Global Online Auction Market (by Product Type, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)

Global Online Auction Market (by Product Type, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)


Market Insight:

In recent years, younger audiences have displayed a strong interest in auctions and are eager to use online platforms to get what they're looking for. High-Net-Worth Millennials have thoroughly embraced the digital shift witnessed with auctions, and they were the top spenders in 2020. This is mostly due to the millennials' transition from being the young, industrious, and underpaid generation in their 20s to the group's eldest members entering their 40s, and they now have enormous purchasing power that they did not have a few years prior to this.

An online auction is one in which auctioneers or bidders offer or bid on items or services through the Internet. Because the auctions are taking place via the internet, it is no longer a geographically limited market. The key advantages of online auctions include an enormous reach, being open 24 hours a day, ease, broad exposure, acceptance of universal products, quick and reliable transactions, less onsite operations, and so on. The global online auction market is anticipated to reach US$7.42 billion in 2023, progressing at a CAGR of 11.50%, during the forecasted period.

Segment Covered:
  • By Product Type: In terms of product type, the report identifies five segments of the global online auction market: fine art, jewels and watches, cars, decorative arts and furniture, and others. The fine art segment held the maximum share in online auction market, owing to the growing number of end consumers adopting online as their preferred channel.
Geographic Coverage:

According to this report, the global market can be divided into five major regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. The countries covered in North America region are the US, Mexico, and Canada, while Asia Pacific includes China, India, Japan, and the Rest of Asia Pacific. Moreover, the UK, France, Germany, and rest of Europe are included in the Europe region.

The fastest growing regional market is Asia Pacific, driven by the three key drivers have been identified: sustainability, affordability, and collectability, which continue to propel the demand for online auction in the region. China continues to be the largest online auction market within Asia Pacific, occupied the highest share in the region, owing to the country's transformation into a consumer economy based mostly on digital technology during the previous two decades. Further, young, wealthy bidders and debt transactions are pushing China's booming online auction market ahead.

Top Impacting Factors:

Growth Drivers
  • Rise in the Use of Internet for Auction
  • Rapid Urbanization
  • Surging Millennial Population
  • Growing Recognition of NFT
Challenges
  • Security Concerns
  • Auction Fraud
Trends
  • Growing Popularity of Mobile Bidding
  • Integration of Artificial Intelligence (AI)
  • Growing Influence of Digital Marketing
  • Cloud-based Live Streaming Online Auction
  • Driver: Rise in the Use of Internet for Auction
The advent of internet has created a huge impact on the overall widespread of auction across the world. With the internet, people could place bids anytime from anywhere, on any device. The growth in the online auction market is primarily driven by the advancements in technology like high-speed internet connection and secured payment options, and growing smartphone penetration. With online auctions, there is no need to attend the auction events, which are organized offline. Here, auctioneers generally incur less property or transportation costs, as well as avoid the need to provide for additional security and porters for in-room bidders and telecommunication support for phone bidders. Thus, the rise in the use of internet for auction would drive the growth of the online auction market in the coming years.
  • Challenge: Security Concerns
Security and safety is an important topic in conducting business on the internet; online auctions are no exception. During the auction, buyers and sellers have to submit their personal information to the system, as well as provide electronic payment for their goods. Thousands of credit card numbers, home addresses, and phone numbers were exposed for months through a security hole on many internet auction sites. Furthermore, most online auctions do not enforce strong authentication, relying instead on a user ID and password, or may be an email account, to establish the validity of a client. Once this minimal information is supplied, people are free to enter into the online auction system and participate in bidding. Therefore, the security concerns would negatively impact the growth of the online auction market.
  • Trend: Integration of Artificial Intelligence (AI)
AI is used in online auctions to do various activities including processing customer-service inquiries, product packaging, internal operations, as well as delivery. Specialized functions such as fraud prevention, anti-money laundering, and pricing are set to be overhauled using the artificial intelligence in the auction industry. Meanwhile, the data collection opportunities AI provides would help companies achieve automation and enhanced personalization. The use of AI provides massive opportunities to the entire auction process, which can empower the auctioneers to make smarter decisions. Hence, integration of Artificial Intelligence (AI) would assist the online auction market in coming years.

