Online Car Buying Market 2023: Size, Share, Trends, Demand and Forecast 2028

According to the latest report by IMARC Group, titled “Online Car Buying Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” 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.

Online car buying is an online end-to-end buying process that enables consumers to extract information regarding available offers, models, and prices to maintain transparency during a car purchase. It provides various digital payment options, streamlined buying procedures, better deals, paperwork, an array of choices, and is less time-consuming.

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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 rapid expansion in the e-commerce and online shopping industry represents one of the key factors primarily driving the market growth. Apart from this, the introduction of innovative car deals offered by companies on various social media platforms and social media networking sites is providing a positive outlook to the market growth. Other factors, such as the easy availability of electric vehicles (EVs) on online platforms and the affordability offered by such portals, are also driving the market toward growth. In line with this, rising consumer expenditure capacities and the increasing inclination toward buying pre-owned cars, are acting as other major growth-inducing factors.

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.

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