Press release
Automotive Finance Market Size Forecasted To Achieve $440.55 Billion By 2029 With Steady Growth
Automotive Finance
What Is the Automotive Finance Market Size and Projected Growth Rate?
The size of the automotive finance market has seen significant expansion over the past few years. The market is projected to rise from $290.06 billion in 2024, to an impressive $314.36 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.4%. Factors such as heightened consumer demand, progressive evolution in lending habits, the advent of leasing, lowered interest rates, and favorable economic conditions have all played a crucial role in the growth witnessed in the historical period.
In the coming years, the size of the automotive finance market is anticipated to witness a robust rise. It is projected to escalate to $440.55 billion by 2029, with a compound annual growth rate (CAGR) of 8.8%. The growth prediction for this duration is primarily due to flexible financing schemes, effective risk management strategies, a focus on customer satisfaction, tailored finance solutions, and subscription-based models. During the forecast period, notable trends will include improved customer service, strategic partnerships with dealerships, enhanced credit accessibility, lengthier loan terms and regulatory shifts.
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What Are the Major Segments in the Automotive Finance Market?
The automotive finance market covered in this report is segmented -
1) By Provider Type: Banks, OEMs, Other Provider Types
2) By Finance Type: Direct Finance, Indirect Finance
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles, Other Vehicle Types
Subsegments:
1) By Banks: Traditional Banks, Credit Unions, Online Banks
2) By OEMs (Original Equipment Manufacturers): Manufacturer Financing Services, Captive Finance Companies
3) By Other Provider Types: Independent Finance Companies, Peer-To-Peer Lending Platforms, Leasing Companies
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What Are The Driving Automotive Finance Market Evolution?
The surge in vehicle prices is anticipated to accelerate the expansion of the automotive finance market. The term "vehicle prices" denotes the amount that a car manufacturer is ready to charge for designing, manufacturing, and marketing a vehicle. Automotive financing stands for acquiring a vehicle, usually one that is higher in price than would typically be achievable. For instance, in June 2022, data divulged by Kelly Blue Book, a vehicle appraisal and data firm based in the US and owned by Cox Automotive, stated that the average selling price for new vehicles escalated by 13.5% annually, from $41,534 in May 2021 to $47,148 in May 2022. The most substantial increment ($888) was noticed in trucks with an ATP of $56,216. Vans experienced a rise of $726 in May, elevating their ATP to $48,671, whereas SUVs recorded a boost of $526, leading their ATP to $46,073. Thus, the escalating vehicle costs are propelling the growth of the automotive finance market.
Which Firms Dominate The Automotive Finance Market Segments?
Major companies operating in the automotive finance market are 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, Nissan Infiniti Finance, Honda Motor Co. Ltd., American Express Company, MX Technologies Inc.
What Trends Are Expected to Dominate the Automotive Finance Market in the Next 5 Years?
Technological progression is a significant trend gaining traction in the automotive finance industry. Major firms in this field are concentrating on technology innovation to maintain their market standing. For example, in September 2022, Kuwy, which is the first automotive fintech startup in India and a subsidiary of Volkswagen Finance, introduced KUWY-LaaS. This AI-powered platform utilizes blockchain technology for online car sales. This tech-savvy innovation not only makes online auto trade-offs more accessible while promoting total transparency, but it also provides additional data to support the sellers, buyers, and lenders in making optimal decisions. This technology facilitates the customer's journey, allowing them to pick various financing alternatives, choose a lender, and receive swift approval without needing any physical paperwork.
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Which Is The Largest Region In The Automotive Finance Market?
Europe was the largest region in the automotive finance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Finance Market?
2. What is the CAGR expected in the Automotive Finance Market?
3. What Are the Key Innovations Transforming the Automotive Finance Industry?
4. Which Region Is Leading the Automotive Finance Market?
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