Global Online Salvage Auctions Market Size to Exceed USD 49.53 Billion by 2033: Market Statistics Report

Global Online Salvage Auctions Market Size to Exceed USD 49.53 Billion by 2033                

According to a research report published by Spherical Insights & Consulting, The Global Online Salvage Auctions Market Size Expected to Grow from USD 9.83 Billion in 2023 to USD 49.53 Billion by 2033, at a CAGR of 17.55% during the forecast period 2023-2033.

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Online Salvage Auctions Market Size, Share, and COVID-19 Impact Analysis, By Type (Used Car and Salvage Cars), By Application (Original Equipment Manufacturers (OEM), Banks and Financial Service Institutions), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033      

The online salvage auctions market is defined as the online market where damaged, totaled, or used vehicles, machinery, and other assets are bought and sold through online auction platforms. Insurers, salvage yards, dealers, and buyers are brought together through such auctions, making this a cost-effective and transparent platform for the resale, recycling, or parts recovery of salvageable goods. Moreover, growing vehicle accidents, higher insurance write-offs, and greater demand for inexpensive used and salvageable vehicles fuel the online salvage auction market. Access and transparency improve through digitalization and AI-based bidding platforms. Further growth is stimulated by e-commerce adoption expansion, cost-efficient vehicle sourcing for dealers, and sustainable initiatives on recycling vehicles. Also, growing global supply chain disruptions increase the demand for parts and components from salvage vehicles. However, the online salvage auctions market is further restrained by fraudulent listings, low buyer trust, high shipping costs, regulatory challenges, and inconsistent vehicle conditions, which impact the transparency, profitability, and overall buyer confidence in the market.

The salvage cars segment accounted for the largest share of the global online salvage auctions market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.              

On the basis of type, the global online salvage auctions market is divided into used car and salvage cars. Among these, the salvage cars segment accounted for the largest share of the global Online Salvage Auctions market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is due to high insurance write-offs, increasing accident rates, and increasing demand for cost-effective vehicle repairs and parts recovery. Insurers, rebuilders, and dismantlers are the primary drivers of auction volumes, and salvage cars are the dominant segment in the market. 

The original equipment manufacturers (OEM) segment accounted for a substantial share of the global online salvage auctions market in 2023 and is anticipated to grow at a rapid pace during the projected period.      

On the basis of application, the global online salvage auctions market is divided into original equipment manufacturers (OEM), banks, and financial service institutions. Among these, the OEM segment accounted for a substantial share of the global online salvage auctions market in 2023 and is anticipated to grow at a rapid pace during the projected period. As they run through repossessed and totalled vehicles stemming from loan defaults and insurance claims. Their urge for rapid liquidation and recovery of assets encourages high volumes at auctions, placing them as leading participants in market growth and trades.

North America is projected to hold the largest share of the global online salvage auctions market over the projected period.

North America is projected to hold the largest share of the global online salvage auctions market over the projected period. This is due to high vehicle ownership, increasing insurance write-offs, and a well-established digital auction ecosystem, the major players, advanced online platforms, and strong demand for salvage vehicles and parts are driving the growth of the market. In addition, strict insurance regulations and growing recycling initiatives further boost the region's dominance.

Asia Pacific is expected to grow at the fastest CAGR growth of the global online salvage auctions market during the projected period. The other reasons that contributed to the growth of this market include: Increasing vehicle ownership, accident rates, and demand for affordable used and salvage cars. Further popularity of digital platforms, rapid urbanization, and a well-established automotive aftermarket in countries such as China, India, and Japan are driving the region.

Company Profiling

Major vendors in the global online salvage auctions market are COPART, INC., IAA Holdings, LLC., RAW2K, Manheim, Silverlake Autoparts, SCA Auctions, RideSafely, ACV Auctions, Adesa Auctions, Bid N Drive Inc., and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In April 2023, IAA Holdings, LLC (IAA) announced a market alliance with Antonio, SARL in Benin, West Africa. This partnership provides Antonio, SARL-operated auction centers in Benin, the authority to assist local buyers in searching for, bidding on, paying for, transporting, shipping, and importing vehicles from IAA auctions in the U.S. Strategic alliances such as this one strengthen IAA’s global digital marketplace and ensure that its inventory reaches a broader audience of potential buyers worldwide.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global online salvage auctions market based on the below-mentioned segments:

Global Online Salvage Auctions Market, By Type

• Used Car
• Salvage Cars

Global Online Salvage Auctions Market, By Application

• Original equipment manufacturers (OEM)
• Banks and financial service institutions

Global Online Salvage Auctions Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa