From $237.93 Billion in 2020, Online Car Buying Market to Hit $722.79 Billion by 2030

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 29, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global online car buying market generated $237.93 billion in 2020, and is expected to garner $722.79 billion by 2030, witnessing a CAGR of 12.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, value chain, key segments, regional scenario, top investment pockets, and competitive landscape.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A10067

Focus of OEMs on end-to-end online sales, availability of third-party online marketplaces, and surge in demand for off-lease cars & subscription services drive the growth of the global online car buying market. However, lack of regularization and unorganized car sales hinder the market growth. On the other hand, adoption of e-commerce and online technologies, concerns regarding high upfront cost of new vehicles and affordability, and demand for car-sharing services create new opportunities in the coming years.

𝐓𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐨𝐟𝐟𝐞𝐫𝐬 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐨𝐧𝐥𝐢𝐧𝐞 𝐜𝐚𝐫 𝐛𝐮𝐲𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐭𝐲𝐩𝐞, 𝐩𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐭𝐲𝐩𝐞, 𝐜𝐚𝐭𝐞𝐠𝐨𝐫𝐲, 𝐚𝐧𝐝 𝐫𝐞𝐠𝐢𝐨𝐧 :

Based on vehicle type, the SUV segment contributed to the highest market share in 2020, accounting for more than one-third of the total share, and is estimated to maintain its leadership status during the forecast period. However, the sedan segment is projected to witness the highest CAGR of 13.7% from 2021 to 2030.

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

Based on category, the pre-owned vehicle segment held the largest share in 2020, contributing to around 88% of the global online car buying market size, and is expected to continue its dominant share during the forecast period. However, the new vehicle segment is projected to portray the largest CAGR of 19.1% from 2021 to 2030.

Based on region, North America accounted for the highest share in 2020, contributing to nearly half of the total market share, and is expected to maintain its leadership status by 2030. However, LAMEA is estimated to manifest the fastest CAGR of 15.4% during the forecast period.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

Owing to lockdown measures implemented during the Covid-19 pandemic, showrooms were closed and offline purchase activities dropped significantly. This led to increased online penetration.
Many dealers and distributors have been benefited from their operational online portals; while some of them built online portals as penetration grew.

The online car buying market for pre-owned cars is estimated to grow in some regions during the pandemic, due to a decline in overall income and rise in preference for private cars to maintain social distancing.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A10067

The key players analyzed in the online car buying market include Asbury Automotive Group, Inc. AutoNation, Inc., Cargurus, Inc., CarsDirect, Cars.com, Inc., Cox Automotive Inc., Group1 Automotive Inc., Hendrick automotive group, Lithia motors, Inc

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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 domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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