The online car market will grow from $214.41 million by 2026 at a CAGR of 12.4%, according to Technavio
According to Technavio, the size of the global car buying market is estimated to grow from 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, it will accelerate the momentum of growth. Market growth is driven by factors such as increasing adoption of e-commerce, increasing income generation in growing economies and increasing demand for personal vehicles. To learn more about the market, request a sample report
The growing adoption of e-commerce is a key factor driving the launch of the global online car market. Technological advances such as smartphones and growing Internet penetration have increased the use of e-commerce applications. Consumers can learn more about vehicles online, including on-road prices, residual value, third-party brands and other factors. Therefore, many online car dealers advertise their vehicles online and provide relevant information. Thus, growing industrial trade will drive the growth of the global car buying market during the forecast period.
Buying cars online will grow by 214.41 million by 2026
Online car comparison segment overview
The Technavio market is segmented by class (used and new vehicles).
- The used vehicle segment is forecast to account for a significant portion of the market’s growth over time. Most consumers prefer online channels to buy used cars. The growth of the segment is attributed to factors such as increasing demand for used cars in developing economies such as India.
On the basis of geography, the global online car market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report tracks active activities and evaluates the contribution of all regions to the growth of the global carnal purchasing market.
- North America will account for 46% market growth during the forecast period. The United States and Canada are the main contributors to the online car market in the country. But the growth of the market in this region will be slower than the growth of the market in other regions. Increasing adoption of e-commerce and technological advancements in online channels will increase the growth of the car buying market in North America over the forecast period.
- The car care products market is estimated to grow at a CAGR of 5.48% between 2022 and 2027. The market size is projected to increase from USD 3,585.56 million. This report is broadly classified by market and application (indoor and outdoor), end user (retail and professional) and geography (APAC, North America, Europe, South America and Middle East and Africa).
- The electric car market will grow at a CAGR of 28.69% between 2022 and 2027. It is estimated that the market size will increase by 22644.59 thousand units. This report broadly includes market segmentation by type (sedan, hatchback, and others), vehicle type (BEV and PHEV), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
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What then?The online car market will grow from $214.41 million by 2026 at a CAGR of 12.4%, according to Technavio