vast range of products and personalized services. As a result, many companies are integrating intelligent search engines into their websites to help customers in buying cars online, enabling them to compare various brands and models within different price ranges.

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What are the growth prospects and trends in the online car buying industry?

The global online car buying market is primarily driven by the increasing awareness among people about the convenience associated with online shopping. Moreover, the rising use of social media networking sites by companies to offer attractive car deals is positively influencing market growth. Additionally, the escalating demand for electric vehicles (EVs) due to the increasing concerns among individuals regarding the harmful environmental effects of emissions from petrol-based cars has catalyzed market growth. Besides this, the emerging trend of personal vehicles owing to the improving urban road infrastructure and elevating income levels of individuals is another major growth-inducing factor. Furthermore, the increasing popularity of pre-owned cars, especially among the younger generation, due to their affordability and accessibility, is contributing to market growth. Other factors, including the rapid expansion of the e-commerce industry, rising digital literacy, and favorable government policies, are also anticipated to drive the market further.

What is included in market segmentation?

The report has segmented the market into the following categories:

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
Asia-Pacific
Europe
Latin America
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Asbury Automotive Group Inc.
AutoNation Inc.
Cargurus Inc.
com
com Inc.
Cox Automotive Inc
Group 1 Automotive Inc.
Hendrick Automotive Group
Lithia Motors Inc
TrueCar Inc.

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