Online Auction Market

Online Auction Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030


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The global online auction market size is anticipated to register growth at a CAGR of 9.0% during the forecast period of 2021-2030.

 

Online auctions also sometimes referred to as e-auctions, electronic auctions or eAuctions are auctions which take place over the internet. These are unlike the traditional auctions which are only held at auction houses. There are different types of online auctions with different rules and procedures for both bidding and winning. Some of them include online ascending English auctions, descending Dutch auctions, reverse auctions, penny auctions, first-price sealed-bids, vickrey auctions and others.

 

Online auctions aid in bringing retailers and shoppers together on a website to transact in almost all kinds of products and services.  Some of these include perishable products such as fruits & vegetables, flowers and also high quality goods such as cars, antiques, watches arts and also pre-owned goods.

 

GROWTH DRIVERS

Factors such as the rapidly changing consumer behavior, the easy bidding options offered by online auction sites, the growing penetration of internet connectivity across the emerging economies coupled with the soaring usage of internet for online auctions, the surging millennial population and the escalating adoption of various digital payment platforms worldwide are the primary factors driving the growth of the global online auction market.

 

Moreover, the burgeoning popularity and expansion of the ecommerce industry across the globe is also a major factor aiding in the growth of the global online auctions market. The geographical coverage of auctions has increased vastly due to the presence of internet-based market places. Due to this, the physical limitations of traditional auctions have all been curtailed and the scope of the auctions has as  a result tremendously risen. Therefore, the expansion of the global e-commerce industry is expected to bode well for the growth of the global online auction market.

 

Additionally, the number of websites conducting online auctions has surged tremendously over the past few years. This is not only resulting in the availability of a wide variety of goods and services which can be bought and sold online, but is also intensifying the possibilities in which auctions can be conducted and used for, which, in turn, is also fueling the growth of the global online auction market, considerably.

 

Furthermore, other factors such as the rising sales of art-based goods through online auctions, the growing penetration of smartphones among users, the increasing number of technological innovations such as person-to-person transactions and the soaring penetration of casual online sellers across the developed regions around the globe are further expected to create ample growth opportunities for the global online auction market during the forecast period.

 

However, the increasing number of shill bidding cases and fraudulent activities during online auctions, the growing security issues and the increasing sales of stolen goods by criminals in online auctions are anticipated to hinder the growth of the market during the forecast period. Conversely, the increasing introduction of various policies and strategies such as the buyer protection policy by payment service providers and the prohibition on withdrawal of bids by online auction sites help in the prevention of such activities which is poised to further open new doors for the market.

 

ONLINE AUCTION MARKET SEGMENTATION

By Product Type

·         Collectibles

·         Electronics

·         Artistic goods

·         Jewelry

·         Watches

·         Automobiles

·         Furniture

·         Others


By Business Model

·         Business to Business (B2B)

·         Business to Consumer (B2C)

·         Consumer to Consumer (C2C)

 

By Platform

·         Web-Based

·         Application-Based

 

By End-User

·         Individual

·         Corporate

·         Faith-based Organizations

·         Sports Organization

·         School & Universities

·         Associations

·         Others

 

By Region

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

Based on product type, the automobiles segment held the largest market share of 30.0% in the global online auction market in 2020. The segment is projected to further retain its dominance and witness significant growth in the market over the forecast period of 2021-2030. The primary factors driving the growth of the segment include the proliferating adoption of online platform by consumers for automobile auctions. According to a report, almost 90.0% of the automobiles registered on online auctions sites are sold.

 

REGIONAL OUTLOOK

The North American region dominated in the global online auction market in 2020 with a market share of over 42.0%. The region is expected to continue this trend over the forecast period and is expected to provide lucrative business opportunities to market vendors during the forecast period.  The United States is the major contributor to the growth of the market in the region.

 

The European region accounted for the second largest share in the global online auction market in 2020 and is expected to garner tremendous growth in the forthcoming years. The growth of the market in the region can be attributed to the increasing auctioning of goods or services at online auction sites by people in the developed economies of the region.  The major contributor to the region is Germany where over 27.5 million people have been estimated to auction their products or services at least once.

 

The Asia Pacific region is predicted to be the fastest growing regional market for online auctions during the forecast period. It is expected to attain the highest CAGR of 10.0% over the forecast period of 2021-2030. India and China are the major contributors to the growth of the market in the region.

 

KEY COMPANIES IN ONLINE AUCTION MARKET

·         Biddingo.com

·         Bonanza Portfolio Ltd.

·         Groupon

·         Catawiki BV

·         eBay Inc.

·         A One Salasar Pvt. Ltd.

·         Auction House UK Ltd.

·         Auction Network

·         Auction Technology Group

·         eBid Ltd.

·         Webstore.com

·         Ritchie Bros. Auctioneers

·         Live Auctioneers

·         Goods Liquidation Auctions

·         John Pye & Sons.

·         SDL Auctions Limited

·         The Auction Company

·         Wilsons Auctions

·         Other Players

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Categories: ICT & Media