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Auto Finance Market on the Rise, Expected to Reach $3.57 Billion by 2028 with an 11.2% Growth Rate
Auto Finance Global Market Report 2024
The Business Research Company presents an extensive market research report on the Auto Finance Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The auto finance market size has grown rapidly in recent years. It will grow from $2.08 billion in 2023 to $2.33 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to consumer credit expansion, introduction of installment plans, rise of leasing options, establishment of credit scoring systems, auto industry evolution.
The auto finance market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to digitalization in auto finance, shift to electric and shared mobility, alternative financing models, data privacy and security measures, economic trends impact. Major trends in the forecast period include contactless transactions, green financing incentives, usage-based insurance and financing, blockchain in auto finance, blockchain in auto finance..
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Key Market Players:
Major companies operating in the auto finance market report 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, Caribou Auto Refinancing
Market Drivers:
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. For instance, in May 2023, according to data released by the U.S. Bureau of Labor Statistics, a US-based fact-finding agency in the field of labor economics and statistics for the U.S. government, the consumer price index (CPI) of used cars and trucks increased from 184.997 in March 2023 to 193.394 in April 2023. Furthermore, in October 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, consumers spent $120 billion on electric car purchases in 2020, up 50% from the previous year, which translates to 41% more sales and 6% higher average costs. Therefore, rising vehicle costs are driving the growth of the auto finance market.
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https://www.thebusinessresearchcompany.com/report/auto-finance-global-market-report
The auto finance market covered in this report is segmented -
1) By Finance: Direct, Indirect
2) By Vehicle Age: New Vehicles, Used Vehicles
3) By Loan Provider: Banks, Original Equipment Manufacturer (OEM), Credit Unions, Other Loan Providers
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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