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Automotive Finance Market Size, Insights, Outlook, Overview And Market Research Report 2024-2033
Automotive Finance Market Size
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According to The Business Research Company's, The automotive finance market size has grown strongly in recent years. It will grow from $268.97 billion in 2023 to $291.31 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to consumer demand, evolution of lending practices, introduction of leasing, low-interest rates, economic conditions.
The automotive finance market size is expected to see strong growth in the next few years. It will grow to $402.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to flexible financing options, risk management strategies, customer-centric experience, personalized financing solutions, subscription-based models. Major trends in the forecast period include enhanced customer experience, collaborations with dealerships, credit accessibility improvements, extended loan terms, regulatory changes.
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Market Drivers and Trends:
The growing adoption of electric vehicles is expected to boost the growth of the automotive finance market going forward. An electric vehicle (EV) refers to a vehicle that can drive forward using an electric motor that is powered by a battery and can be externally charged. The surge in consumer interest in electric vehicles is generating a heightened demand for specialized financing solutions, providing financial institutions and lenders with opportunities to craft tailored products that cater to the unique needs of electric vehicle buyers. For instance, in March 2022, according to a report published by the US Department of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021. The sales of new light-duty plug-in electric vehicles, encompassing both electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), experienced a nearly twofold increase, rising from 308,000 in 2020 to 608,000 in 2021, with electric vehicles constituting 73% of all plug-in electric car sales in the latter year. Therefore, the growing adoption of electric vehicles is driving the growth of the automotive finance market.
Technological advancements have emerged as a key trend gaining popularity in the automotive finance market. Major companies operating in the automotive finance market are focused on innovating new technologies to sustain their position in the market. For instance, in September 2022, Kuwy, an India-based first automotive fintech startup and a subsidiary of Volkswagen Finance, launched KUWY-LaaS, an AI-driven platform with blockchain technology for online auto sales. The technology not only democratises online auto transactions while maintaining complete transparency, but it also offers more information to help the seller, buyer, and lender make the best decisions possible. The technology enables a customer to choose financing options, select a lender, and receive fast approval in a completely paperless journey.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Ally Financial Inc., The Bank of America Corporation, Capital One Financial Corporation, Chase Auto Finance, Daimler Financial Services India Private Limited, Ford Motor Credit Company, General Motors Financial Company Inc., Hitachi Capital Corporation, Toyota Financial Services, Volkswagen Financial Services, BNP Paribas, HDFC Bank Limited, Standard Bank Group Ltd., Banco Bradesco SA, Wells Fargo & Co., HSBC Holdings plc, Oodle Car Finance Services Limited, Lendbuzz Inc., OTO Capital, Bajaj Finance Limited, Three Wheels United, Moneybarn Limited, Yixin Group Limited, Caribou Financial Inc., Euler Motors, NASN Automotive Electronics, Nissan Infiniti Finance, Honda Motor Co. Ltd., American Express Company, MX Technologies Inc.
Automotive Finance Market 2024 Key Insights:
• The automotive finance market size is expected to see strong growth in the next few years. It will grow to $402.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Rising Vehicle Prices Fueling Growth In The Automotive Finance Market
• The Impact Of Technological Advancements In The Automotive Finance Market
• Europe was the largest region in the automotive finance market in 2023
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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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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
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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