The COVID-19 Analysis:

The global online auction market was impacted in many ways by the COVID-19 pandemic. The COVID-19 brought in many changes in the world, which were majorly positive, with digital transformation of economic activities were seen taking place rapidly. Convenience was another big factor in the popularity of online auctions, buying retail has been tricky with COVID, and purchasing online is an easier and safer option. The changes brought in by COVID-19, such as rapid shift to online, introduction of enhanced viewing experience via AI, AR and VR, sign up by e-mail before visiting the viewing day of an online auction, new emphasis on sustainability, etc., are looked to have long term impact in the post COVID era.

Analysis of Key Players:

The vendors are using both organic and inorganic expansion tactics to compete in the fragmented online auction market. The market's players are integrating cutting-edge technology to display their auctioned products in the most appealing manner possible. Further, key players in the online auction market are:
  • Ritchie Bros. Auctioneers Incorporated
  • eBay Inc.
  • Auction Technology Group PLC (LiveAuctioneers.com)
  • Mortgage Specialists International, LLC (Auction Network)
  • Epiris LLP (bonham.com)
  • Ebid.com
  • The Auction Company (TAC)
  • Invaluable, LLC (AuctionZip.com)
  • OnlineAuction.com, Inc.
  • WebStore.com
  • Catawiki
  • Biddingo.com
  • A One Salasar Pvt. Ltd.
Listing fees, advertising fees, and buyer's premiums are how online auction sites are able to recoup their costs. Inclusion fees, final value fees, and costs to enhance listings are charged by other websites similar to eBay. The majority of online auction companies prioritize attracting younger customers and bidding eco-friendly merchandise. Some of the strategies among key players for online auction market are mergers and acquisitions (M&A), affiliations, collaborations, and contracts. For instance, in 2021, Invaluable, LLC announced the acquisition of Swiss technology company ARTMYN, the leader in digital authentication and unique, immersive digital experiences for collectors of fine art. Similarly, in 2022, Artnet Auctions and Poly Auction, announced, their collaboration in Summer 2022, where they would be conducting a joint online auction, in order to broaden global presence and continued growth in the Asian market.


