Press release
Global Online Car Buying Market Size, Share, Price, Trends, Growth, Analysis, Report, Forecast 2024-2032
The convenience of online platforms has been a game-changer for online car buying market growth. Online platforms provide consumers with the ability to browse, customise, and purchase vehicles at their leisure, without the need for physical dealership visits. This shift has also been accelerated by the COVID-19 pandemic, which necessitated the adoption of contactless transactions and remote purchasing capabilities. As the world transitions to a post-pandemic era, these online buying habits are becoming entrenched, with many consumers expressing a preference for the digital experience over traditional car buying methods.
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Technological advancements have also played a pivotal role in driving the online car buying market demand. High-quality digital interfaces, virtual reality showrooms, and augmented reality for vehicle inspections have enhanced the online car buying experience. Furthermore, the integration of artificial intelligence and machine learning for personalised vehicle recommendations and price optimisation has improved customer satisfaction and engagement.
Regionally, markets in North America and Europe continue to lead in terms of market share, attributed to high vehicle ownership rates and well-established e-commerce infrastructure. However, the Asia Pacific region is emerging as a significant market for online car buying due to its large population, increasing internet penetration, and rapidly growing middle class with disposable income to spend on vehicles.
The online car buying market value is expected to increase, due primarily to the ongoing digital transformation, technological enhancements, and the continued evolution of consumer behaviour towards online shopping. The market is also shaped by changing consumer expectations. The modern car buyer is looking for convenience, speed, and extensive choice - all of which are offered by online platforms. The ability to research, compare, and purchase a car from any location at any time is a significant draw for consumers, many of whom now prefer online transactions over traditional dealership experiences.
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Online Car Buying Market Segmentation
The market can be divided based on vehicle type, propulsion type, category, and region.
Market Breakup by Vehicle Type
Hatchback
Sedan
SUV
Others
Market Breakup by Propulsion Type
Petrol
Diesel
Others
Market Breakup by Category
Pre-Owned Vehicle
New Vehicle
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Online Car Buying Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global online car buying market. Some of the major players explored in the report by Expert Market Research are as follows:
Asbury Automotive Group, Inc.
AutoNation, Inc.
CarGurus, Inc.
MH Sub I, LLC (CarsDirect)
com Inc.
Cars24 Services Private Limited
Group 1 Automotive, Inc.
Hendrick Automotive Group
TrueCar, Inc.
Lithia Motors, Inc.
Others
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