Global Online Auction Market: Size and Trends with Impact of COVID-19 and Forecast up to 2027

The global online auction market in 2021 stood at US$5.90 billion, and is likely to reach US$11.47 billion by 2027. In recent years, younger audiences have recently shown a keen interest in auctions and willingness to use digital platforms to get what they're searching for. The High-Net-Worth Millennials have completely embraced the digital transformation seen with auctions, and in 2020 they were the top spenders. This is mostly due to the millennials' transition from being the youthful, hardworking, and underpaid generation, at their 20s, to the group's oldest members approaching their 40s, and they now have great purchasing power that they did not have a few years ago.

An online auction refers to an auction in which auctioneers or bidders sell or bid for products or services over the Internet. As the auctions are conducting over the internet, it is no longer a geographically pre-determined market place. The major benefits provided by online auction include large reach, open 24/7, convenience, broad exposure, acceptance of universal products, quick and reliable transactions, less onsite activities, etc. The global online auction market is projected to grow at a CAGR of 11.45 % during the forecast period of 2022-2027.

Scope of the Report

The report titled “Global Online Auction Market: Analysis By Product Type (Fine Art, Jewels and Watches, Cars, Decorative Arts and Furniture, and Others), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027”, includes:

-- An in-depth analysis of the global online auction market by value, by product type, by region, etc.

-- The regional analysis of the online auction market includes the following regions:

North America (the US, Mexico, and Canada)
Asia Pacific (China, India, Japan, and the Rest of Asia Pacific)
Europe (the UK, France, Germany, and rest of Europe)
Middle East & Africa
Latin America

-- Comprehensive information about emerging markets. This report analyses the market for various segments across geographies.

-- Provides an analysis of the COVID-19 impact on the global online auction market, with post COVID impact analysis.

-- Assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall online auction market has also been forecasted for the period 2022-2027, taking into consideration the previous growth patterns, the growth drivers, and the current and future trends.

-- Evaluation of the potential role of online auction services to improve the market status.

-- Identification of new technological developments, R&D activities, and collaborations occurring in the online auction market.

-- In-depth profiling of the key players, including the assessment of the business overview, market strategies, regional and business segments of the leading players in the market.

-- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

-- The in-depth analysis provides an insight into the market, underlining the growth rate and opportunities offered in the business.