Online Auction Market Size, Share, Growth, And Industry Analysis, By Type (Reserve Price and No Reserve Price), By Application (Construction, Transportation, Cars, Consumer Goods, Houses, Artworks & Antique and Other), Regional Forecast From 2022 to 2028

Updated On: 15 April 2024

Online Auction Market Report Overview

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The global online auction market size was US$ million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with online auction experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach US$ million in 2028, exhibiting a CAGR of % during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A service known as an online auction allows users or participants to sell or bid on goods or services through the Internet. Online transactions between buyers and sellers in various places or regions are made easier through virtual auctions. Users can access platforms that are powered by a variety of auction software on various auction sites. Similar to traditional auctions, collectibles frequently feature multiple bidder participation. Bidders and sellers trade tangible and intangible goods and services in both cases. Starting bids are modest but gradually rise to reflect market demand and an item's rising popularity. An online auction might last from one to ten days for items that are available around the clock.

According to the demands of the market, the collectibles business model is always changing. Examples are Overstock, Online vendues, Webstore, and eBay. Through bidder block lists, eBay and other suppliers promote legal bidding behavior. For huge inventory, eBay also provides Dutch auctions, in which participants pay the highest sale price for each item. Internet auctions may draw things that have been stolen or copied, much like other online services and activities.

COVID-19 Impact: Increased the Demand for Online Vendues During the Pandemic to Boost Market Growth

The area market's expansion was hampered by the COVID-19 pandemic. However, after the lockdown restrictions were lifted due to the availability of COVID-19 vaccines and the extensive COVID-19 vaccination drives conducted by governments across various countries, business and industrial activities resumed. This increased the demand for online vendues because an increasing number of end users were choosing online solutions as their preferred channel, which increased the demand for online vendues. Additionally, during the anticipated period, the market will rise because to the rising popularity of non-fungible tokens (NFTs).

Latest Trends

"Voice-activated searches to Attract Consumers"

Currently in development voice search technology for online vendues has the potential to overtake other information access techniques. Voice-activated searches will benefit from accuracy provided by AI programs. A few of the market's vendors are concentrating on creating voice-search technologies. By utilizing such AI-based tools in auctions, more buyers are anticipated to be drawn in, improving the online auction market growth prospects throughout the course of the projected period.

Online Auction Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into reserve price and no reserve price.

In terms of product, reserve price is the largest segment.

• By Application Analysis

Based on application, the market can be divided into construction, transportation, cars, consumer goods, houses, artworks & antique and other.

In terms of application, artworks & antique is the largest segment.

Driving Factors

"Introduction Of AI-Based Online Vendues to Enhance Market Sales"

In the upcoming years, it is anticipated that the introduction of AI-based auctions will have a favorable effect on the industry. Auctions powered by artificial intelligence (AI) are becoming more and more common. Machine learning and algorithms are used by AI platforms to provide clear, user-friendly, and actionable intelligence to bidders. By automating a number of activities, including internal operations, customer-based support enquiries, the packing of purchased industrial equipment, and its delivery, the use of AI during auctions helps save administrative expenses. Auctions may now manage the bidding process more effectively thanks to AI integration.

"Large Investments by Buyers to Uplift Market Profile"

The collectibles market had a good CAGR and was expected to keep expanding. Due to the restricted supply of collectibles and the significant financial commitments made by buyers to acquire rare items for various collections, this market's growth velocity is growing. Jeff Koons' Balloon Dogs, the Clark sickle-leaf carpet, the Liane floor lamp, and an Egyptian cat are a few of the well-known collectibles. During the projected period, the segment's growth is anticipated to be considerably fueled by the rising popularity of collectibles as products for online auction.

Restraining Factors

"Fraudulent Activities to Impede Market Expansion"

During the projected period, the auction business will face significant challenges due to worries about fraudulent activity. Online auction fraud is one of the most frequently occurring online crimes as a result of the quick growth in the number of participants in these auctions. One of the most common types of fraud in online auctions is bid manipulation. Bid rigging frequently occurs when assets like cars and construction machinery are auctioned off online. Because the rigged price will be greater than what may have been the outcome of a competitive bidding procedure, this kind of fraud stifles market competition.

Online Auction Market Regional Insights

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"North America to Dominate the Market Due to Existence of Top Vendors "

During the projected period, North America is anticipated to help the global online auction market share. Due to the rise in time- and money-constrained consumers who believe in searching, comparing, and buying things online, the growth momentum is anticipated to pick up during the projected period. The existence of top vendors in North America, the rise in time- and money-strapped consumers who believe in finding, comparing, and buying products online, as well as their preference for rare and antique goods, will all contribute to the online vendues market's rapid growth during the forecast period.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Sotheby (U.S.)
• Christie (India)
• Catawiki (Netherlands)
• Troostwijk (Netherlands)
• Auction Technology Group (U.K.)
• Phillips (Netherlands)
• Bonhams (U.K.)
• Auctelia (Belgium)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.