Press release
Car Finance Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Car Finance
The anticipated rise in vehicle prices is predicted to fuel the expansion of the car finance market. The surge in vehicle prices can be attributed to the cost of raw materials like steel, aluminum, and rare earth metals, which are crucial to vehicle manufacturing. Furthermore, general inflation that impacts the cost of commodities and services, including those associated with car production and logistics, leads to increased vehicle prices. However, car finance makes buying vehicles feasible under these escalating prices, as it permits consumers to distribute the cost over a period through loans or leasing options. For example, in January 2023, data from JP. Morgan, a US-based investment banking solutions firm, revealed that US consumers spent an average of $46,437 on a new car, showing a 4.2% yearly increase. Consequently, the growth of the car finance market will be influenced by the rise in vehicle prices.
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What Is the projected market size and growth rate for the car finance market?
In recent times, the car finance market has seen substantial growth. The market is on track to augment from $298.38 billion in 2024 to $322.82 billion in 2025, with a promising compound annual growth rate (CAGR) of 8.2%. Factors contributing to this growth during the historic period include regulatory alterations, economic circumstances, vehicle affordability, the shift in choices towards vehicle ownership, and the rise of urbanization.
In the coming years, the car finance market size is poised to witness robust expansion, reaching $438.01 billion by 2029, yielding a compound annual growth rate (CAGR) of 7.9%. The forecast period's growth is driven by changing consumer habits, environmental guidelines, demographic fluctuations, worldwide economic circumstances, and the uptake of electric vehicles. Notable trends expected during the forecast period encompass digital change, the inclusion of AI, the utilization of digital platforms, the integration of machine learning, and customized financing options.
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What new trends are reshaping the car finance market and its opportunities?
Major players in the automobile finance market are shifting their focus towards the utilization of digital and online platforms such as internet-based car finance services. These platforms aim to simplify the loan application methods and elevate customer experience. They provide a digital medium through which consumers can apply for and manage vehicle loans or leases, simplifying the overall financing process. For instance, in March 2022, MG Motor India, a renowned car brand based in India, introduced MG e-Pay, an online car finance platform developed in collaboration with ICICI Bank, HDFC Bank, Kotak Mahindra Prime, and Axis Bank. This platform offers customers the convenience of secure, flexible, and transparent loan approvals from the comfort of their own homes. The process encompasses everything from choosing a car and dealership, filling out a booking form, making the initial payment, to applying for a pre-authorized loan online. Post-approval, customers can decide on the down payment, and the loan amount is then transferred to the dealership, facilitating an effortless vehicle delivery right at the customer's doorstep.
What major market segments define the scope and growth of the car finance market?
The car finance market covered in this report is segmented -
1) By Type: Loans, Leases, Other Types
2) By Vehicle Age: New Vehicle, Used Vehicle
3) By Distribution Channel: Banks, Original Equipment Manufacturer (OEMs), Credit Unions, Other Distribution Channels
4) By Application: Personal, Commercial
Subsegments:
1) By Loans: New Car Loans, Used Car Loans, Secured Car Loans, Unsecured Car Loans
2) By Leases: Closed-End Leases, Open-End Leases
3) By Other Types: Balloon Payments, Hire Purchase
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North America was the largest region in the car finance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the car finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the car finance industry growth?
Major companies operating in the car finance market are Ford Motor Credit Company LLC, JPMorgan Chase Bank, Bank of America, Wells Fargo Auto, Volkswagen Financial Services AG, BNP Paribas S.A., Capital One Bank, PACCAR Financial Corp., The Bank of Nova Scotia (Scotiabank), General Motors Financial Company Inc., Ally Bank (Ally Financial), Fifth Third Bank, Citizens Financial Group Inc., Santander Consumer USA Holdings Inc., BBVA USA (BBVA), KeyBank National Association (KeyBank), Hyundai Motor Finance Company, Toyota Financial Services, American Honda Finance Corporation (Honda Financial Services), TD Auto Finance LLC, Chrysler Capital, Mercedes-Benz Financial Services USA LLC, Nissan Motor Acceptance Corporation (Nissan Motor Acceptance Company LLC), The Huntington National Bank (Huntington Financial), BMW Financial Services LLC
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What Is Covered In The Car Finance Global Market Report?
•Market Size Forecast: Examine the car finance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the car finance market for a structured understanding.
•Key Players Overview: Analyze major players in the car finance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the car finance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the car finance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the car finance market.
•Industry Challenges: Identify potential risks and obstacles affecting the car finance market.
•Competitive Landscape: Review strategic developments in the car finance market, including expansions, agreements, and new product launches.
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