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.
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.
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.
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.
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,
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.
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
By Business Model
Business to Business (B2B)
Business to Consumer (B2C)
Consumer to Consumer (C2C)
School & Universities
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.
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.
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.
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
Bonanza Portfolio Ltd.
A One Salasar Pvt. Ltd.
Auction House UK Ltd.
Auction Technology Group
Ritchie Bros. Auctioneers
Goods Liquidation Auctions
John Pye & Sons.
SDL Auctions Limited
The Auction Company