Online Auction Market by Current Industry Status, Growth Opportunities, Top Key Players, and Forecast till 2028- A Report by Absolute Markets Insights
– Global online auction market was valued at US$ 4071.9 Mn in 2019 and is anticipated to grow at a CAGR of 9.2% over the forecast period (2020 – 2028)
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- The rapid penetration of internet connectivity across developing countries along with increasing adoption of digital payment platforms is complimenting the growth of online auction market.
- Online auction of automotive showcased highest penetration in 2019. In the same year, the segment held about 29% share in the overall application segment of the global online auction market. Transparency in car details and transactions has encouraged consumers to adopt the online platforms for auto car auctions. RM Sotheby’s, an auto auction company confirmed that 91% of the automotive offered on their online auction platform were sold in 2020.
- The Covid-19 pandemic outbreak has encouraged substantial shift of