1. Executive Summary
2. Introduction
2.1 Online Auction: An Overview
2.1.1 Definition of Online Auction
2.1.2 Benefits of Online Auction
Table 1: Benefits of Online Auction
2.2 Online Auction Segmentation: An Overview
2.2.1 Online Auction Segmentation
Table 2: Online Auction Segmentation
3. Global Market Analysis
3.1 Global Online Auction Market: An Analysis
3.1.1 Global Online Auction Market: An Overview
3.1.2 Global Online Auction Market by Value
Table 3: Global Online Auction Market by Value; 2017-2021 (US$ Billion)
Table 4: Global Online Auction Market by Value; 2022-2027 (US$ Billion)
3.1.3 Global Online Auction Market by Product Type (fine art, jewels and watches, cars, decorative arts and furniture, and others)
Table 5: Global Online Auction Market by Product Type; 2021 (Percentage, %)
3.1.4 Global Online Auction Market by Region (North America, Asia Pacific, Europe, Middle East & Africa, and Latin America)
Table 6: Global Online Auction Market by Region; 2021 (Percentage, %)
3.2 Global Online Auction Market: Product Type Analysis
3.2.1 Global Online Auction Market by Product Type: An Overview
3.2.2 Global Fine Art Online Auction Market by Value
Table 7: Global Fine Art Online Auction Market by Value, 2017-2021 (US$ Billion)
Table 8: Global Fine Art Online Auction Market by Value, 2022-2027 (US$ Billion)
3.2.3 Global Jewels and Watches Online Auction Market by Value
Table 9: Global Jewels and Watches Online Auction Market by Value, 2017-2021 (US$ Million)
Table 10: Global Jewels and Watches Online Auction Market by Value, 2022-2027 (US$ Billion)
3.2.4 Global Cars Online Auction Market by Value
Table 11: Global Cars Online Auction Market by Value, 2017-2021 (US$ Million)
Table 12: Global Cars Online Auction Market by Value, 2022-2027 (US$ Million)
3.2.5 Global Decorative Arts and Furniture Online Auction Market by Value
Table 13: Global Decorative Arts and Furniture Online Auction Market by Value, 2017-2021 (US$ Million)
Table 14: Global Decorative Arts and Furniture Online Auction Market by Value, 2022-2027 (US$ Million)
3.2.6 Global Others Online Auction Market by Value
Table 15: Global Others Online Auction Market by Value, 2017-2021 (US$ Million)
Table 16: Global Others Online Auction Market by Value, 2022-2027 (US$ Million)
4. Regional Market Analysis
4.1 North America Online Auction Market: An Analysis
4.1.1 North America Online Auction Market: An Overview
4.1.2 North America Online Auction Market by Value
Table 17: North America Online Auction Market by Value; 2017-2021 (US$ Billion)
Table 18: North America Online Auction Market by Value; 2022-2027 (US$ Billion)
4.1.3 North America Online Auction Market by Region (the US, Mexico, and Canada)
Table 19: North America Online Auction Market by Region; 2021 (Percentage, %)
4.1.4 The US Online Auction Market by Value
Table 20: The US Online Auction Market by Value, 2017-2021 (US$ Billion)
Table 21: The US Online Auction Market by Value, 2022-2027 (US$ Billion)
4.1.5 Mexico Online Auction Market by Value
Table 22: Mexico Online Auction Market by Value, 2017-2021 (US$ Billion)
Table 23: Mexico Online Auction Market by Value, 2022-2027 (US$ Million)
4.1.6 Canada Online Auction Market by Value
Table 24: Canada Online Auction Market by Value, 2017-2021 (US$ Million)
Table 25: Canada Online Auction Market by Value, 2022-2027 (US$ Million)
4.2 Asia Pacific Online Auction Market: An Analysis
4.2.1 Asia Pacific Online Auction Market: An Overview
4.2.2 Asia Pacific Online Auction Market by Value
Table 26: Asia Pacific Online Auction Market by Value; 2017-2021 (US$ Million)
Table 27: Asia Pacific Online Auction Market by Value; 2022-2027 (US$ Billion)
4.2.3 Asia Pacific Online Auction Market by Region (China, India, Japan, and the Rest of Asia Pacific)
Table 28: Asia Pacific Online Auction Market by Region; 2021 (Percentage, %)
4.2.4 China Online Auction Market by Value
Table 29: China Online Auction Market by Value, 2017-2021 (US$ Million)
Table 30: China Online Auction Market by Value, 2022-2027 (US$ Billion)
4.2.5 India Online Auction Market by Value
Table 31: India Online Auction Market by Value, 2017-2021 (US$ Million)
Table 32: India Online Auction Market by Value, 2022-2027 (US$ Million)
4.2.6 Japan Online Auction Market by Value
Table 33: Japan Online Auction Market by Value, 2017-2021 (US$ Million)
Table 34: Japan Online Auction Market by Value, 2022-2027 (US$ Million)
4.2.7 Rest of Asia Pacific Online Auction Market by Value
Table 35: Rest of Asia Pacific Online Auction Market by Value, 2017-2021 (US$ Million)
Table 36: Rest of Asia Pacific Online Auction Market by Value, 2022-2027 (US$ Million)
