Researchers at iMarc predict that the online car market will reach US$563.8 billion in 2028, at a CAGR (2023-2028) of 11.1%. When it comes to predicting a 10-year outlook, the numbers become more consistent, adding a layer of congruence to the forecasts. Online Automobile Sales to Reach US$722 billion by 2030 For the online car buying market in 2022, research firm iMarc reckons a market value of US$294.2 billion, which is roughly in line with the previous estimates. Ultimately, when forecasting, external factors such as inflation and innovation further influence market projections.īut what are the most common assessments of the global online automotive market and its development? According to the market research firms Straits and Report Ocean, the online used and new car market generated sales between US$256 billion and US$261.9 billion in 2021. Additionally, any economic model relies on assumptions about market development and dynamics, as well as estimates of consumer preferences. This is because different publications use different data sources, methodologies, and market definitions. But keep in mind: Calculating market value is a complex process, and estimates can vary widely. Online Car Buying Market Value Estimated at Around US$259 Billion in 2021 This development is being driven by the widespread acceptance of eCommerce, and rising consumer demand for convenience and transparency. They are available to answer questions and help buyers throughout the car buying process.Īs a result, the online car market is expected to generate increasing revenues in the coming years.

They typically post detailed information about the cars they sell, including the car's history, condition, and pricing.Ĭustomer service: Online car sellers offer excellent customer service. Transparency: Online car sellers are more transparent than traditional dealerships. This is because they can sell cars from all over the country. Wide selection: Online car sellers offer a wider selection of cars than traditional dealerships. This is because they have lower overhead costs and can sell cars directly to consumers.

They can also read reviews and research different models before deciding which one to buy.Īffordability: Online car sellers often offer lower prices than traditional dealerships.

Here is why:Ĭonvenience: Online car buyers can shop from the comfort of their own homes and compare prices from a multitude of sellers. According to market researchers, online automobile sales are expanding as fast as an Audi R8 V10 can accelerate.

This statement is not as far-fetched as it seems, as the online auto retail market is growing. Traditional brick-and-mortar car dealers will need to adapt or they will soon be out of business. Online Car Buying Trends: The online car market's future is expected to be influenced by the rising adoption of electric vehicles, multichannel strategies in online car sales, and the introduction of online vehicle subscription services. Key players are online marketplaces dealing in both new and used cars, along with traditional car manufacturers. While this shift offers advantages compared to traditional dealerships, it falls short in key areas like test drives and in-person quality assessments.ĭiversity and High Competition: The online automobile market is characterized by fragmentation. Market Shift to Online: The COVID-19 pandemic expedited the transition towards online car purchasing and sales. Online Car Selling and Buying: Key Insights

Decibel rating chart for 2019 vehicles