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Automotive Finance Market worth $463.28 billion by 2030, growing at a CAGR of 7.90% - Exclusive Report by 360iResearch
Automotive Finance Market | 360iResearch
The Global Automotive Finance Market to grow from USD 271.98 billion in 2023 to USD 463.28 billion by 2030, at a CAGR of 7.90%.
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Automotive finance encompasses the financial products and services that facilitate the acquisition of vehicles, including loans, leases, and fleet financing offered by banks, credit unions, and dedicated financing arms of automobile manufacturers. Its proliferation is predominantly driven by the increasing demand for personal mobility, technological advancements in the auto industry, and the availability of diverse financing options that cater to varying customer profiles. Favorable interest rates and longer loan tenure options also contribute to the expansion of automotive financing. However, stringent regulatory requirements and evolving financial laws can pose significant challenges for both providers and consumers. Service providers are offering innovative financing solutions with flexible repayment structures and adapting to regulatory changes by maintaining robust compliance programs. The industry is also expected to capitalize on emerging technologies such as blockchain for secure transactions and artificial intelligence to underwrite loans more effectively and personalize financing options. In addition, there is an opportunity for growth in emerging markets where auto financing penetration is currently lower relative to developed regions.
In the Americas, particularly the United States, automotive finance is deeply entrenched, with a significant majority of new vehicle purchases being financed through loans or leases. Companies in the region are highly competitive, offering a plethora of options such as longer-term loans and online financing. The APAC region is experiencing rapid growth in automotive finance, fueled by the expanding middle class, especially in emerging economies such as China and India. The use of automotive finance in APAC is increasingly facilitated by digital platforms and fintech startups, which are challenging traditional banks and expanding access to finance options. In the EMEA region, particularly in developed European countries, there is a mature automotive finance market with a strong presence of captive finance companies. These companies typically offer a variety of financing products, including personal contract purchases (PCPs) and leases, with a recent uptick in green financing products catering to the increasing demand for electric and hybrid vehicles. Regulations such as the European Union's Consumer Credit Directive and Basel III have fostered a more stringent lending environment, impacting the production of finance products and requiring companies to maintain higher capital reserves compared to their counterparts in other regions.
Market Segmentation & Coverage:
This research report categorizes the Automotive Finance Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Provider Type, market is studied across Banks and OEMs. The Banks commanded largest market share of 38.58% in 2023, followed by OEMs.
Based on Type, market is studied across Direct and Indirect. The Indirect commanded largest market share of 54.48% in 2023, followed by Direct.
Based on Purpose Type, market is studied across Leasing and Loan. The Loan is further studied across Exchange, New Vehicle, and Resale. The Loan commanded largest market share of 62.18% in 2023, followed by Leasing.
Based on Vehicle Type, market is studied across Commercial Vehicles and Passenger Vehicles. The Commercial Vehicles commanded largest market share of 75.46% in 2023, followed by Passenger Vehicles.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 33.82% in 2023, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Automotive Finance Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Automotive Finance Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Automotive Finance Market, highlighting leading vendors and their innovative profiles. These include Ally Financial Inc., Auto Financial Group, Banco Bradesco S.A., Bank of America Corporation, Bayerische Motoren Werke AG, BNP Paribas SA, Capital One Financial Corporation, Credit Acceptance, Exeter Finance LLC., Ford Motor Company, General Motors Financial Company, Inc., HSBC Holdings PLC, Huntington Bancshares Incorporated, Hyundai Motor Company, JPMorgan Chase & Co., KPMG International Limited, Mercedes-Benz Group AG, Mitsubishi HC Capital Inc., Nissan Motor Co. Ltd., Nucleus Software Exports Ltd., SAIC Motor Corporation Limited, Santander Consumer Bank AS, Standard Bank Group Limited, Stellantis N.V., Tata Motors Finance Ltd., The PNC Financial Services Group, Inc., Toyota Motor Credit Corporation, Volkswagen Financial Services AG, and Wells Fargo & Company.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Automotive Finance Market, by Provider Type
7. Automotive Finance Market, by Type
8. Automotive Finance Market, by Purpose Type
9. Automotive Finance Market, by Vehicle Type
10. Americas Automotive Finance Market
11. Asia-Pacific Automotive Finance Market
12. Europe, Middle East & Africa Automotive Finance Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Automotive Finance Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Automotive Finance Market?
3. What is the competitive strategic window for opportunities in the Automotive Finance Market?
4. What are the technology trends and regulatory frameworks in the Automotive Finance Market?
5. What is the market share of the leading vendors in the Automotive Finance Market?
6. What modes and strategic moves are considered suitable for entering the Automotive Finance Market?
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About 360iResearch
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