4.3 Europe Online Auction Market: An Analysis
4.3.1 Europe Online Auction Market: An Overview
4.3.2 Europe Online Auction Market by Value
Table 37: Europe Online Auction Market by Value; 2017-2021 (US$ Million)
Table 38: Europe Online Auction Market by Value; 2022-2027 (US$ Billion)
4.3.3 Europe Online Auction Market by Region (the UK, France, Germany, and rest of Europe)
Table 39: Europe Online Auction Market by Region; 2021 (Percentage, %)
4.3.4 UK Online Auction Market by Value
Table 40: UK Online Auction Market by Value, 2017-2021 (US$ Million)
Table 41: UK Online Auction Market by Value, 2022-2027 (US$ Million)
4.3.5 France Online Auction Market by Value
Table 42: France Online Auction Market by Value, 2017-2021 (US$ Million)
Table 43: France Online Auction Market by Value, 2022-2027 (US$ Million)
4.3.6 Germany Online Auction Market by Value
Table 44: Germany Online Auction Market by Value, 2017-2021 (US$ Million)
Table 45: Germany Online Auction Market by Value, 2022-2027 (US$ Million)
4.3.7 Rest of Europe Online Auction Market by Value
Table 46: Rest of Europe Online Auction Market by Value, 2017-2021 (US$ Million)
Table 47: Rest of Europe Online Auction Market by Value, 2022-2027 (US$ Million)
4.4 Middle East & Africa Online Auction Market: An Analysis
4.4.1 Middle East & Africa Online Auction Market: An Overview
4.4.2 Middle East & Africa Online Auction Market by Value
Table 48: Middle East & Africa Online Auction Market by Value; 2017-2021 (US$ Million)
Table 49: Middle East & Africa Online Auction Market by Value; 2022-2027 (US$ Million)
4.5 Latin America Online Auction Market: An Analysis
4.5.1 Latin America Online Auction Market: An Overview
4.5.2 Latin America Online Auction Market by Value
Table 50: Latin America Online Auction Market by Value; 2017-2021 (US$ Million)
Table 51: Latin America Online Auction Market by Value; 2022-2027 (US$ Million)
5. Impact of COVID
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Online Auction
5.2 Post- COVID Impact
5.2.1 post- COVID Impact on Online Auction
6. Market Dynamics
6.1 Growth Driver
6.1.1 Rise in the Use of Internet for Auction
Table 52: Global Number of Internet Users; 2017–2022 (Billion)
6.1.2 Rapid Urbanization
Table 53: Global Share of Urban Population by Region; 1950 and 2020 (Percentage, %)
6.1.3 Surging Millennial Population
Table 54: Global Millennial Population; 2018-2021 (Billion)
6.1.4 Growing Recognition of NFT
6.2 Challenges
6.2.1 Security Concerns
6.2.2 Auction Fraud
6.3 Market Trends
6.3.1 Growing Popularity of Mobile Bidding
Table 55: Global Number of Smartphone Subscriptions; 2017–2027 (Billion)
6.3.2 Integration of Artificial Intelligence (AI)
Table 56: Global Artificial Intelligence (AI) Market Revenues; 2020-2023 (US$ Billion)
6.3.3 Growing Influence of Digital Marketing
Table 57: Global Social Network Users; 2017-2022 (Billion)
6.3.4 Cloud-based Live Streaming Online Auction
Table 58: Global Cloud Computing Market Revenue; 2018-2024 (US$ Billion)
6.3.5 Growth of GenZ Population
Table 59: Global GenZ Population; 2018-2021 (Billion)
6.3.6 Advancement in Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) Technology
Table 60: Global Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) Market Revenue; 2021-2028 (US$ Billion)
7. Competitive Landscape
7.1 Global Online Auction Market Players: Comparison based on Website Metrics
Table 61: Global Online Auction Market Players: Comparison based on Website Metrics; 2021
8. Company Profiles
8.1 eBay Inc.
8.1.1 Business Overview
8.1.2 Operating Region
Table 62: eBay Inc. Revenues by Region; 2021 (Percentage, %)
8.1.3 Business Strategy
8.2 Auction Technology Group PLC (LiveAuctioneers.com)
8.2.1 Business Overview
8.2.2 Operating Segment
Table 63: Auction Technology Group PLC Revenue by Segment; 2021 (Percentage, %)
8.2.3 Business Strategy
8.3 Ritchie Bros. Auctioneers Incorporated
8.3.1 Business Overview
8.3.2 Operating Segment
Table 64: Ritchie Bros. Auctioneers Total Revenue by Segments; 2021 (Percentage, %)
8.3.3 Business Strategy
8.4 Mortgage Specialists International, LLC (Auction Network)
8.4.1 Business Overview
8.4.2 Business Strategy
8.5 Invaluable, LLC (AuctionZip.com)
8.5.1 Business Overview
8.5.2 Business Strategy
8.6 Epiris LLP (bonham.com)
8.6.1 Business Overview
8.6.2 Business Strategy
8.7 Ebid.com
8.7.1 Business Overview
8.8 OnlineAuction.com, Inc.
8.8.1 Business Overview
8.9 WebStore.com
8.9.1 Business Overview
8.10 The Auction Company (TAC)
8.10.1 Business Overview
8.11 Catawiki
8.11.1 Business Overview
8.12 A One Salasar Pvt. Ltd.
8.12.1 Business Overview
8.13 Biddingo.com
8.13.1 Business Overview

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