Auto Finance Global Market Size is Expected to Reach $3.21 Trillion at a CAGR of 11.4% By 2027 | Key Players: Hitachi Capital Corp, Santander Bank NA, HSBC Holdings PLC, HDFC Bank Limited, Carvana Co
The Business Research Company's Auto Finance Global Market Report 2023 identifies the Rising vehicle costs are significantly contributing to the growth of the auto finance market going forward. Vehicle costs refer to the sum paid to a dealer in exchange for the vehicle. The increase in car prices is increasing loan amounts and lengths, making the larger loans seem more affordable, which increases the need for better auto financing.
The global auto finance market size is expected to grow from $1.85 trillion in 2022 to $2.08 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of auto finance market is expected to reach $3.21 trillion in 2027 at a CAGR of 11.4%.
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Major players in the auto finance market are Ford Motor Credit Company LLC, General Motors Financial Company Inc., JPMorgan Chase, Bank of America Corporation, Hitachi Capital Corp, Santander Bank NA, Wells Fargo & Co., HSBC Holdings PLC, Volkswagen Finance Services, Capital One Financial Corporation, PNC Bank, Westlake Financial, HDFC Bank Limited, Carvana Co, Mahindra & Mahindra Financial Services Limited, Ally Financial Inc., Toyota Financial Services, Infiniti Financial Services, Standard Bank Group Ltd., Huntington Bancshares Inc., Equifax Inc., LendingTree Inc., Exeter Finance Corp, Honda Financial Services, TD Auto Finance, Autopay, Mercedes-Benz Financial Services, CarsDirect, AutoFi, and Caribou Auto Refinancing.
Product innovations are the key trend gaining popularity in the auto finance market. Major companies operating in the auto finance market are developing new products or technologies to strengthen their position in the market.
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The Auto Finance Market Is Segmented -
• By Finance: Direct, Indirect
• By Vehicle Age: New Vehicles, Used Vehicles
• By Loan Provider: Banks, Original Equipment Manufacturer (OEM), Credit Unions, Other Loan Providers
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Auto Finance market.
The Business Research Company's "Global Auto Finance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Auto Finance Market Include:
1. Executive Summary
2. Auto Finance Market Characteristics
3. Auto Finance Market Trends And Strategies
4. Auto Finance Market - Macro Economic Scenario
5. Auto Finance Market Size And Growth
26. Africa Auto Finance Market
27. Auto Finance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Auto Finance Market
29. Auto Finance Market Future Outlook and Potential Analysis
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