Online car buying market size to grow by USD 214.41 million from 2021 to 2026, Increasing adoption of e-commerce to drive growth - Technavio

NEW YORK, March 8, 2023 /PRNewswire/ -- According to Technavio, the global online car buying market size is estimated to grow by USD 214.41 million from 2021 to 2026. The market is estimated to grow at a CAGR of 12.4% during the forecast period. Moreover, the growth momentum will accelerate. The growth of the market will be driven by factors such as the increasing adoption of e-commerce, the rise in disposable income in developing economies, and the increasing demand for personal vehicles. For more insights on the market - Request a sample report

The increasing adoption of e-commerce is a key factor driving the growth of the global online car buying market. Technological advances such as smartphones and the rising Internet penetration have increased the use of e-commerce applications. Consumers can learn more about vehicles online, including aspects such as on-road prices, residual value, third-party profit margins, and other factors. Hence, many online car dealers advertise their vehicles online and provide relevant information. Thus, the growing e-commerce industry will fuel the growth of the global online car-buying market during the forecast period.

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
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Online car buying market - Segmentation assessment

Segment overview

Technavio has segmented the market based on class type (pre-owned and new vehicle). 

• The pre-owned segment will account for a significant share of the market's growth during the forecast period. Most consumers prefer online channels to purchase pre-owned cars. The growth of the segment is attributed to factors such as the increasing demand for second-hand cars in developing economies such as India.

Geography overview
Based on geography, the global online car buying market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global online car buying market.

• North America will account for 46% of the market's growth during the forecast period. The US and Canada are the key contributors to the online car buying market in the region. However, market growth in this region will be slower than the growth of the market in other regions. The increasing adoption of e-commerce and technological advances in online channels will drive the online car buying market growth in North America during the forecast period.

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Online car buying market – Market dynamics

Leading trends influencing the market 

• Easy online financing is a key trend in the market.
• Many websites offer financing options for buyers, including preapproval for loans before purchase.
• Easy loan applications and favorable interest rates encourage more customers to opt for online financing options.
• For instance, AutoNation Inc. provides hassle-free auto financing options for customers according to their requirements.
• Thus, the availability of hassle-free and paperless online financing options will fuel the growth of the global online car buying market during the forecast period.

Major challenges hindering the market growth

• Limited customer awareness and acceptance in semi-urban and rural areas are challenging the market growth. 
• The acceptance of buying a car online is an urban concept.
• In emerging economies, such as India, China, and Indonesia, customers prefer to buy cars through physical stores.
• This is because buying a car is considered a major investment for the middle-class population.
• Thus, limited consumer awareness and low acceptance in semi-urban areas will impede the growth of the global online car buying market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this online car buying market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the online car buying market between 2022 and 2026
• Precise estimation of the size of the online car buying market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the online car buying market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of online car buying market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Class Type
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Class Type

• 5.1 Market segments 
• Exhibit 24: Chart on Class Type - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Class Type - Market share 2021-2026 (%)

• 5.2 Comparison by Class Type 
• Exhibit 26: Chart on Comparison by Class Type
• Exhibit 27: Data Table on Comparison by Class Type

• 5.3 Pre-owned - Market size and forecast 2021-2026
• Exhibit 28: Chart on Pre-owned - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Pre-owned - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Pre-owned - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Pre-owned - Year-over-year growth 2021-2026 (%)

• 5.4 New vehicle - Market size and forecast 2021-2026
• Exhibit 32: Chart on New vehicle - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on New vehicle - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on New vehicle - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on New vehicle - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by Class Type 
• Exhibit 36: Market opportunity by Class Type ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 38: Chart on Market share by geography 2021-2026 (%)
• Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 40: Chart on Geographic comparison
• Exhibit 41: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026
• Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026
• Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 APAC - Market size and forecast 2021-2026
• Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026
• Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026
• Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 Canada - Market size and forecast 2021-2026
• Exhibit 66: Chart on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on Canada - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on Canada - Year-over-year growth 2021-2026 (%)

• 7.10 China - Market size and forecast 2021-2026
• Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.11 UK - Market size and forecast 2021-2026
• Exhibit 74: Chart on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.12 Germany - Market size and forecast 2021-2026
• Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.13 Japan - Market size and forecast 2021-2026
• Exhibit 82: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.14 Market opportunity by geography 
• Exhibit 86: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 87: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape 
• Exhibit 88: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 89: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 90: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 91: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 92: Matrix on vendor position and classification

• 10.3 Asbury Automotive Group Inc. 
• Exhibit 93: Asbury Automotive Group Inc. - Overview
• Exhibit 94: Asbury Automotive Group Inc. - Business segments
• Exhibit 95: Asbury Automotive Group Inc. - Key offerings
• Exhibit 96: Asbury Automotive Group Inc. - Segment focus

• 10.4 AutoNation Inc. 
• Exhibit 97: AutoNation Inc. - Overview
• Exhibit 98: AutoNation Inc. - Business segments
• Exhibit 99: AutoNation Inc. - Key offerings
• Exhibit 100: AutoNation Inc. - Segment focus

• 10.5 CarGurus Inc. 
• Exhibit 101: CarGurus Inc. - Overview
• Exhibit 102: CarGurus Inc. - Business segments
• Exhibit 103: CarGurus Inc. - Key offerings
• Exhibit 104: CarGurus Inc. - Segment focus

• 10.6 Cars.com Inc. 
• Exhibit 105: Cars.com Inc. - Overview
• Exhibit 106: Cars.com Inc. - Product / Service
• Exhibit 107: Cars.com Inc. - Key offerings

• 10.7 Carvago 
• Exhibit 108: Carvago - Overview
• Exhibit 109: Carvago - Product / Service
• Exhibit 110: Carvago - Key offerings

• 10.8 Cox Enterprises Inc. 
• Exhibit 111: Cox Enterprises Inc. - Overview
• Exhibit 112: Cox Enterprises Inc. - Product / Service
• Exhibit 113: Cox Enterprises Inc. - Key offerings

• 10.9 Hendrick Automotive Group 
• Exhibit 114: Hendrick Automotive Group - Overview
• Exhibit 115: Hendrick Automotive Group - Product / Service
• Exhibit 116: Hendrick Automotive Group - Key offerings

• 10.10 Lithia Motors Inc. 
• Exhibit 117: Lithia Motors Inc. - Overview
• Exhibit 118: Lithia Motors Inc. - Business segments
• Exhibit 119: Lithia Motors Inc. - Key offerings
• Exhibit 120: Lithia Motors Inc. - Segment focus

• 10.11 MH Sub I LLC 
• Exhibit 121: MH Sub I LLC - Overview
• Exhibit 122: MH Sub I LLC - Product / Service
• Exhibit 123: MH Sub I LLC - Key offerings

• 10.12 TrueCar Inc. 
• Exhibit 124: TrueCar Inc. - Overview
• Exhibit 125: TrueCar Inc. - Business segments
• Exhibit 126: TrueCar Inc. - Key news
• Exhibit 127: TrueCar Inc. - Key offerings
• Exhibit 128: TrueCar Inc. - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 129: Inclusions checklist
• Exhibit 130: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 131: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 132: Research methodology
• Exhibit 133: Validation techniques employed for market sizing
• Exhibit 134: Information sources

• 11.5 List of abbreviations 
• Exhibit 135: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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