Online Car Buying Market Expected to Reach $722.79 Billion by 2030

According to a recent report published by Allied Market Research, titled, "𝐎𝐧𝐥𝐢𝐧𝐞 𝐂𝐚𝐫 𝐁𝐮𝐲𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐛𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞, 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐓𝐲𝐩𝐞 𝐚𝐧𝐝 𝐂𝐚𝐭𝐞𝐠𝐨𝐫𝐲: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐧𝐝 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭, 𝟐𝟎𝟐𝟏-𝟐𝟎𝟐𝟖", 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.

⭐𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/10432

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, 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. Also, Volkswagen is uniting the launch of its new range of electric vehicles with the release of a new IT infrastructure that will enable online vehicle sales on a considerably large extent. In addition, in June 2019, the responsible members of the board for marketing and sales at Daimler, Britta Seeger, announced that the OEM would 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 a bit low and the customer experience they offer needs 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 and foreseen to grow in near future.

However, unorganized pre-owned car sales and lack of regularization hamper the growth of the global market. Moreover, advent of e-commerce & online technologies, steady increase in organized/semi organized sales in emerging countries, and growth in electric vehicle as well as other alternative fuel vehicle business across the globe and demand for car sharing services are projected to offer rewarding opportunities for the growth of the global online car buying market.

⭐𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 - https://www.alliedmarketresearch.com/online-car-buying-market/purchase-options

The advancements in technology such as the development of the internet, use of e-commerce sites & applications to boost the demand for business, and introduction of hybrid and electric vehicle has changed the buyer position in the market. With the help of online technologies, consumers are becoming knowledgeable about the vehicle, on road price of new cars and residual value, third party profit margin and others for pre-owned vehicles. Moreover, rapid urbanization, surge in internet connectivity, and developments in the telecom sector have allowed for a much-better information flow for people. These factors are being rapidly used by online car sellers to advertise their vehicles and spread the details about them. This online platform has smoothly increased the sales process and enables more stakeholders to sell and buy cars. The supply side of this market has more weightage than the demand side and transparency through knowledge has changed the dynamics and managed to turn customer intelligence to their advantage, thereby projected to increase the online car sales in the future.

Third-party online marketplaces offer a platform for professional dealers and private sellers to market their new as well as used vehicles to a large online customer. Customers can easily go through the available offerings and have quick and convenient access to product information and prices and can instantly access to a wide array of available vehicles and custom suggestion and recommendations, easy benchmarking and price comparisons with less or even no paperwork along with at-home trade-ins and deliveries of vehicles. In addition, sellers can pay the marketplace to advertise their product. For each transaction that takes place via the online platform, they pay a fee to the marketplace. Online brokers such as Carwow work in a similar manner. They connect car buyers and sellers via their online platform. However, unlike online marketplaces, customers do not browse from a list of available offers. Growing internet users, third-party market places and platforms across the globe is expected to strengthen the online car buying market during the forecast period.

⭐𝐋𝐢𝐬𝐭 𝐎𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
Asbury Automotive Group, Inc. AutoNation, Inc., Cargurus, Inc., CarsDirect, Cars.com, Inc., Cox Automotive Inc., Group1 Automotive Inc., Hendrick automotive group, Lithia motors, Inc. and TrueCar, Inc.

North America dominates the market presently, followed by Europe, Asia-Pacific, and LAMEA. In North America, the U.S. dominated the online car buying market in 2020, and is expected to maintain its dominance during the forecast period. Key factors that drive the growth are rise in number of active internet users, digitization of automotive retail sector and ever-increasing vehicle demand, which are expected to strengthen the online car buying market. Furthermore, rise in third-party online marketplaces is also offering a platform for dealers and private sellers to market their new as well as pre-owned vehicle.

⭐𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/10432

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

✸In 2020, by vehicle type, the SUV segment generated the highest revenue.
✸In 2020, by propulsion type, the petrol segment was the highest revenue contributor.
✸In 2020, by category, the pre-owned vehicle segment was the highest revenue contributor.
✸In 2020, region-wise, North America contributed the highest revenue, followed by Europe, Asia-Pacific, and LAMEA.

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
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