Global Online Auction Market Report 2022: Integration of

Dublin, Sept. 28, 2022 (GLOBE NEWSWIRE) — The “Global Online Auction Market: Analysis by Product Type (Arts, Jewelry & Watches, Cars, Decorative Arts & Furniture, and Others), by Size of region and trends impacting COVID-19 and forecast to 2027” has been added to from ResearchAndMarkets.com offer.

The global online auction market in 2021 stood at US$5.90 billion and is expected to reach US$11.47 billion by 2027. In recent years, young audiences have recently shown strong interest in auctions and the willingness to use digital platforms to get what they are. looking for.

High net worth Millennials have fully embraced the digital transformation seen with auctions, and in 2020 they were the biggest spenders. This is primarily due to Millennials transitioning from the young, hardworking, underpaid generation, into their 20s, to the older members of the group approaching their 40s, and they now have great purchasing power that they didn’t have a few years ago.

An online auction refers to an auction in which auctioneers or bidders sell or bid for goods or services over the Internet. As auctions take place on the Internet, it is no longer a geographically predetermined market. The main advantages offered by online auctions include wide reach, 24/7 openness, convenience, wide exposure, universal product acceptance, fast and reliable transactions, less activity on site, etc. The global online auction market is expected to grow at a CAGR of 11.45% during the forecast period 2022-2027.

Market Segmentation Analysis:

  • By Product Type: The market report has segmented the global online auction market into five segments on the basis of type: fine arts, jewelry & watches, cars, decorative arts & furniture, and others. The fine art segment held over 55% of the online auction market share in 2021, due to the growing number of end consumers embracing their preferred channel online.
  • By Region: According to this report, the global market can be divided into five major regions: North America (United States, Mexico, and Canada), Asia-Pacific (China, India, Japan, and Rest of Asia-Pacific), Europe (the United Kingdom, France, Germany and the rest of Europe), the Middle East and Africa and Latin America. The fastest growing regional market is Asia-Pacific, driven by the three main drivers that have been identified: sustainability, affordability and collectability, which continue to propel auction demand in line in the region. China continues to be the largest online auction market in Asia-Pacific, occupying over 50% share in Asia-Pacific, due to the country’s transformation into a consumer economy driven primarily by technology. digital over the previous two decades. Additionally, wealthy young bidders and debt deals are driving China’s booming online auction market.

Market dynamics

Growth engines

  • Rise in internet use for auctions
  • Rapid urbanization
  • Increase in millennial population
  • Growing recognition of NFT

Challenges

  • Security issues
  • Auction Fraud

Market trends

  • Growing popularity of mobile auctions
  • Integration of artificial intelligence (AI)
  • Growing Influence of Digital Marketing
  • Cloud Live Online Auction
  • GenZ population growth
  • Advancement of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) technologies

Key players

  • eBay Inc.
  • Auction Technology Group PLC (LiveAuctioneers.com)
  • Ritchie Bros. Auctioneers Incorporated
  • International Mortgage Specialists, LLC (Auction Network)
  • Priceless, LLC (AuctionZip.com)
  • Epiris LLP (bonham.com)
  • Ebid.com
  • OnlineAuction.com, Inc.
  • WebStore.com
  • The Auction Company (TAC)
  • Catawiki
  • A Salasar Pvt. ltd.
  • Biddingo.com

Main topics covered:

1. Summary

2. Presentation

3. Global Market Analysis

4. Regional Market Analysis

5. Impact of COVID

6. Market dynamics

7. Competitive landscape

8. Company Profiles

Companies cited

  • eBay Inc.
  • Auction Technology Group PLC (LiveAuctioneers.com)
  • Ritchie Bros. Auctioneers Incorporated
  • International Mortgage Specialists, LLC (Auction Network)
  • Priceless, LLC (AuctionZip.com)
  • Epiris LLP (bonham.com)
  • Ebid.com
  • OnlineAuction.com, Inc.
  • WebStore.com
  • The Auction Company (TAC)
  • Catawiki
  • A Salasar Pvt. ltd.
  • Biddingo.com

For more information about this report visit https://www.researchandmarkets.com/r/dtxm6u


        

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