Press release
Automotive Fintech Market Size, Share, Growth And Forecast Report 2024 To 2033
Automotive Fintech Market
Market Size And Growth Forecast:
The automotive fintech market size has grown strongly in recent years. It will grow from $54.12 billion in 2023 to $59.29 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to digital transformation, emergence of online marketplaces, increased automotive adoption, regulatory changes, fintech startups disruption.
The automotive fintech market size is expected to see strong growth in the next few years. It will grow to $86.53 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to rise of usage-based financing, api and open banking integration, focus on cybersecurity measures, pandemic-induced changes, green financing incentives. Major trends in the forecast period include focus on financial literacy, blockchain adoption, personalized financial services, subscription-based vehicle financing, automated and contactless transactions, data-driven decision making.
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Market Segmentation:
The automotive fintech market covered in this report is segmented -
1) By Propulsion Type: Internal Combustion Engine (ICE), Electric
2) By Vehicle Type: Passenger Car, Commercial Vehicle
3) By Channel: On Demand, Subscription
4) By End User: Digital Loans And Purchase, Online Leasing, Online Insurance, In-Vehicle Payments
Major Driver - Surge In Automotive Industry Boosts Growth Prospects For The Automotive Fintech Market
The rising automotive industry is expected to propel the growth of the automotive fintech market going forward. The automotive industry refers to the industry that involves the manufacturing, development, and sales of vehicles. Automotive fintech involves digitalization that enables more efficient and simple methods of financing and insuring vehicles, where automotive companies can benefit from enhanced customer satisfaction, data analysis, and cost savings. For instance, according to the Bureau of Transportation Statistics (BTS), a US-based agency that publishes information on transportation systems, new vehicle sales increased to 11,741 new vehicles in 2021 from 11,041 vehicle sales in 2020. Therefore, the rising automotive industry increases the demand for the automotive fintech market.
Competitive Landscape:
Major companies operating in the automotive fintech market report are Liberty Mutual Group, Fiserv Inc., Stripe Inc., Global Payments Inc., Coinbase Global Inc., Grab Financial Group, Euroclear Holding SA/NV, Robinhood Markets Inc., Ant Group, The Savings Group Inc., Bajaj Auto Finance, Creditas Soluções Financeiras Ltd., Root Insurance Company, Oodle Car Finance, Cambridge Mobile Telematics, AutoFi Inc., HC Liquidating Inc., Blinker Inc., Cuvva, By Miles Ltd., Clearcover Insurance Co, Bumper.com, CarConnect Group, Fair Financial Corp, Tractable Ltd., Lendbuzz Inc., Eze Wheelz, AlgoDriven, Naked Insurance, Just Insure Inc.
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Top Trend - Tenet Pioneers The Future With A Novel Electric Vehicle Financing Platform
The introduction of automotive finance platforms to adopt new zero-emission technology is the key trend gaining popularity in the automotive fintech market. Major companies operating in the automotive fintech market are focusing on launching new platforms aimed at financing electric vehicle sales to encourage more electric vehicle purchases. For instance, in June 2022, Tenet, a US-based climate financing company launched an electric vehicle (EV) financing platform for accelerating electric vehicle adoption. This a new model for EV financing that encourages consumers to adopt new zero-emission technology that would continue to help consumers better achieve their financial and sustainability goals.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Fintech Market Characteristics
3. Automotive Fintech Market Trends And Strategies
4. Automotive Fintech Market - Macro Economic Scenario
5. Automotive Fintech Market Size And Growth
…..
27. Automotive Fintech Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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