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The online auction market size is estimated to grow at a CAGR of 12.36% between 2023 and 2028. The market size is forecast to increase by USD 3,076.64 million. Several factors play a crucial role in the market's growth, such as the shift in preference for online auctions from the conventional auction model, the ease of bidding in online auctions, and the rise in online auctioning of government surplus assets.
The report offers extensive research analysis on the Online Auction Market, with a categorization based on Product, including collectibles, electronics, artistic goods, jewelry, and others. It further segments the market by Platform, encompassing web-based and application-based. Additionally, the report provides Geographical segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the online auction market growth is the ease of bidding in online auctions. Online auctions offer bidders with the convenience of flexibility in terms of time and place. In addition, one can easily log into the site and participate in the auction, which helps the users save money. Furthermore, online auctions run over a fixed period and normally take 21 days for marketing and open-house viewings.
Moreover, they do not require the physical presence of the bidders as the process is carried out online. In addition, companies upload images and videos of their stocks and products on their websites. Furthermore, this helps bidders compare prices. In addition, users can conduct research regarding the prices and the quality of the product before participating in the bidding process. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the online auction market growth is the increase in popularity of online auctioning of advertising space. A majority of the online advertising space is allocated via auctions and is used to select advertisements that must be displayed on the pages of the website. In addition, the appearance of an advertisement on a web page indicates that it (the advertisement) has won the auction.
Moreover, advertisers submit bids in the form of prices, based on which various slots are allocated. In addition, online auctioning of advertising space includes two types of payment methods, namely the pay-per-impression scheme, which involves a payment each time the advertisement is displayed, and the pay-per-click scheme, which involves a payment each time the user clicks on the advertisement. Hence, such factors are driving the market growth during the forecast period.
The rise in shill bidding during online auctions is one of the key challenges hindering the online auction market growth. With the increasing popularity of online auctions, shill bidding has become a major challenge for bidders. In addition, shill bidding is an illegal practice where a seller or a seller's acquaintances deliberately place bids in order to artificially drive up the price of a product in forward auctions and reduce the price in reverse auctions.
Moreover, it is difficult to investigate a large number of auctions and bidders physically for shill bidding activities, especially in online platforms. In addition, multiple users can form a group to bid on each other's products under the regulations of online auctions. Furthermore, shill bidding in online auctions is usually done to generate more interest among buyers. Hence, such factors are hindering the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Online Auction Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A One Salasar Pvt. Ltd: The company offers online auction such as Forward auction, reverse auction, and dutch auction
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The collectibles segment is estimated to witness significant growth during the forecast period. This segment was the main revenue-generating segment due to the passion for gathering collectibles with a historical value exhibited by many people. In addition, online auctions break the barriers related to geography, allowing collectors from around the world to participate and increasing their chances of finding rare items. Furthermore, online platforms have expanded the reach of the auctioning of collectibles beyond local markets.
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The collectibles segment was the largest segment and was valued at USD 643.01 million in 2018. Moreover, collectors from different parts of the world can participate, increasing the pool of potential buyers and sellers. In addition, online auctions provide detailed information, images, and histories of collectibles, enhancing transparency for buyers. Furthermore, this accessibility to information builds trust and confidence among collectors. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main market players in North America are eBay Inc. (eBay), U.S. Auction Online (U.S. Auction Online), and Webstore.com (Webstore.com). In addition, the growing interest of people in rare and antique products is driving the online auction market in North America. Moreover, the increase in the number of time-strapped and cost-conscious consumers believing in finding, comparing, and purchasing products online are some of the factors fuelling the market growth in the region. Furthermore, the presence of leading companies in North America, the increasing number of time-strapped and cost-conscious consumers who believe in finding, comparing, and purchasing products online, and their inclination for rare and antique products are driving the market growth in North America during the forecast period.
The online auction market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Online Auction Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.36% |
Market Growth 2024-2028 |
USD 3,076.64 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.27 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A One Salasar Pvt. Ltd, Auction House UK Ltd., Auction Technology Group Plc, BCL Auction, Biddingo.com, Bonanza Portfolio Ltd., Catawiki BV, eBay Inc., eBid Ltd., eCRATER, Invaluable LLC, John Pye and Sons Ltd., Liquidity Services Inc., SDL Auctions Ltd., Sothebys, UKauctioneers.com, U.S. Auction Online, Webstore.com, Williams and Williams Marketing Services Inc., and Wilsons Auctions Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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