Press release
Leading Growth Driver in the Automotive Fintech Market in 2025: Surge In Automotive Industry Boosts Growth Prospects For The Automotive Fintech Market Driver's Influence
Automotive Fintech Market Size
The automotive fintech market's expansion is anticipated to be fueled by the growth of the automobile industry. The latter pertains to the sector concerned with the production, innovation, and sale of vehicles. The incorporation of digital technology in automotive fintech provides a more streamlined and efficient approach to the financing and insuring of vehicles. This development can yield various benefits for automakers such as improved client satisfaction, data interpretation, and monetary savings. For example, the European Automobile Manufacturers Association, based in Belgium, stated in May 2023 that global automobile production hit 85.4 million units in 2022, marking a 5.7% growth from the preceding year. Hence, the surging auto industry amplifies the need for the automotive fintech market.
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How will the growth rate of the automotive fintech market shape industry trends by 2034?
Over the past few years, there has been a significant increase in the size of the automotive fintech market. It's projected to expand from $59.04 billion in 2024 to $64.72 billion in 2025, representing a compound annual growth rate (CAGR) of 9.6%. This historical growth is linked to factors such as digital transformation, the rise of online marketplaces, higher levels of automotive adoption, regulatory changes, and disruptions brought about by fintech startups.
In the coming years, the automotive fintech market is projected to experience swift expansion, escalating to $96.91 billion by 2029, equivalent to a compound annual growth rate (CAGR) of 10.6%. The predicted expansion during this period can be attributed to several factors including increased usage-based financing, integration of API and open banking, emphasis on cybersecurity provisions, alterations caused by the pandemic, and incentives for green financing. The anticipated trends during this forecast period encompass heightened focus on financial literacy, the integration of blockchain technology, customized financial services, subscription-oriented vehicle financing, automation and contactless transactions, and data-guided decision making.
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What trends are poised to drive the future success of the automotive fintech market?
The rising prominence of vehicle finance platforms aimed at promoting the adoption of novel zero-emission technologies is an emerging trend in the automotive fintech sector. Major players in this market are concentrating their efforts in building new platforms designated for the financing of electric vehicle sales, with the objective of fostering more purchases of such vehicles. As an example, in June 2022, Tenet, a US firm specializing in climate financing, introduced a platform exclusively meant for electric vehicle (EV) financing in a bid to speed up the adoption of EVs. This innovative approach to EV financing motivates consumers to embrace the cutting-edge zero-emission technology, which would continuously support them in achieving their financial and environmental sustainability aims.
Which primary segments of the automotive fintech market are driving growth and industry transformations?
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
Subsegments:
1) By Internal Combustion Engine (ICE): Gasoline Vehicles, Diesel Vehicles, Hybrid Vehicles
2) By Electric: Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Electric Vehicles (FCEVs)
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Which geographical regions are pioneering growth in the automotive fintech market?
North America was the largest region in the automotive fintech market in 2024. The regions covered in the automotive fintech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the automotive fintech market landscape?
Major companies operating in the automotive fintech market include Liberty Mutual Group, Fiserv Inc., Stripe Inc., Global Payments Inc., Coinbase Global Inc., Grab Financial Group, Bajaj Auto Finance, Creditas Soluções Financeiras Ltd., Root Insurance Company, Oodle Car Finance, Cambridge Mobile Telematics, AutoFi 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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What Is Covered In The Automotive Fintech Global Market Report?
• Market Size Forecast: Examine the automotive fintech market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automotive fintech market for a structured understanding.
• Key Players Overview: Analyze major players in the automotive fintech market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive fintech market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automotive fintech market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive fintech market.
• Industry Challenges: Identify potential risks and obstacles affecting the automotive fintech market.
• Competitive Landscape: Review strategic developments in the automotive fintech market, including expansions, agreements, and new product launches.
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