Carwow grows and sees continued electric boom

Despite the second consecutive year of the Corona pandemic, the new car comparison portal carwow has reported a positive balance for 2021. According to the provider, the core business has grown significantly, particularly thanks to the leasing sector. However, the OEM and media division also acted as a growth driver last year with a 214 percent increase, particularly due to the unstoppable boom of electric vehicles. According to the latest forecasts, the new car comparison portal is expected to continue its strong growth.

"The ongoing Corona crisis has fundamentally and sustainably changed the automotive market. Online purchases and electric cars, in particular, have experienced a real boom," the provider notes.

The clear trend towards leasing is especially evident in electric cars. The number of new car offers sent increased by almost half. The leasing product achieved the greatest growth: from July 2021 to January 2022, the numbers increased by 660 percent. There is a clear trend, particularly in connection with electric cars, as leasing is the most popular financing form for electric vehicles on the platform, according to the provider.

"This development makes sense for customers, as it allows them to conveniently experience the technological advancements of the future," the responsible parties believe.

Overall, the fuel comparison has shown that the e-boom has not yet reached its peak. While the numbers for hybrid, diesel, and gasoline vehicles consistently decreased from January 2021 to January 2022, the share of electric vehicles increased from 27 to 43 percent. The demand for electric cars rose even further at the end of February 2022 due to the Ukraine war. On February 24th, the electric vehicle share on carwow.de was 36 percent, a week later it was 46 percent, and two weeks later it was even 63 percent.

Further Growth for 2022

The provider also expects continued strong growth this year. The number of new car offers sent will increase. The OEM and media division, which already recorded a significant increase in revenue of 171 percent in the first quarter of 2022, is expected to shine with growth of over 500 percent.

"The pleasing development last year and the strong forecasts for the current year confirm our strategy for carwow in Germany," says Philipp Sayler von Amende, CEO and co-founder of carwow Germany.

He assumes that the number of new car offers sent and sales will increase by at least 60 percent. Sayler sees the greatest interest particularly in the leasing segment and in electric vehicles and therefore wants to place a special focus on these areas in 2022.