H. Yoo
Research expert covering South Korea
Online car sales worldwide - statistics & facts
Amid the pandemic, restrictions on retail openings for non-essential businesses encouraged auto dealers to digitalize and succumb to the broader trend of growing e-commerce and a preference for personal travel. As of 2021, global automotive e-commerce was valued at a market size of 38.67 billion U.S. dollars and is forecast to spike in the next ten years, up by a compound annual growth rate of 17.5 percent to around 176.24 billion U.S. dollars in 2031. The online automotive aftermarket is also expected to record strong growth. This rise in popularity has been benefiting online automotive marketplaces worldwide, with Cazoo being forecast to record a compound annual growth rate of 209 percent between 2020 and 2022
