The rapid penetration of internet connectivity across developing countries along with increasing adoption of digital payment platforms is complimenting the growth of online auction market.
Online auction of automotive showcased highest penetration in 2019. In the same year, the segment held about 29% share in the overall application segment of the global online auction market. Transparency in car details and transactions has encouraged consumers to adopt the online platforms for auto car auctions. RM Sotheby's, an auto auction company confirmed that 91% of the automotive offered on their online auction platform were sold in 2020.
The Covid-19 pandemic outbreak has encouraged substantial shift of conventional auction companies to online platforms, enhancing the growth of online auction market.
Increasing penetration of smartphones among users along with the reach of internet connectivity is anticipated to accelerate the growth of application based segment in the online auction market over the forecast period.
Asia Pacific region is expected to register highest CAGR of 10.2% over the period of next eight years.
Some of the players operating in the online auction market are A One Salasar Pvt. Ltd., ATG, Auction House UK, Auction Network, Biddingo.com, Catawiki, eBay Inc., Groupon, Goods Liquidation Auctions, John Pye & Sons., LiveAuctioneers, SDL Auctions Limited, The Auction Company, U.S. Auction Online, UKauctioneers.com and Wilsons Auctions amongst others.
The detailed research study provides qualitative and quantitative analysis of online auction market. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.