Impact of the coronavirus (Covid-19) on the online auction market: outlook, recent trends and growth forecasts 2021-2030

New Jersey, United States – The recent report on “Online Auction Market Report 2021 by Key Players, Types, Applications, Forecast to 2030” offered by Absolute Markets Insights, includes a comprehensive survey of geographic landscape, industry size as well as the estimation of business income. In addition, the report also highlights the challenges hampering the market growth and the expansion strategies employed by the leading companies in the online auction market.

In terms of revenue, the global online auction market was valued at US $ 4,071.90 million in 2020 and is expected to reach US $ 9,304.30 million in 2030, growing at a CAGR of 9.20% over the forecast period. Some of the players operating in the online auction market are A One Salasar Pvt. Ltd., ATG, Auction House UK, Auction Network, Biddingo.com, Bonanza, Catawiki, eBay Inc., eBid, Groupon Goods Liquidation Auctions, John Pye & Sons., LiveAuctioneers, OnlineAuction.com, SDL Auctions Limited, The Auction Company , US Auction Online, UKauctioneers.com, Webstore.com, Wilsons Auctions and other market participants.

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Being knowledgeable and comprehensive, this Online Auction Market report throws light on major and secondary drivers, market share, major segments, possible sales volume, and geographic analysis. This market research report contains an in-depth analysis of the market structure along with the forecast of the various segments and sub-segments of the market. There are many growing markets, marketing strategies, trends, future products, and opportunities that are taken into consideration when researching the market and preparing this report. Major areas covered in the Online Auction report include market definition, market segmentation, competitive analysis, and research methodology.

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Industry trends

Online auctions refer to real-time auctions of products on online platforms that allow participants to attend from remote locations. Online auctions are carried out in various forms such as reverse auction, Dutch auction, revealed price auction, penny auction and single bid auction, among others. The increasing penetration of the Internet across the world is the main driver of the global online auction market. The increasing access to the Internet allows consumers to participate in online auction events from remote locations, thus contributing to the growth of the market. According to the World Bank, the 5 countries with the highest internet penetration are Kuwait 100%, UAE 98%, South Korea 96%, UK 95% and Saudi Arabia at 93%.

The growing adoption of digital payment methods such as online banking, UPI, and mobile wallets, among others, complements the growth of the online auction market. Government initiatives for the adoption of digital payment methods in developing countries, such as Digital India by the Indian government, are influencing their growth. Online auction platforms integrate various digital payment options into the platforms, thus providing different payment options to participants. Therefore, the adoption of digital payments facilitates the payment process in the online auction market. However, concerns over certification and product legitimacy are expected to limit market growth.

The outbreak of the covid-19 pandemic has had a positive impact on the global online auction market. Nationwide lockdowns in countries such as India, China, the United States, Italy and France, among others, have also placed travel restrictions on interstate and interstate travel. These travel restrictions have posed a threat to brick and mortar auction houses, as attendees cannot be physically present. Thus, by encouraging them to adopt online auction platforms to ensure the flawless functioning of their businesses. This is expected to help the growth of online auction platforms, as auctions can be handled from remote locations, while still meeting social distancing standards set by relevant government agencies.

Global Online Auction Market:

Online auction market: by business model

Online auction market: by type

  • Reverse auction
  • Dutch auction
  • Price Reveal Auction
  • Penny auction
  • Unique auctions
  • Others

Online auction market: by offering

Online Auction Market: By Application

  • Automotive
  • Machinery and equipment
  • Consumer electronics
  • Immovable
  • Art pieces
  • Antiques
  • Collectibles
  • Others

Online auction market: by organization size

  • Small and medium organizations
  • Large organizations

Online auction market: by platform

  • Web based
  • App based

Online auction market: by end user

  • Business
  • Faith-based organizations
  • Sports organizations
  • Schools and universities
  • Associations
  • Others

Online auction market: by geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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