The market across North America would hold the largest share from 2021 to 2030, contributing to nearly half of the market. However, the market across LAMEA is anticipated to register the highest CAGR of 15.4% during the forecast period.
Allied Market Research published a research report on the global online car buying market. The research states that the global online car buying market was valued at $237.93 billion in 2020, and is estimated to reach $722.79 billion by 2030, registering a CAGR of 12.2% from 2021 to 2030. The research offers comprehensive information about top investment pockets, market dynamics, major segments, and competitive scenarios for major market players, new market entrants, investors, and shareholders.
The report provides insights on market dynamics such as drivers, restraints, and opportunities to help market players formulate growth strategies and capitalize on opportunities. Availability of third-party online marketplaces, focus of OEMs on end-to-end online sales, and demand for subscription and off-lease cars have boosted the growth of the global online car buying market. However, dearth of regulation and unorganized car sales hamper the market. On the contrary, adoption of e-commerce and online technologies about high upfront cost of new vehicles would open new opportunities in the future.
· Showrooms were closed and offline purchase activities dropped significantly due to the lockdown regulation.
· Moreover, online car buying market for pre-owned car is projected to growth in the future, owing to decline in overall income and surge in preference for private cars to maintain social distancing.
The report provides an in-depth segmentation of the global online car buying market based on veicle type, propulsion type, category, and region. This study is vital for market investors to understand the largest revenue gathering segments and fastest-growing segments during the historic period and forecast period.
By vehicle type, the sedan segment would showcase the highest CAGR of 13.7% from 2021 to 2030. However, the SUVs segment will hold the largest share during the forecast period, accounting for more than one-third of the market.
By category, the new vehicle segment would manifest the highest CAGR of 19.1% during the forecast period. However, the pre-owned vehicle segment is expected to hold the largest share during the forecast period, accounting for nearly 90% of the market.
By region, the market across North America would hold the largest share from 2021 to 2030, contributing to nearly half of the market. However, the market across LAMEA is anticipated to register the highest CAGR of 15.4% during the forecast period.
The major market players of the global online car buying market are studied in the report such as Hans Asbury Automotive Group, Inc., Cargurus, Inc., AutoNation, Inc., Cars.com, Inc., CarsDirect, Group1 Automotive Inc., Cox Automotive Inc, Lithia Motors, Inc., Hendrick Automotive Group, and TrueCar, Inc.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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