PUBLISHER: IMARC | PRODUCT CODE: 1451502
PUBLISHER: IMARC | PRODUCT CODE: 1451502
Online Car Buying Market Report by Vehicle Type (Hatchback, Sedan, SUV, and Others), Propulsion Type (Petrol, Diesel, and Others), Category (Pre-Owned Vehicle, New Vehicle), and Region 2024-2032
The global online car buying market size reached US$ 326.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 754.2 Billion by 2032, exhibiting a growth rate (CAGR) of 9.6% during 2024-2032. The market is experiencing strong growth driven by the convenience and accessibility offered by the platform, transparency and information availability, rapid digitalization of the automotive industry, changing consumer preferences and behavior, and cost-efficiency and competitive pricing.
Online Car Buying Market Analysis:
Market Growth and Size: The market is witnessing strong growth, driven by the increasing consumer preference for digital transactions. It is estimated to be worth billions of dollars, with a strong upward trajectory.
Technological Advancements: Technology has played a pivotal role in shaping the online car buying experience. Innovations such as virtual showrooms, augmented reality, and AI-powered chatbots have improved user engagement and simplified the purchasing process.
Industry Applications: Online car buying is not limited to just purchasing vehicles. It encompasses various facets, including vehicle research, price comparison, financing, and even home delivery services, providing a comprehensive solution for consumers.
Geographical Trends: The adoption of online car buying varies across regions. Developed markets like North America and Europe have embraced it more readily, while emerging markets in Asia and South America are gradually catching up due to increasing internet penetration.
Competitive Landscape: The market is highly competitive, with both established automakers and startups offering online platforms. This competition has led to improved services, pricing transparency, and a wider range of vehicle options for consumers.
Challenges and Opportunities: Challenges include concerns about the accuracy of online vehicle listings, trust issues, and the need for a seamless transition from the virtual to the physical buying experience. Opportunities lie in expanding services like online financing and enhancing customer trust through transparent practices.
Future Outlook: The future of the online car buying market appears promising. As technology continues to advance and consumer confidence grows, it is likely that a significant portion of car purchases will shift to online channels.
Global Online Car Buying Market
Online Car Buying Market Trends:
Convenience and Accessibility Offered by the Platform
The primary driving force behind the surge in online car buying is the unparalleled convenience and accessibility it offers to consumers. Purchasing a vehicle online eliminates the need for physical visits to multiple dealerships, saving precious time and effort. Customers can browse through a wide range of vehicles, compare prices, features, and reviews from the comfort of their homes. This convenience extends to the availability of 24/7 online platforms, allowing potential buyers to research and make decisions at their own pace, irrespective of business hours. Furthermore, online car buying transcends geographical barriers. Consumers can access vehicles from dealerships located far from their residence, expanding their choices significantly. This accessibility is especially valuable for individuals living in remote areas with limited access to physical dealerships.
Transparency and Information Availability
Transparency and information availability are pivotal factors propelling the online car buying market. In the digital age, consumers demand transparency in every aspect of their purchasing decisions, and the automotive industry is no exception. Online platforms provide comprehensive information about vehicles, including specifications, pricing, features, and often, user-generated reviews and ratings. Customers can compare prices and features across different models and dealerships with ease, leading to informed decisions. Furthermore, online car buying platforms often include tools for estimating financing options, monthly payments, and total cost of ownership, allowing consumers to plan their budgets effectively. This wealth of information empowers buyers to make well-informed choices tailored to their preferences and financial capabilities.
Digitalization of the Automotive Industry
The digitalization of the automotive industry is a significant driver behind the rise of online car buying. Automakers and dealerships are increasingly embracing digital technologies to streamline their operations and engage with customers. This transformation has resulted in the development of user-friendly websites and mobile apps that facilitate online car purchases. One notable aspect of this digitalization is the integration of virtual showrooms and augmented reality (AR) tools. Customers can explore vehicles in a virtual environment, rotate them, and even visualize how they would fit into their lives. AR technology allows for interactive experiences, such as trying out different car colors or configurations in real-time. Additionally, the automotive industry has witnessed the emergence of AI-driven chatbots and virtual assistants that provide instant responses to customer inquiries, assist in the selection process, and even guide users through financing options.
Changing Consumer Preferences and Behavior
Changing consumer preferences and behavior play a pivotal role in driving the online car buying market. Today's consumers, especially the younger generations, are increasingly comfortable with online transactions and digital experiences. They value convenience, transparency, and the ability to research and compare products and services online. The COVID-19 pandemic further accelerated the shift towards online car buying. Social distancing measures and lockdowns limited physical dealership visits, prompting consumers to explore online alternatives. Many individuals who were initially hesitant to purchase such a significant item online found that the process was not only feasible but also more convenient and safer during the pandemic. Additionally, consumers' desire for seamless, end-to-end digital experiences has driven the development of online car buying platforms that cater to their preferences.
Cost Efficiency and Competitive Pricing
Cost efficiency and competitive pricing are critical factors driving the online car buying market. Online platforms frequently offer competitive pricing structures that can be more attractive than traditional dealership pricing. Several factors contribute to this cost efficiency. Online car buying eliminates the need for a physical showroom, reducing overhead costs for dealerships. These cost savings can be passed on to consumers in the form of lower prices or more favorable financing options. The ability to compare prices and features across multiple dealerships and models empowers consumers to find the best deals. Online platforms often include tools that allow buyers to receive quotes from different dealerships, promoting price transparency and competition. Moreover, online car buying platforms often feature financing calculators that help consumers understand the total cost of ownership, including monthly payments, interest rates, and other expenses. This transparency allows buyers to make informed decisions about financing options that suit their budgets.
