Press release
Auto Finance Market Poised for Growth: Driven by Rising Vehicle Ownership, Competitive Interest Rates, and Innovative Financing Solutions.
Auto Finance Market
Auto Finance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.57 billion In 2028 At A CAGR Of 11.2%.
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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Auto Finance Market Major Segments
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
Key Driver - Soaring Vehicle Costs Propel Growth As Consumers Seek Affordable Payment Solutions Amidst Rising Car Prices
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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Prominent Trend - Cutting-Edge Auto Finance Platform To Streamline Used Car Lending For Dealers And Consumers
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. For instance, in March 2022, Solera Holdings LLC, a US-based vehicle lifecycle management company, launched Solera Auto Finance. This innovative used car lending solution offers rapid, adequate financing for independent and franchised used car dealers and their clients. The finance platform is fully integrated with Solera's Dealer Management Systems (DMS), which include Auto/Mate for franchise dealers and iDMS for independent dealers, providing a new competitive financing option. It uses Solera's established AI and data science expertise to produce a sophisticated, highly accurate financing instrument. It offers compelling advantages such as attracting new customers, providing a fast, simplified solution, improving accuracy, reducing friction, and cutting costs.
Auto Finance 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
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the auto Finance market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the auto finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Auto Finance Market Report Structure
3. Auto Finance Market Trends And Strategies
4. Auto Finance Market - Macro Economic Scenario
5. Auto Finance Market Size And Growth
…..
27. Auto Finance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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