Online Car Buying Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on vehicle type, propulsion type, and category.
Breakup by Vehicle Type:
Hatchback
Sedan
SUV
Others
SUV accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes hatchback, sedan, SUV, and others. According to the report, SUV represented the largest segment.
Breakup by Propulsion Type:
Petrol
Diesel
Others
Petrol holds the largest share in the industry
A detailed breakup and analysis of the market based on the propulsion type have also been provided in the report. This includes petrol, diesel, and others. According to the report, petrol accounted for the largest market share.
Breakup by Category:
Pre-Owned Vehicle
New Vehicle
Pre-owned vehicle represents the leading market segment
The report has provided a detailed breakup and analysis of the market based on the category. This includes pre-owned vehicle and new vehicle. According to the report, pre-owned vehicle represented the largest segment.
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
North America leads the market, accounting for the largest online car buying market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
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.
Key Questions Answered in This Report
- 1. What was the size of the global online car buying market in 2023?
- 2. What is the expected growth rate of the global online car buying market during 2024-2032?
- 3. What are the key factors driving the global online car buying market?
- 4. What has been the impact of COVID-19 on the global online car buying market?
- 5. What is the breakup of the global online car buying market based on the vehicle type?
- 6. What is the breakup of the global online car buying market based on the propulsion type?
- 7. What is the breakup of the global online car buying market based on the category?
- 8. What are the key regions in the global online car buying market?
- 9. Who are the key players/companies in the global online car buying market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Online Car Buying Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Vehicle Type
- 6.1 Hatchback
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Sedan
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 SUV
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Others
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Propulsion Type
- 7.1 Petrol
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Diesel
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Others
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
8 Market Breakup by Category
- 8.1 Pre-Owned Vehicle
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 New Vehicle
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Asbury Automotive Group Inc.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 AutoNation Inc.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 Cargurus Inc.
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.4 CarsDirect.com
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 Cars.com Inc.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.6 Cox Automotive Inc
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 SWOT Analysis
- 14.3.7 Group 1 Automotive Inc.
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Hendrick Automotive Group
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.9 Lithia Motors Inc.
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 TrueCar Inc.
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.1 Asbury Automotive Group Inc.
List of Figures
- Figure 1: Global: Online Car Buying Market: Major Drivers and Challenges
- Figure 2: Global: Online Car Buying Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Online Car Buying Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Online Car Buying Market: Breakup by Vehicle Type (in %), 2023
- Figure 5: Global: Online Car Buying Market: Breakup by Propulsion Type (in %), 2023
- Figure 6: Global: Online Car Buying Market: Breakup by Category (in %), 2023
- Figure 7: Global: Online Car Buying Market: Breakup by Region (in %), 2023
- Figure 8: Global: Online Car Buying (Hatchback) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Online Car Buying (Hatchback) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Online Car Buying (Sedan) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Online Car Buying (Sedan) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Online Car Buying (SUV) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Online Car Buying (SUV) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Online Car Buying (Other Vehicle Types) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Online Car Buying (Other Vehicle Types) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Online Car Buying (Petrol) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Online Car Buying (Petrol) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Online Car Buying (Diesel) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Online Car Buying (Diesel) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Online Car Buying (Other Propulsion Types) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Online Car Buying (Other Propulsion Types) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Online Car Buying (Pre-Owned Vehicle) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Online Car Buying (Pre-Owned Vehicle) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Online Car Buying (New Vehicle) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Online Car Buying (New Vehicle) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: North America: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: North America: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: United States: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: United States: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: Canada: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: Canada: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Asia-Pacific: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Asia-Pacific: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: China: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: China: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: Japan: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: Japan: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: India: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: India: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: South Korea: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: South Korea: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: Australia: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: Australia: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Indonesia: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Indonesia: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Others: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Others: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Europe: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Europe: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Germany: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Germany: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: France: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: France: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: United Kingdom: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: United Kingdom: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: Italy: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: Italy: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Spain: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Spain: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Russia: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Russia: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Others: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Others: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Latin America: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Latin America: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Brazil: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Brazil: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Mexico: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Mexico: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Others: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Others: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Middle East and Africa: Online Car Buying Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Middle East and Africa: Online Car Buying Market: Breakup by Country (in %), 2023
- Figure 74: Middle East and Africa: Online Car Buying Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 75: Global: Online Car Buying Industry: SWOT Analysis
- Figure 76: Global: Online Car Buying Industry: Value Chain Analysis
- Figure 77: Global: Online Car Buying Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Online Car Buying Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Online Car Buying Market Forecast: Breakup by Vehicle Type (in Million US$), 2024-2032
- Table 3: Global: Online Car Buying Market Forecast: Breakup by Propulsion Type (in Million US$), 2024-2032
- Table 4: Global: Online Car Buying Market Forecast: Breakup by Category (in Million US$), 2024-2032
- Table 5: Global: Online Car Buying Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Online Car Buying Market: Competitive Structure
- Table 7: Global: Online Car Buying Market: Key Players
